KUALA LUMPUR (Feb 17): Premier Nalfin Bhd has clarified to Bursa Malaysia today that the concessionaire cum developer of the Kinrara-Damansara Expressway (Kidex) project, Kidex Sdn Bhd (Kidex S/B), has not been notified by the relevant authorities and the Selangor state government, of its decision on the withdrawal of the approval in principle for the multi-billion highway project.

"As at the time of this announcement, Kidex S/B has not received any communication from Lembaga Lebuhraya Malaysia (LLM) LLM, Unit Kerjasama Awam Swasta (UKAS) or the Selangor state government, in relation to this matter," Premier told Bursa today, with reference made to an article titled Kidex project is off, which appeared on page 3 of The Edge Financial Daily on Feb 17, 2015.

The article, which had quoted Selangor Menteri Besar Mohamed Azmin Ali, stated the Selangor government has withdrawn its approval in principle for the controversial RM2.42 billion Kidex project, after the concessionaire cum developer — Kidex S/B — failed to fulfil conditions set by the state by the Feb 14 deadline.

The major shareholders of Kidex S/B is Emrail Sdn Bhd with a 70% stake, while roadwork construction outfit Zabima Construction and Engineering holds the remaining 30% stake.

Emrail was planning to list on Bursa Malaysia, through a reverse takeover of Premier (fundamental: 1.5; valuation: 2.4) — a dormant cash-rich entity.

Premier fell 1.5 sen or 4.41% to 32.5 sen as at 3:30pm, with a market capitalisation of RM114.6 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)