Litrak shareholders told to vote in favour of highway concessions disposal

KUALA LUMPUR (July 14): Shareholders of Lingkaran Trans Kota Holdings Bhd (Litrak) should vote in favour of the proposed disposal of its highway concessions at the group’s upcoming extraordinary general meeting, said the independent advisor on the deal.

Affin Hwang Investment Bank, in a circular issued by Litrak, said the proposed disposals are fair and reasonable and are not detrimental to the non-interested shareholders and Permodalan Nasional Bhd, which owns a 20.7% stake in Litrak.

Litrak is in the midst of disposing of its 100% stake in Lingkaran Trans Kota Sdn Bhd for RM2.326 billion cash and 50% interest in Sistem Penyuraian Trafik KL Barat Sdn Bhd (SPRINT) to Amanat Lebuhraya Rakyat Bhd (ALR).

Gamuda Bhd, which owns a 42.8% interest in Litrak, also owns a 30% stake in SPRINT, while the remaining 20% shareholdings in SPRINT is owned by Kumpulan Perangsang Selangor Bhd.

ALR will be buying the entire 100% interest in SPRINT for RM904 million.

Litrak’s shares closed one sen or 0.2% lower at RM4.76 on Thursday (July 14), giving the group a market capitalisation of RM2.57 billion.