PETALING JAYA: Lingkaran Trans Kota Holdings Bhd (Litrak), Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint) and Kesas Sdn Bhd are in favour of the government’s proposed takeover offer for their toll concessionaires.
In its filing with Bursa Malaysia, Litrak said its board had yesterday deliberated on the proposed offer and unanimously found it to be “fair and reasonable”.
As such, the group has resolved to accept the offer, and vote in favour of it.
Concurrently, Litrak said the board of its associate company, Sprint, had also deliberated on the offer and unanimously found it “fair and reasonable”, and as such, has resolved to accept the offer.
Litrak, however, noted that one of its board members – Datuk Azmi Mat Nor – had abstained from deliberation and voting at both the board meetings.
“Litrak and Sprint expect to commence negotiations with the Minister of Finance Inc (MoF Inc) to finalise the terms and conditions of the definitive agreements and to execute the definitive agreements with the special-purpose vehicle by Aug 30, 2019, ” said the group.
“The board will make the appropriate announcements in relation to the proposed offers in due course,” it added.
In a separate statement, Gamuda Bhd announced that the board of its subsidiary, Kesas, had accepted the deal.
These announcements followed Gamuda’s announcement last week that its directors had agreed to MoF Inc’s RM6.2bil bid to take over all its four toll concessionaires – Litrak, Sprint, Kesas and Project Smart Holdings Sdn Bhd.
The offer is subject to a due diligence and the Cabinet’s approval.
