Kesas Holdings accepts govt's takeover offer


Modified 4 Jul 2019, 9:22 am

Lingkaran Trans Kota Holdings Bhd (Litrak) today announced that Kesas Holdings has accepted the government’s offer to acquire all of Kesas Sdn Bhd's securities.

In an update to the inter-conditionality of the proposed offers to Bursa Malaysia today, Litrak said the board will make further announcements in relation to the remaining proposed offers in due course.

Meanwhile, Gamuda Bhd in a filing to the stock exchange yesterday said Kesas Holding's board of directors had deliberated on the Kesas offer and unanimously found it fair and reasonable.

Kesas Holdings is a 70 per cent subsidiary of Gamuda and 30 per cent held by Selangor State Development Corp (Perbadanan Kemajuan Negeri Selangor).

It was reported that the government offered to pay the shareholders of Litrak Holdings and Gamuda RM6.2 billion to take over four toll highways in the Klang Valley -- LDP (Lebuhraya Damansara-Puchong), Sprint (Sistem Penyuraian Trafik KL Barat), Kesas (Lebuhraya Shah Alam) and Smart (Stormwater Management and Road Tunnel).

- Bernama

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