GAMUDA Bhd announced that four concession holding companies have each separately accepted their respective conditional letter of offer for the proposed disposal of all the securities to Amanat Lebuhraya Rakyat Bhd (ALR) and delivered the written acceptances today.
The concession holding companies are Kesas Holdings Bhd, Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint), Lingkaran Trans Kota Holdings Bhd (Litrak) and Projek Smart Holdings Sdn Bhd (Smart).
In a filing to Bursa Malaysia on Monday, Gamuda said each of the Kesas, Sprint, Litrak and Smart offer has been given by ALR on a standalone basis and is mutually exclusive from each other.
“Each concession holding company expects to commence separate negotiations with ALR to finalise the terms and conditions of the respective definitive agreements for the proposed disposals.
“The execution of the definitive agreements by each company with ALR shall be subjected to completion of due diligence exercise on each expressway concession company and approval by relevant regulatory authority for each offer to the satisfaction of ALR,” it said to the stock exchange.
Other than that, the agreements are also subjected to the execution by each company based on terms and conditions to be approved by ALR, approval of an income tax exemption and stamp duty exemption from the government and the requisite shareholders’ approvals of the respective shareholders.
On April 4, Gamuda said it has received a conditional offer letter for ALR to acquire all its securities in its expressway concession companies.
It said ALR has offered to acquire its 70% stake in Kesas; 51.6% stake in Sprint; 43.2% stake in Litrak; and 50% stake in Smart, with its share of anticipated equity value for all of its expressway concession companies amounting to RM2.33 billion.
The group said ALR conditionally offers to purchase all the securities of Kesas based on an enterprise value 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.
Litrak said it is the intention of the board to distribute the corresponding net proceeds of the proposed disposals to the shareholders, subject to the execution of the definitive agreements and completion of the proposed disposals.
Meanwhile, Kumpulan Perangsang Selangor Bhd said that its 20% associated company, Sprint Holdings, has also accepted the Sprint offer and will make the appropriate detailed announcements in relation to the offer in due course.