KPS says yes to Sprint Holdings' stake sale

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KUALA LUMPUR (July 2): Kumpulan Perangsang Selangor Bhd (KPS) has given the greenlight to the government’s proposed acquisition of all securities of Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint Holdings) in Sprint.

KPS owns a 20% stake in Sprint Holdings, which wholly owns highway operator Sprint.

“The board had today deliberated on the Sprint offer and has resolved to vote in favour of accepting the Sprint offer,” KPS said in a filing with Bursa Malaysia.

The board will make the appropriate announcements in due course, after going through the relevant due process with Sprint Holdings, it added.

Last week, KPS said the Ministry of Finance Inc (MOF Inc) has made an offer to buy Sprint for RM1.98 billion, less debts.

The acquisition is to be undertaken by a special purpose company, wholly owned by MOF Inc, KPS said, noting that the offer will remain valid until July 12.

The offer is subject to satisfactory due diligence findings, the approval of the Cabinet of Malaysia, the execution of a definitive agreement in respect of the offer and adherence to the terms of offer, KPS added.

Shares of KPS closed three sen or 3.03% higher at RM1.02 today, valuing the company at RM548.14 million. Over the past 12 months, the stock has come down by some 22.3%.