It will be difficult for Asas Serba Sdn Bhd to acquire all the 22 toll concessionaire companies in the country as it has no track record.

In stating this, Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) group chief executive officer Zainudin A Kadir said the acquisition exercise was not only about fair value but should also take into consideration the buyer's business experience.

"It is not that easy to acquire a highway operation, then how to acquire all the highways in the country because it is everybody's business.

"After all, it is a free market," he told reporters after a briefing on Prolintas' new Kemuning-Shah Alam highway in Shah Alam today.

He said this when asked whether Asas Serba had approach Prolintas on its proposal to take control all the highways in the country

Zainudin said Asas Serba had not yet approached Prolintas.

"When this kind of proposal offerred to the government, we will have to evaluate it very detailed, and can't take it based on fair value," he said.

"We are a highway player and has been in the market for about 15 years, so we know the in and out of the highway business," he added.

Earlier this week, Asas Serba announced that it had been submitted its proposal to the Finance Ministry, Works Ministry and Prime Minister's Department but had yet to receive the feedback.

The company planned to set up a concession company to issue dividend bonds of up to RM50 billion to finance the acquisition of all toll roads.

The dividend bonds will be issued with tenures based on the projected cash flow statements of the existing toll concessionaires.

Asas Serba proposed a 20 per cent discount from the current toll rates and promised no more rate increases.

The proposal also took into consideration issues involving stakeholders.

Directors of Asas Serba include Sepang Aircraft Engineering Sdn Bhd's chief executive officer Syed Budriz Putra, Kuala Lumpur Malay Chamber of Commerce president Syed Amin Aljeffri, and former Babcock & Brown and Fieldstone International director Wan Kamaruddin Wan Mohamed Ali.

- Bernama