New parties interested to acquire PLUS Expressways Bhd have until 5pm on Jan 10, 2011, to submit their bids, said Minority Shareholders Watchdog Group corporate services general manager, Lya Rahman.    

plus highway 050105 toll booths "Instead of 5pm (deadline) today, offers to take over PLUS from other bidders have been extended to 5pm on Jan 10, 2011," she said.

She said this to reporters after the adjournment of PLUS extraordinary general meeting (EGM) here today.    

Today's EGM was scheduled to approve the UEM Group Bhd-Employees Provident Fund (EPF) bid to buy over PLUS for RM23 billion.

"Basically, we agree to adjourn the meeting. We will get more time to look at the proposals, and eventually shareholders can get a true picture," she said.

Shareholders concerned about higher price

She said it was important to look at the merits of the two bidders - UEM-EPF joint bid and Jelas Ulung Sdn Bhd and decide on the best option.

On Jelas Ulung, Lya said, shareholders were more concerned about the higher price - set at RM26 billion - than the merits of the company.

About 130 shareholders attended the AGM which was adjourned at noon.

PLUS shares added three sen to RM4.65 at 12.30pm.

Meanwhile, PLUS senior independent non-executive director, K Ravindran, who chaired the EGM, said the decision to extend the deadline followed suggestions made by the shareholders.

"The board in the meantime will review and deliberate on the terms of the offer recently made by Jelas Ulung Sdn Bhd and other new offers if any, while at the same time taking into consideration the earlier offer made jointly by UEM and EPF," he said in a statement.

PLUS said the board had in its announcement to Bursa Malaysia on Dec 21 stated that new offers submitted also disclosed several terms and information as well as comply with the conditions.

Ravindran said the move was made to protect the interest of the company as well as to ensure the seriousness and credibility of bidders for PLUS.

A new date for the postponed EGM will be announced soon.

- Bernama