All three highway concessionaires Gamuda, Litrak Holdings, and SPRINT Holdings have issued statements to the Stock Exchange that they have accepted the Offer and that the written acceptance has been delivered ALR.
The statement also states that each Concession Holding Company expects to commence separate negotiations with ALR to finalise the terms and conditions of the respective definitive agreements for the proposed disposals and the execution of the definitive agreements by each Concession Holding Company.
Accordingly, for the execution of the agreement, a list of prerequisites need to be met including the completion of due diligence exercise on each Expressway Concession Company, to the satisfaction of ALR must be conducted. Approval by the relevant regulatory authority (including the Government of Malaysia for each Offer to be satisfied by ALR. Execution by each Expressway Concession Company and the GoM of a supplemental concession agreement based on terms and conditions to be approved by ALR. Approval of an income tax exemption and stamp duty exemption from GoM (or such relevant government authority) for ALR and each Expressway Concession Company upon completion of each Offer, to the satisfaction of ALR; and the requisite shareholders’ approval(s) of the respective shareholders of Concession Holding Companies for the disposal of each Expressway Concession Company by the respective Concession Holding Companies in accordance with the terms of the agreed format of the definitive agreements.
Litrak added that subject to the execution of the definitive agreements and completion of the proposed disposals, the Board decided to distribute the corresponding net proceeds of the proposed disposals to the shareholders.
