Litrak shares jump over 13% on news of ALR offer

KUALA LUMPUR: Shares in Lingkaran Trans Kota Holdings Bhd (Litrak) surged 53 sen or 13.15% to RM4.58 apiece at market open today on news it had received an offer from Amanat Lebuhraya Rakyat Bhd (ALR) for its stakes in SPRINT and LItrak.

As at 9.30am, the share price had eased to RM4.37 a share with 1.25 million units exchanging hands.

Shares in Litrak, alongside Gamuda Bhd and Kumpulan Perangsang Selangor Bhd (KPS) were suspended for trading yesterday in light of developments pertaining to the government's restructuring of highway concession companies in the Klang Valley.

These companies comprise Kesas Sdn Bhd, which manages Shah Alam Expressway (Kesas); Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd which manages Stormwater Management and Road Tunnel (SMART); Sistem Penyuraian Trafik KL Barat Sdn Bhd which manages the Western Kuala Lumpur Traffic Dispersal Scheme (SPRINT), and Lingkaran Trans Kota Sdn Bhd which manages the Damansara-Puchong Expressway (LDP).

In a bourse filing yesterday, Gamuda announced that it had received an offer from ALR for its stake in Lingkaran Trans Kota Sdn Bhd, Sistem Penyuraian Trafik KL Barat Sdn Bhd and Projek Smart Holdings Sdn Bhd.

Concomitantly, KPS said in a separate filing that its 20% associate company System Penyuraian Trafik KL Barat Holdings Sdn Bhd received an offer from ALR for its interest in SPRINT.

Similarly, Litrak announced that it had received ALR's offer for its stakes in SPRINT and Litrak.