Litrak shares jump 29% as toll abolishment deferred

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KUALA LUMPUR (Aug 14): Lingkaran Trans Kota Holdings Bhd (Litrak) shares jumped 29% this morning following news that the government has agreed to defer toll abolishment until the country's fiscal position improves.

The highway concessionaire was up RM1.34 to RM5.90 at 9am this morning.

At 11.07am, Litrak pared much of its gains and was up 2.85% or 13 sen to RM4.69 with 185,500 shares done.

The Pakatan Harapan government had promised the toll abolishment in its 14th general election manifesto.

Minister of Works Baru Bian yesterday said the government acknowledged that abolishing toll nationwide was no mean feat.

"The government has always wanted to fulfil its promise to abolish toll, but it acknowledged that it is not an easy task, due to the country's current fiscal pressure.

"After we studied and reviewed the factors and implications, the cost required, as I have mentioned previously, is RM400 billion, so the government has agreed to defer the abolishment until the country's economy and fiscal position improves," he said.