An EPF staff attending to questions from customers at Service counter at the EPF headquaters in Kuala Lumpur.EPF has announce an engagement programme pertaining to various enhancement initiatives on the EPF scheme. AZHAR MAHFOF/The Star (20/4/2015)
KUALA LUMPUR: The Employees Provident Fund (EPF), through wholly-owned company Pinggiran Ventures Sdn Bhd, has bought a 50% equity stake in Taliworks Corp Bhd
’s unit that owns the operator of the New North Klang Straits Bypass Expressway (NNKSB).
Highway and waste management company Taliworks told Bursa Malaysia that it sold the 50% shareholding in Pinggiran Muhibbah Sdn Bhd, which owns a 75% stake in NNKSB concessionaire Grand Sepadu (NK) Sdn Bhd, plus an additional 36.425 million redeemable 1 sen preference shares in Pinggiran Muhibbah, to the EPF unit for RM66.75mil cash.
Grand Sepadu’s main activity is to carry on business as a concessionaire to operate and maintain the NNKSB (formerly Shapadu Highway), a 17.5km two-lane dual carriageway highway which links North Port to Bukit Raja, Klang. The Government had in December last year extended the tenure of the concession to December 2032.
The board of directors of Pinggiran Muhibbah will consist of two directors nominated by Taliworks Corp and two directors nominated by PVSB.
On the rationale for the joint venture, Taliworks said it would further strengthen its strategic partnership with EPF so that it could leverage on the established partnership and understanding with EPF to jointly pursue other opportunities for future investments with the objective of growing its mature cash-generating concession-based businesses.
Taliworks said it would use RM65.25mil out of the proceeds from the sale to EPF for future investments and working capital.
The Taliworks board expects the proposed joint venture to be completed within one month.
In August last year Taliworks had entered into a transaction with EPF whereby EPF bought a 49% equity interest in its Grand Saga (Cheras-Kajang) toll road.
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