Khazanah, EPF against Maju Holding’s takeover bid of PLUS highways, Guan Eng clarifies

Finance Minister Lim Guan Eng speaks to reporters at Parliament in Kuala Lumpur July 11, 2019. — Picture by Yusof Mat Isa
Finance Minister Lim Guan Eng speaks to reporters at Parliament in Kuala Lumpur July 11, 2019. — Picture by Yusof Mat Isa

KUALA LUMPUR, July 11 — Finance Minister Lim Guan Eng today denied being the obstacle to Maju Holdings Sdn Bhd’s proposed takeover of PLUS Malaysia Berhad — the country’s largest highway toll concessionaire.

Instead, he said the government’s decision to reject the proposal was based on the views of PLUS' main shareholders Khazanah Nasional Bhd and the Employees Provident Fund.

“We received many proposals from different parties. And when we oppose the decision, it is based on the interest of the main shareholders.

“In this case Khazanah and EPF disagreed,” Lim told reporters at the Parliament lobby.

“Therefore, the preliminary decision would be based on the views and suggestions by EPF and Khazanah, guided by the prime minister.”

Lim said he will meet with Maju Holdings as he was informed that the company has a fresh proposal to make.

“So we will meet with them,” he said.

Last Tuesday, Works Minister Baru Bian said his ministry was yet to receive a new proposal from Maju Holdings to take over PLUS.

Maju Holdings group executive chairman Tan Sri Abu Sahid Mohamed was reported to have put in a bid for RM36 billion to take over PLUS in 2017.

However, the Finance Ministry had, at that time, said the government has no plans to let go of its stake in PLUS to Maju Holdings.

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