Plus to acquire 20% stake in Touch n GO
Filed Under (Business News) by Webmaster on 29-04-2010
Tagged Under : acquisition, PLUS, Touch N Go
PLUS Expressway Bhd has proposed to acquire a 20% stake in Touch ‘N Go Sdn Bhd (TnG) from UEM Land Holdings Bhd for RM33.4mil.
UEM Group Bhd, a company controlled by Khazanah Nasional Bhd, has substantial stakes in both PLUS and UEM Land.
“The proposed acquisition will allow PLUS to have a role in the future strategic business decision of TnG,’’ the highway operator said in a statement to Bursa Malaysia yesterday.
TnG derived a substantial amount of its revenue from PLUS through electronic toll-collection commission.
PLUS said the “strategic investment” would provide an opportunity to capitalise on TnG’s “upside potential” arising from the positive outlook of the micro-electronic payment system market.
In February, CIMB Group Holdings Bhd raised its stake in TnG to 52.22% after it acquired an additional 32.22% from the UEM Group for RM53.8mil.
MTD Capital Bhd owns the balance 27.78% in TnG
