KUALA LUMPUR: Gamuda Bhd introduced that 4 concession holding firms have every individually accepted their respective conditional letter of provide for the proposed disposal of all of the securities to Amanat Lebuhraya Rakyat Bhd (ALR) and delivered the written acceptances right this moment.
The concession holding firms 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 Good Holdings Sdn Bhd (SMART Holdings).
In a submitting with Bursa Malaysia right this moment, Gamuda stated every of the KESAS provide, SPRINT provide, LITRAK provide and SMART provide has been given by ALR on a standalone foundation and is mutually unique from one another.
“Every concession holding firm expects to start separate negotiations with ALR to finalize the phrases and situations of the respective definitive agreements for the proposed disposals,” it stated.
It additionally stated the execution of the definitive agreements by every firm with ALR shall be subjected to completion of due diligence train on every expressway concession firm and approval by related regulatory authority for every provide to the satisfaction of ALR.
Aside from that, the agreements are additionally subjected to the execution by every firm based mostly on phrases and situations to be authorised by ALR, approval of an earnings tax exemption and stamp obligation exemption from the federal government and the requisite shareholders’ approvals of the respective shareholders.
On April 4, Gamuda stated it has obtained a conditional provide letter for ALR to accumulate all its securities in its expressway concession firms.
It stated ALR has supplied to accumulate 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 fairness worth for all of its expressway concession firms amounting to RM2.33 billion.
The group stated ALR conditionally presents to buy all of the securities of KESAS based mostly on an enterprise worth of RM1.24 billion as of the valuation date of Dec 31, 2021; RM1.81 billion for SPRINT; RM2.12 billion for LITRAK; and RM313 million for SMART.
On a separate submitting right this moment, LITRAK Holdings Bhd stated it’s the intention of the board to distribute the corresponding web proceeds of the proposed disposals to the shareholders, topic to the execution of the definitive agreements and completion of the proposed disposals.
In the meantime, Kumpulan Perangsang Selangor Bhd (KPS) stated that its 20 per cent related firm, SPRINT Holdings, has additionally accepted the SPRINT provide and can make the suitable detailed bulletins in relation to the provide in the end. – Bernama