Minus one for PLUS

Jelas Ulung Sdn Bhd seems to have dropped out of the race for PLUS Expressways Bhd (5052 )but most analysts are still unsure if the only bid on the table will go through.

With Jelas Ulung out of the way, investors will now have to consider UEM Group Bhd and the Employees Provident Fund's RM4.60 per share or RM23 billion offer.

Analysts contacted were fence-sitting as they pointed out that while the UEM-EPF bid is the only one left, having been previously dangled a RM5.20 apiece offer, minority shareholders would loathe to accept a lower one.

"It's hard to say, minority shareholders might vote it down, or government funds could get enough support to push it through," an analyst who declined to named said.

Kumpulan Wang Persaraan (KWAP); the civil servants' pension fund owns a 5.22 per cent stake, funds managed by Permodalan Nasional Bhd about 4 per cent, Pertubuhan Keselamatan Sekuriti 0.97 per cent while Lembaga Tabung Haji owns 0.7 per cent.

Another analyst, however, begged to differ, saying that with UEM-EPF as the only eligible bidder, and Khazanah Nasional Bhd backing it, it appeared to be a done deal for UEM-EPF to take PLUS private.


PLUS shares closed 9 sen higher at RM4.69 yesterday, on talk that MMC Corp Bhd would be making an offer for the highway operator, triggering a bidding war.

But MMC made no mention of its rumoured plans to bid for PLUS directly in its announcement to the stock exchange yesterday.

It did say that it has yet to receive word from the government about its bid for PLUS' parent, UEM.

In a surprise move, Jelas Ulung yesterday said it had neither paid the RM50 million deposit nor complied with conditions needed to be in the running for PLUS.

In its one page statement to the press, Jelas Ulung blamed its inability to come up with a new offer, on the short time frame given by PLUS to comply with.

It also cited uncertainties on PLUS' assets and liabilities and the lack of clarity on the basis of PLUS determining the successful bidder, as factors which deterred its participation in the offer for PLUS.

Jelas Ulung, however, maintained that its offer of RM5.20 per share or RM26 billion offer remained valid if accepted.

PLUS, in an announcement to Bursa Malaysia at the end of its 5pm offer period deadline yesterday, said it had received no new offers, save the initial UEM-EPF offer.

It said UEM-EPF is the only bidder which has not only remitted the RM50 million to its account, but also obtained a financier's letter to say that UEM-EPF is able to go through with the deal, if approved.

A further announcement will be made after the board's deliberation, PLUS said. - By Presenna Nambiar, btimes.com.my