Works Ministry studying Maju Holdings’ Plus takeover offer

Works Minister Baru Bian (photo, above) said his ministry will study a proposal by Maju Holdings Sdn Bhd to take over highway operator Plus Malaysia Bhd.

The Edge Markets reported that the works minister confirmed that his ministry received the official proposal from Maju Holdings last week and will study it before making any recommendations to cabinet.

"Now we are still at the ministerial level, we will study the proposal and make a recommendation to the cabinet.

“To us, this is a business transaction. Our role is only to make recommendations on this subject matter.

"At this juncture, this is the only proposal we received," Bian was quoted saying at the Parliament lobby yesterday.

This came despite Finance Minister Lim Guan Eng reported having objected to Maju Holdings’ offer proposed to Prime Minister Dr Mahathir Mohamad.

Lim had told reporters that the objection was based on feedback from the main shareholders of Plus – Khazanah Nasional Bhd and Employees Provident Fund (EPF).

"For the time being, Khazanah and EPF do not agree (to the proposed takeover)," he had said, adding that he was willing to meet with Maju Holdings as the company is preparing a new proposal.

No details were provided of the latest bid but in 2017, Maju Holdings put in an RM36 billion bid for Plus, the owner of the North-South Expressway.

The offer was rejected by the previous administration.