by AZREEN HANI/ FILE PIX

NO more toll rates hike for four highways in the Klang Valley as the government has agreed to the restructuring proposal involving four highway concession companies.

Works minister Datuk Seri Fadillah Yusof said in a statement that the government welcomes the private sector to come up with such terms, where there will be no increase in toll rates and the concessionaire will return the highway to the Government immediately after settling its financial debts.

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“Today, a private company named Amanat Lebuhraya Rakyat Berhad (ALR) chaired by Tan Sri Azlan Mohd Zainol where all the shareholders’ shares are not-for-profit, has offered to buy 100% of all four concession companies,” he said.

The four concession companies are Kesas Sdn Bhd which manages KESAS highway, Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd which manages SMART tunnel, Sistem Penyuraian Trafik KL Barat Sdn Bhd which manages SPRINT highway and Lingkaran Trans Kota Sdn Bhd which manages the LDP highway.

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Through this restructuring, Fadillah said there will be no more profit -oriented shareholders while the existing shareholders – the EPF, KWAP, PNBM and Lembaga Tabung Haji will get an early return of investment.

“To help ALR achieve the objectives of its establishment, the Government has agreed to extend the concession period to KESAS, LDP, SPRINT and SMART in exchange for not raising toll rates. However, the extension of this concession period is not the exclusive right of the concession company and is subject to the number of traffic as well analysis by the Government from time to time,” Fadillah said further.

Earlier, Prime Minister Datuk Seri Ismail Sabri Yaakob announced that the government will not impose rate hikes on tolls following the restructuring exercise on four highway concession companies in the Klang Valley.

He said the rates would not increase until the end of the concession and will save concession payments from Jan 1, 2022.

“The net savings on the toll subsidy payments for all four highways is estimated to be at least RM4.3 billion,” he said in a statement.