SHAH ALAM: It will be difficult for Asas Serba Sdn Bhd to acquire all the 22 toll concessionaire companies in the country as it has no track record.
In stating this, Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) group chief executive officer Zainudin A. Kadir said the acquisition exercise was not only about fair value but should also take into consideration the buyer’s business experience.
“It is not that easy to acquire a highway operation, what more all the highways in the country,” he told reporters after a briefing on Prolintas’ new Kemuning-Shah Alam highway (LKSA) yesterday.
He said this when asked whether Asas Serba had approached Prolintas on its proposal to take control of all the highways in the country.
Zainudin said Asas Serba had not yet approached Prolintas.
“When this proposal is made to the Government, we will have to evaluate it very carefully and can’t just take it based on fair value.
“We are a highway player and have been in the industry for about 15 years, so we know the ins and outs of the business,” he added.
Earlier this week, Asas Serba announced that it had submitted its proposal to the Finance Ministry, Works Ministry and Prime Minister’s Department but had yet to receive any feedback.
Zainudin also said Prolintas, which is wholly-owned by Permodalan Nasional Bhd (PNB), was eyeing projects in Asia and the Middle East.
He said this when asked whether the company was on the lookout for overseas projects in tandem with PNB’s aggressive expansion plans in the international market.
“Yes, we are bidding for projects overseas. We want to be a competitive player,” he said.
He refused to name the countries targeted.
Established in 1995, Prolintas is the operator of the Guthrie Corridor Expressway and Ampang-KL Elevated Highway and LKSA.
Zainudin said Prolintas hoped its new 14.7km LKSA to break even in 18 years. — Bernama