KUALA LUMPUR: The government has made a huge offer to take over Lingkaran Trans Kota Holdings Bhd (Litrak) and other three other toll concessionaires all linked to Gamuda Bhd.
The government, in February this year, has announced its intention to acquire the four highways, as part of its election promise.
Litrak, in filing with Bursa Malaysia today, said the company has received a RM2.47bil take over offer from the government.
The offer values the stock at RM5.20 a share, a huge premium over its last traded price.
In the filing, Litrak also said the government has offered to buy its 50% owned associate company Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint) for RM1.984bil.
The take over offers for Litrak and Sprint will be undertaken by a special purpose company wholly owned by Minister of Finance Inc (MOF Inc).
"The offers to Litrak and Sprint remain valid until 5pm on July 12, after which the offers shall forthwith lapse and cease to have any force or effect unless MOF Inc agrees in writing to extend the period during which the offers shall continue to be valid,' it said.
Meanwhile, MOF Inc is simultaneously making similar offers to acquire all the securities of Kesas Sdn Bhd and Syarikat Mengurus Air Banjir Dan Terowong Sdn Bhd (SMART)
The offers to acquire Litrak, Sprint, Kesas and SMART are interconditional upon each other unless waived by MOF Inc or SPV in writing," it said.
Separately, Gamuda also said that its highway concession companies have also received take over offers from the government.
Gamuda owns a 44% stake in Litrak, a 52% stake in Sprint, a 70% stake in Kesas and a 50% stake in SMART.
The government's offer values Kesas at RM1.377bil, while SMART is worth RM369mil.
