Khazanah sells 3.6m PLUS shares

Written by Financial Daily
Thursday, 15 October 2009 11:55

KUALA LUMPUR: Khazanah Nasional Bhd disposed of 3.61 million shares in PLUS EXPRESSWAYS BHD [] on Oct 5 as part of its programme to reduce stakes in government-linked companies (GLCs). After the disposal, which represented only 0.07% stake in the highway operator, Khazanah still holds 60.55% or 3.02 billion shares in PLUS, which has a paid-up capital of five billion shares.

Interest in Khazanah’s share placement plans was triggered by its disposal of a 5% stake in Malaysia Airports Holdings Bhd (MAHB) in early September. Analysts said Khazanah may also place out shares in PHARMANIAGA BHD [] and UEM Land Bhd, in which it has an indirect 86.81% stake and 77.14%, respectively.

They said this long-overdue development bode well for the Malaysian equity market as it would enhance the participation of foreign institutional investors. Khazanah could afford to reduce its shareholdings while still retaining strategic stakes in the GLCs, they noted. Meanwhile, PLUS attracted attention recently after Asas Serba Sdn Bhd submitted a proposal to the government to take over the management and operations of all 22 toll concession companies for RM50 billion.

Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop, however, said the government has no plans to sell PLUS.

Asas Serba reportedly said it was still keen to take over PLUS and had hired RAM Consultancy Services Sdn Bhd as its consultant to negotiate with the 22 concessionaires and other relevant shareholders.

PLUS shares closed unchanged at RM3.36 yesterday.