KUALA LUMPUR (June 24): Shares in Lingkaran Trans Kota Holdings Bhd (Litrak) jumped 17.81% this morning after Putrajaya offered some RM4.5 billion to Litrak and Gamuda Bhd to take over four toll highways in the Klang Valley. The amount is after deducting outstanding debts.

At 9.15am, Litrak jumped 75 sen to RM4.96 with 159,600 shares traded. Meanwhile, Gamuda fell 1.57% or 6 sen to RM3.77 with 4.84 million shares done.

Gamuda has a 44% stake in Litrak.

The government, in its offer, has fixed the purchase consideration at RM6.2 billion enterprise value, less any outstanding indebtedness as at completion of the deal.

For public-listed entity Litrak Holdings, which wholly owns Litrak and holds 50% of Sprint Holdings, its share will be RM2.775 billion or RM5.26 per share. Litrak Holdings’ share price closed at RM4.21 last Friday.

The acquisition deal is valuing the four concessionaires at the enterprise value (EV) of RM6.2 billion. The breakdown of the EV of RM2.47 billion for Litrak.

Meanwhile, based on Gamuda’s effective interest in these toll highways, the group expects its share to be RM2.36 billion, which is equivalent to 96 sen per share, from the divestments. Gamuda share price closed at RM3.83 on June 21.

Based on the group’s effective interest in these toll highways, Gamuda expects its share to be RM2.36 billion. These offers remain valid until July 12.