KUALA LUMPUR, April 18 — Gamuda Bhd announced that four concession holding companies have each separately accepted their respective conditional letter of offer for the proposed disposal of all the securities to Amanat Lebuhraya Rakyat Bhd (ALR) and delivered the written acceptances today.
The concession holding companies are Kesas Holdings Bhd (Kesas Holdings), Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint Holdings), Lingkaran Trans Kota Holdings Bhd (Litrak Holdings) and Projek Smart Holdings Sdn Bhd (Smart Holdings).
In a filing with Bursa Malaysia today, Gamuda said each of the Kesas offer, Sprint offer, Litrak offer and Smart offer has been given by ALR on a standalone basis and is mutually exclusive from each other.
“Each concession holding company expects to commence separate negotiations with ALR to finalise the terms and conditions of the respective definitive agreements for the proposed disposals,” it said.
It also said the execution of the definitive agreements by each company with ALR shall be subjected to completion of due diligence exercise on each expressway concession company and approval by relevant regulatory authority for each offer to the satisfaction of ALR.
Other than that, the agreements are also subjected to the execution by each company based on terms and conditions to be approved by ALR, approval of an income tax exemption and stamp duty exemption from the government and the requisite shareholders’ approvals of the respective shareholders.
On April 4, Gamuda said it has received a conditional offer letter for ALR to acquire all its securities in its expressway concession companies.
It said ALR has offered to acquire its 70 per cent stake in Kesas Sdn Bhd; 51.6 per cent stake in Sprint; 43.2 per cent stake in Litrak; and 50 per cent stake in Smart, with its share of anticipated equity value for all of its expressway concession companies amounting to RM2.33 billion.
The group said ALR conditionally offers to purchase all the securities of Kesas based on an enterprise value of RM1.24 billion as of the valuation date of December 31, 2021; RM1.81 billion for Sprint; RM2.12 billion for Litrak; and RM313 million for Smart.
On a separate filing today, Litrak Holdings Bhd said it is the intention of the board to distribute the corresponding net proceeds of the proposed disposals to the shareholders, subject to the execution of the definitive agreements and completion of the proposed disposals.
Meanwhile, Kumpulan Perangsang Selangor Bhd (KPS) said that its 20 per cent associated company, Sprint Holdings, has also accepted the Sprint offer and will make the appropriate detailed announcements in relation to the offer in due course. — Bernama
