(Nov 7): Malaysian tycoon Lim Kang Hoo is exploring selling his toll-road business, in a deal that could value the assets at as much as RM5 billion (US$1.1 billion), according to people with knowledge of the matter.

Lim, the biggest shareholder of Kuala Lumpur-listed Ekovest Bhd (KL:EKOVEST), is working with a financial adviser on the potential divestment of a majority holding in closely held Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd, also known as Kesturi, said the people, asking not to be named as the process is private. The assets may attract interest from other industry players, the people said.

Ekovest owns 60% of Kesturi, while the remaining balance is held by the Employees Provident Fund (EPF), the state-owned pension fund.

Deliberations are ongoing and Ekovest could still keep the assets, the people said. Representatives for Lim, Ekovest and Kesturi declined to comment.

Kesturi owns the concession for the Duta-Ulu Klang Expressway, which has three toll roads, totalling 56 kilometres, one of the people said. Ekovest has approval from the EPF to extend an exit plan for Kesturi to February 2026, and the parties are evaluating various viable options, according to a stock exchange filing.

Shares of Ekovest have fallen about 27% this year, giving it a market value of RM1.1 billion.

https://www.theedgemarkets.com/node/733071