EPF says government's decision on PLUS benefits members

KUALA LUMPUR: The Employees Provident Fund (EPF), a shareholder of PLUS Malaysia Bhd and its Sukuk debts, said it will work with all parties involved to reduce toll rates as quickly as possible, while at the same time ensures that its interests are protected.

The government on Thursday announced toll rates on all highways operated by PLUS will be reduced by 18% from Feb 1.

"In light of the very tight indicative time-line and real challenges to implement operationally, we will work with PLUS and other relevant parties to initiate this reduction as quickly as possible," chief EPF officer Alizakri Alias said in a statement today.

"EPF is also in a unique position as a Sukuk holder of PLUS and we will be working with all other holders to ensure our interests are protected," he added.

"Judging from our past experience, we are confident the government will be receptive to our inputs and take all necessary actions."

EPF has a 49% stake in PLUS, while Khazanah Nasional Bhd, via UEM Group Bhd, holds the majority stake of 51%.

Alizakri welcomed the government's decision to maintain status quo on the ownership of PLUS.

“We are happy that the matter has been definitively decided and a clear directive given by the prime minister on the future direction of PLUS," he said.

"This puts to rest the public speculation that has been ongoing for far too long and enables all parties to move forward.” he added.

The government's decision on PLUS came after it had received several unsolicited offers to take over the highway operator.

“This decision is a clear indication the government is appreciative that the interests of our 14.6 million-strong EPF members must be protected at all times," Alizakri said.

"The reduction of toll is also an added benefit for a majority of our members as they make up a good number of the 1.7 million daily PLUS highway users,” he said.