KUALA LUMPUR (June 8): Gamuda Bhd's four Klang Valley highway concession holding companies have agreed and finalised the terms and conditions of a draft share sale and purchase agreement with Amanat Lebuhraya Rakyat Bhd, recently established as a private, not-for-profit entity.
Under the finalised draft agreement, the four highways will be disposed to Amanat Lebuhraya Rakyat for an aggregate RM4.477 billion, with Gamuda’s portion amounting to RM2.347 billion.
In a filing with Bursa Malaysia, Gamuda said the finalised agreement will only be executed upon the fulfilment of all conditions set out in the respective conditional letter of offer from Amanat Lebuhraya Rakyat, which includes approvals from shareholders of the respective concession holding companies.
The four Klang Valley highway concession holding companies are Kesas Holdings Bhd, Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint), Lingkaran Trans Kota Holdings Bhd (Litrak) and Projek Smart Holdings Sdn Bhd (SMART).
Gamuda said it plans to utilise 42.6% of these proceeds for capital management acitivites, including distribution of a special dividend; 38.3% for repayment of borrowings, 18.7% for working capital, and the remaining for expenses related to the proposed disposal.
Gamuda owns 70% of Kesas, while Perbadanan Kemajuan Negeri Selangor (PKNS) holds the remaining 30% stake.
Gamuda also owns 42.8% of Litrak and 50% of SMART (Gamuda's 50:50 joint venture with MMC Corp Bhd). In Sprint, Gamuda directly holds 30%, while Litrak has 50% and Kumpulan Perangsang Selangor Bhd (KPS) owns 20%. This gives Gamuda an effective stake of 51.4% in Sprint.
Shares of Gamuda gained eight sen to RM3.60 on Wednesday (June 8), valuing it at RM9.19 billion. Litrak closed 19 sen higher at RM4.87, giving it a market capitalisation of RM2.62 billion.
KPS, meanwhile, climbed half sen to 76.5 sen, valuing it at RM411.1 million.