Gamuda Bhd announced that Kesas Holdings Bhd (“Kesas Holdings”), its 70.0% owned subsidiary, had on 2 April 2022, received a conditional letter of offer from Amanat Lebuhraya Rakyat Bhd (ALR) offer to acquire all the securities (including all ordinary shares, preference shares and loan stocks, where applicable) (“Securities”) of Kesas . Kesas is a wholly-owned subsidiary of Kesas Holdings.
Simultaneously, each of the following associated companies and joint venture company of Gamuda had on 2 April 2022, received a conditional letter of offer from ALR for the following acquisitions.
They are: Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (“SPRINT Holdings”), Gamuda’s 51.6% associated company, in respect of all the Securities of SPRINT (“SPRINT Offer”). SPRINT is a wholly-owned subsidiary of SPRINT Holdings;
Lingkaran Trans Kota Holdings Berhad (“LITRAK Holdings”), Gamuda’s 43.2% associated company, in respect of all the Securities of LITRAK (“LITRAK Offer”). LITRAK is a wholly-owned subsidiary of LITRAK Holdings; and
Projek SMART Holdings Sdn Bhd (“SMART Holdings”), Gamuda’s 50.0% joint venture company, in respect of all the Securities of SMART (“SMART Offer”). SMART is a wholly-owned subsidiary of SMART Holdings
(Kesas, SPRINT, LITRAK and SMART shall collectively be referred to as the “Expressway Concession Companies” and each a “Expressway Concession Company”, Kesas Holdings, SPRINT Holdings, LITRAK Holdings and SMART Holdings shall collectively be referred to as the “Concession Holding Companies” and each a “Concession Holding Company”, and Kesas Offer, SPRINT Offer, LITRAK Offer and SMART Offer shall collectively be referred to as the “Offers” and each an “Offer”).
Each of the Kesas Offer, SPRINT Offer, LITRAK Offer and SMART Offer has been given by ALR on a standalone basis and is mutually exclusive from each other.
Gamuda said that ALR’s mandate includes looking after the economic interests of the road users of the targeted highway concessions concerned, and therefore; ALR must maintain the current toll rates with no further increases, including in any period of extension of the existing concession required to facilitate the success of restructuring; and ALR shall accelerate the return of the concession(s) back to the GoM upon full settlement of all of ALR’s financial debts incurred in acquiring the identified highway concession(s) (based on agreed terms)
ALR shall accelerate the return of the concession(s) back to the GoM upon full settlement of all ALR’s financial debts incurred in acquiring the identified highway concession(s) (based on agreed terms)
The Offers shall remain open for acceptance until 5.00 pm (Malaysian time) on 30 April 2022, after which the Offers shall forthwith lapse and cease to have any force or effect unless ALR agrees in writing to extend the period during which the Offers shall continue to be valid.
Trading of the securities in Gamuda Bhd has been halted from 9am till 5pm on Monday (April 4) pending a material announcement. In a bourse filing, Gamuda said that Bursa Malaysia Securities Bhd had approved the company’s request for the suspension of the trading of its securities. Trading of the securities in Lingkaran Trans Kota Holdings Bhd (Litrak) has been halted from 9am until 5pm on Monday (April 4) pending a material announcement.
