KUALA LUMPUR: Trading of Lingkaran Trans Kota Holdings Bhd (Litrak) and Gamuda Bhd securities was suspended today after the two companies received conditional letters of offer from Amanat Lebuhraya Rakyat Bhd (ALR), with ALR offering to acquire all the securities of four highway concession companies – Kesas, Sprint, Litrak and Smart.
“ALR conditionally offers to purchase all the securities of Litrak based on an enterprise value of RM2.12 billion as at Dec 31, 2021 and ALR conditionally offers to purchase all the securities of Sprint (Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd) based on an evaluation value of RM1.81 billion,” Litrak said in a stock exchange filing.
Sprint is a 50% associate company of Litrak.
The company said the offers will remain open for acceptance until 5pm on April 30, 2022.
Gamuda also announced today that it has received a conditional offer letter for ALR to acquire all its securities in its expressway concession companies.
It told the stock exchange that ALR has offered to acquire its 70% stake in Kesas Sdn Bhd; 51.6% stake in Sprint; 43.2% in Litrak; and 50% stake in Projek Smart Holdings Sdn Bhd (Smart).
The group said its share of anticipated equity value for all of its expressway concession companies amounted to RM2.33 billion.
“Each of the Kesas offer, Sprint offer, Litrak offer, and Smart offer has been given by ALR on a standalone basis and is mutually exclusive from each other,“ Gamuda said.
The group said ALR conditionally offers to purchase all the securities of Kesas based on an enterprise value of RM1.24 billion as of the valuation date of Dec 31, 2021; RM1.81 billion for Sprint; RM2.12 billion for Litrak; and RM313 million for Smart.
It added that the offers remain open for acceptance until 5pm on April 30, 2022 .
Kumpulan Perangsang Selangor Bhd, meanwhile, said its associate company Sprint has received a letter of offer from ALR to acquire the entire equity interest of Sprint for about RM1.81 billion.
KPS currently has a 20% interest in Sprint via its associate company, Sprint Holdings.
In a filing with Bursa Malaysia Securities, it said the offer will be valid until 5pm on April 30, 2022 and a definitive agreement between Sprint Holdings and ALR should be entered into no later than July 31, 2022 or another extended date that is mutually agreed upon by both parties.
It said based on the enterprise value, the anticipated equity value of Sprint is RM904 million, of which, KPS’ share would be RM180.8 million. – Bernama