Halim Saad and Wong make RM5.2bil offer to take over PLUS

“I intend to undertake this offer with Wong, a prominent businessman, who currently sits on the boards of Insas Bhd, Inari Amertron Bhd, Ho Hup Construction Co Bhd, SYF Resources Bhd and Yi-Lai Bhd, ’’ Halim said in the letter dated Oct 11 sighted by StarBiz.

PETALING JAYA: Businessman Tan Sri Halim Saad and Datuk Wong Gian Kui have joined the race to take over PLUS Malaysia Bhd (PMB) with a RM5.2bil offer.

This is also not the first time Halim is wanting to get PMB back. Last October, he and his friends via Karongsa Private Capital Sdn Bhd had written to Works Minister Baru Bian to propose the setting up of a highway trust company to take over all the toll roads in the country.

“I intend to undertake this offer with Wong, a prominent businessman, who currently sits on the boards of Insas Bhd, Inari Amertron Bhd, Ho Hup Construction Co Bhd, SYF Resources Bhd and Yi-Lai Bhd, ’’ Halim said in the letter dated Oct 11 sighted by StarBiz.

Addressed to Works Minister Baru, both said the offer was to buy the entire equity stake of PMB or 51% (of the equity held by Khazanah Nasional Bhd).

The RM5.2bil offer appears to be for the 100% stake.

“The new PMB will offer a 25% discount on toll rates. The concession period will remain the same and will end in December 2038, ’’ Halim said.

Thirty years ago, it was during Halim’s time as the boss of UEM Group Bhd/Renong Group that the company got a contract worth RM3.4bil to build the Plus Highway.

After 30 years, he is making another bid. Halim and Wong are the fifth party in recent times making an offer for PMB.

Apart from Halim, last week, Widad Business Group Sdn Bhd which owns Widad Group Bhd, offered RM3bil cash to buy up the equity portion of UEM and the Employees Provident Fund that hold PMB in proportions of 51%-49%. Widad’s founder is Tan Sri Muhammad Ikmal Opat Abdullah.

Widad’s offer is said to have come after Hong Kong-based private equity firm RRJ Capital had proposed to acquire PMB for RM3.5bil.

Also last week, Tan Sri Abu Sahid Mohamed of Maju Holdings Sdn Bhd had revised his offer to acquire PMB at an enterprise value of RM34.9bil, an offer which also includes the leading highway operator’s debt to its bondholders.