By MARK RAO / Graphic By ANIS SHAMSUL

KUMPULAN Perangsang Selangor Bhd (KPS) has accepted the Minister of Finance Inc’s (MoF Inc) RM1.98 billion offer for its 20% stake in highway operator Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint).

“The board of directors had… deliberated on the Sprint offer and has resolved to vote in favour of accepting the Sprint offer,” Selangor’s state-owned investment vehicle said in an exchange filing yesterday.

This comes shortly after Gamuda Bhd’s directors accepted MoF Inc’s total RM6.2 billion bid for its four toll concessions last week. This includes Sprint which Gamuda holds a direct 30% interest in.

Lingkaran Trans Kota Holdings Bhd (Litrak), who holds the remainder 50% stake in the highway asset, remains the only shareholder yet to announce their decision on the offer. Litrak is 44%-owned by Gamuda which has already resolved to accept MoF Inc’s offer.

MoF Inc intends to complete the takeover via a wholly-owned special purpose company to be identified at a later date.

The offer, which remains valid until July 12 (next Friday), is also contingent on MoF Inc acquiring Litrak, Kesas Sdn Bhd and Syarikat Mengurus Air Banjir Dan Terowong Sdn Bhd (Smart).

Gamuda holds stakes of 44%, 70% and 50% in Litrak, Kesas and Smart respectively.

Finance Minister Lim Guan Eng was reported as saying last week a RM6.2 billion bond is being proposed to fund the highway acquisitions to avoid paying RM18 billion in compensation to force concessionaires to abolish toll collections.

MoF Inc is offering RM1.38 billion for Kesas, RM1.98 billion for Sprint, RM2.47 billion for Litrak and RM369 million for Smart to take over the four highways.

The concession period for Kesas ends in 2028, Litrak ends in 2030, Sprint in 2034 and Smart in 2042.

Gamuda’s shares have been buoyed by the latest developments, rising 17 sen to close at RM4 yesterday as 8.43 million shares exchanged hands.

Shares in KPS rose three sen to end the day at RM1.02 while Litrak closed unchanged at RM4.90.