PJD Link seeks public listing on Bursa Malaysia via RTO

KUALA LUMPUR: PJD Link (M) Sdn Bhd, the concessionaire of the proposed Petaling Jaya Dispersal Link (PJD Link Expressway), is seeking a listing on Bursa Malaysia Securities Bhd via a reverse takeover (RTO) of main-market listed Scomi Energy Services Bhd.

In a statement today, PJD Link said the company and its shareholders, namely PJD Link Holdings Sdn Bhd and Noblemax Resources Sdn Bhd, have entered into a framework agreement (FA) with Scomi Energy Services for the proposed acquisition of PJD Link for an indicative price of approximately RM922 million.

It said the parties are expected to enter a definitive agreement for the proposed acquisition within 60 days.

PJD Link chief executive officer Amrish Hari Narayanan said the FA represented a key step forward towards seeking a listing and by being a listed company, the company would be able to tap into the equity capital market to raise funding for the development and construction of PJD Link Expressway.

"In addition, the reporting of our performance in accordance with Bursa listing requirements will enhance the level of transparency and governance to the public,” he said.

PJD Link Expressway is a 25.4-kilometre, two-lane dual carriageway (four lanes) expressway that will commence after the NKVE Toll Plaza on SPRINT Highway, Damansara and end at Bukit Jalil Highway Interchange.

Upon completion, PJD Link Expressway will play a significant role in dispersing traffic congestion as it provides major connections with six major highways which include New Klang Valley Expressway (NKVE), SPRINT highway, Federal Highway, New Pantai Expressway, Shah Alam Expressway (KESAS) and Bukit Jalil Highway.

PJD Link signed a concession agreement with the government on April 5, 2022. - Bernama