KUALA LUMPUR, July 4 — Kesas Holdings Berhad has agreed to the government’s offer to take over its highway concessions.

In a statement today, it said its board and shareholders considered the offer "fair and reasonable”.

Kesas Holdings is a subsidiary of Gamuda Bhd that owns a 70 per cent stake, while the Selangor State Development Corporation (PKNS) owns the remainder.

Last week, Gamuda Bhd also accepted the offer from the Ministry of Finance (Incorporated) of RM6.2 billion for all of the group’s equity in four highway concessionaires: Kesas, Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint), Lingkaran Trans Kota Sdn Bhd (Litrak) and Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (Smart).

In statements to Bursa Malaysia today, Litrak and Sprint said they have also agreed to the government’s proposed takeover of their toll concessionaires.