UEM, EPF REVIEWING MAJU’S OFFER TO BUY PLUS STAKE
Shareholders say will not sell stakes until review process is concluded
VEENA BABULAL KUALA LUMPUR news@nst.com.my
UEM Group Bhd and the Employees Provident Fund (EPF), the shareholders of PLUS Malaysia Bhd, are reviewing an offer from Maju Holdings Sdn Bhd to buy their stakes.
UEM and EPF, in a joint statement yesterday, said they had no intention of selling their stakes in the expressway until after a review process on the bid had been concluded.
UEM owns a 51 per cent stake in PLUS and EPF the remainder.
They received a non-binding letter of intent from Evercore Asia Ltd, which represents Maju Holdings.
The diversified conglomerate had expressed its intention to “fully acquire our stakes in PLUS”, said the statement.
PLUS, which operates the North-South Expressway, among others, is one of UEM’s longstanding core businesses and the group says it will continue to offer good services as well as ensure safe highway infrastructure.
The company is also one of EPF’s core investments that fit into its risk profile of benefiting its 14 million members.
Maju Holdings executive chairman Tan Sri Abu Sahid Mohamad had previously made his intentions of acquiring PLUS public.
The acquisition plan was believed to be worth about RM30 billion for the stakes held by UEM and EPF.
UEM is a wholly-owned subsidiary of Khazanah Nasional Bhd.
EPF chief executive officer Datuk Shahril Ridza Ridzuan had said the retirement fund had no particular reason for disposing of the investment as PLUS business was contributing substantially to EPF earnings.