This article first appeared in The Edge Financial Daily on November 1, 2019

KUALA LUMPUR: Acquisition details for four Gamuda Bhd toll concessionaires to be bought by the government will only be known later as the deadline has been extended for another two months, with the completion date now set for no later than March 31 next year, according to the company.

On behalf of Gamuda, Hong Leong Investment Bank Bhd said that Minister of Finance (MoF) Inc and each of the concession holding companies have mutually agreed to extend the cut-off date to negotiate and finalise the terms of the definitive agreements to Dec 31, 2019 from Oct 31, 2019, Gamuda said in a filing with Bursa Malaysia yesterday.

“Save for the aforementioned extensions, all other terms contained in the offers shall continue to be in full force and effect.”

However, Finance Minister Lim Guan Eng said on Wednesday that Putrajaya had yet to set a time frame for its takeover of the four concessionaires.

In June, MoF Inc offered to pay RM4.5 billion in cash and to shoulder the liabilities of the four toll concessionaires in the Klang Valley that Gamuda holds equity interest in.

The concessionaires are Kesas Sdn Bhd (Kesas), Sistem Penyuraian Trafik Kl Barat Sdn Bhd (Sprint), Lingkaran Trans Kota Sdn Bhd (Litrak), and Syarikat Mengurus Air Banjir & Terowong Sdn Bhd (SMART).

Gamuda shares closed 11 sen or 3.03% higher at RM3.74 yesterday, valuing the company at RM9.25 billion.