PLUS calling EGM on UEM Group and EPF takeover offer
Filed Under (Business News) by Webmaster on 09-11-2010
Tagged Under : EPF, PLUS, UEM Group
UEM Group Bhd and the Employees Provident Fund (EPF) board have received the nod from PLUS Expressways Bhd for its RM23 billion joint offer to acquire all the assets and liabilities of South-East Asia’s largest toll expressway operator.
In a joint statement here today, UEM and EPF said the offer would be tabled at PLUS’ extraordinary general meeting next month.
“The acquisition of all the assets and liabilities of PLUS will be undertaken by a special-purpose investment vehicle, which is 51 per cent owned by UEM and 49 per cent held by EPF,” the statement said.
UEM Group managing director/chief executive officer, Datuk Izzaddin Idris, said the group would continue to preserve the expressway operator’s standards of service and maintenance for the safety of motorists.
EPF’s deputy chief executive officer (investment), Shahril Ridza Ridzuan, said PLUS’ good prospect would provide us with a long-term cash flow.
Earlier, EPF had said the joint acquisition of PLUS would provide an opportunity to acquire a matured, cash flow generating asset that would provide stable returns for its 12 million members’ retirement savings.
On Oct 15, UEM Group and EPF made a joint offer to acquire all of PLUS’ business undertakings, including assets and liabilities.
The proposed acquisition will involve a cash payout of RM11 billion to minority shareholders and RM12 billion of the amount owing to Khazanah, UEM and EPF.
The cost of the entire acquisition is based on RM4.60 per share, which is to be satisfied by cash.
The proposed acquisition is expected to be completed within eight to 12 months after acceptance by the PLUS board of directors.
