Litrak, Sprint, Kesas accept MoF Inc’s takeover offer

by SHAZNI ONG/ TMR PIC

LINGKARAN Trans Kota Holdings Bhd (Litrak) and its associate company Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint) have agreed to accept the Minister of Finance Inc’s (MoF Inc) offer to take over Lebuhraya Damansara Puchong (LDP) and the Sprint highway.

In an exchange filing yesterday, Litrak said the board of directors for both companies have resolved to accept Litrak and Sprint’s offer respectively.

The boards of the two companies had “unanimously found the offer fair and reasonable”, Litrak said in the Bursa Malaysia filing.

The board of Gamuda Bhd’s subsidiary, Kesas Holdings Bhd, also resolved to accept the Kesas offer.

The Kesas, Litrak and Sprint offers are inter-conditional upon each other, as well as upon the SMART Holdings Sdn Bhd offer.

It said the proposed offers are now pending the decision of the board of directors of SMART Holdings in relation to the SMART offer, and the necessary announcement will be made accordingly.

Gamuda and Kumpulan Perangsang Selangor Bhd had announced they were in favour of accepting MoF Inc’s offer for their 30% and 20% equity interest respectively in Sprint.

Last month, MoF Inc offered to buy Litrak’s wholly-owned subsidiary Lingkaran Trans Kota Sdn Bhd (the concessionaire for LDP) for RM2.47 billion and 50%-owned Sprint for RM1.98 billion, less any outstanding indebtedness of both companies.

“Litrak and Sprint expect to commence negotiations with 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.”

“This is subjected to the acceptance of the Kesas and SMART offers to fulfil the inter-conditionality terms by MoF Inc, the satisfactory due diligence findings by MoF Inc, and the approval of the Cabinet,” the company said.

Litrak noted that the board will make the appropriate announcements in relation to the proposed offers in due course.