Trading of Malaysia’s biggest highway concessionaire Plus Expressways Bhd was suspended as markets opened today until 5pm tomorrow, pending major announcements.

plus highway sg besi 180205 aerial view 02 close up The announcements are expected tomorrow during Finance Minister Najib Abdul Razak's Budget 2011 speech.

According to Plus, the suspension of trading was requested by a major shareholder.

Government-owned conglomerate UEM Group Bhd holds a 38.5 percent stake in Plus, while sovereign wealth fund Khazanah Nasional Bhd owns a 16.7 percent stake. UEM is a wholly-owned subsidiary of Khazanah Nasional.

In recent weeks, it has been heavily speculated that UEM Group is an acquisition target for MMC Corp, which is owned by tycoon Syed Mokhtar Albukhary.

Five proposals

Previously, Najib said that the government had received five proposals to acquire UEM Group, which was once owned by Umno until it was saddled with debt.

These proposals are expected to be raised during his Budget 2011 speech at 5pm tomorrow.

MMC is believed to be eyeing UEM Group's many viable ventures, which other than Plus, includes hospital support-services provider Faber Group Bhd and developer UEM Land Holdings Bhd.

It is also expected to be given the contract to build the Penang Second Bridge. 

MMC faces competition from private company Asas Serba Sdn Bhd, who is embarking on an ambitious bid for control of Malaysia’s highways.

This company is heavily rumoured to be backed by tycoon Halim Saad, UEM Group’s former boss, and former finance minister Daim Zainuddin.