KUALA LUMPUR: Gamuda Bhd and four related concession holding companies have agreed to another two-month extension to finalise a deal for government to take over their highway toll collection business.
Gamuda told the stock exchange today that the cut-off date to negotiate and finalise the deal has been pushed forward to Feb 28, 2020 from its previous deadline of Dec 31.
"The long stop date to satisfy the conditions precedent and the date of completion shall be extended to a date which shall be mutually agreed between MOF Inc and each of the concession holding companies," it said.
In June, the Ministry of Finance Inc (MOF Inc) announced a plan to take over four highways in the Klang Valley for RM6.2bil.
The four highway concessionaires are Lingkaran Trans Kota Holdings Bhd (Litrak), Kesas Sdn Bhd, Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint) and Syarikat Mengurus Air Banjir Dan Terowong Sdn Bhd (Smart). Gamuda has stakes in all four companies.
It was previously reported that the original target was to conclude the deal by end of August, before it was extended to Oct 31 and again to end of 2019.
