The proposal to set up a co-investment vehicle to take over PLUS Expressways Bhd is a good move, said chairman Tan Sri Mohd Sherif Mohd Kassim.

He said the company welcomed the proposal by its shareholder, UEM Group Bhd and Employees Provident Fund (EPF) to acquire the business of the national toll operator.

'We are at the operating level, we think the creation of this new entity to take over the assets of the company, maintaining and running it as before is a good development,' he told reporters on the sidelines of the Seminar on 2011
Post-Budget Dialogue today.

UEM Group and EPF had made a joint offer to acquire all assets and liabilities of PLUS for RM23 billion, or RM4.60 per share.

A special-purpose vehicle will be set up with UEM Group owning 51 per cent and EPF 49 per cent.

On whether PLUS would call for an extraordinary general meeting, Mohd Sherif said it has not decided yet.

UEM Group and EPF are expected to complete the proposed acquisition within eight to 12 months after acceptance by the PLUS board of directors.

PLUS has 100 per cent control over its subsidiaries, comprising Projek Lebuhraya Utara-Selatan Bhd, Expressway Lingkaran Tengah Sdn Bhd, Linkedua (M) Bhd and Konsortium Lebuhraya Butterworth-Kulim Sdn Bhd. -- Bernama