The board of PLUS Expressways Bhd will proceed to hold an EGM to deliberate on the offer from a joint venture between UEM Group and the Employees Provident Fund (EPF) for the assets and liabilities of the company for RM23 billion or RM4.60 per share.
This came about after the board evaluated the financiers’ letter furnished by the UEM-EPF JV with regards to its ability to undertake the purchase.
“The board, after evaluating the financiers’ letter with regards to UEM-EPF JV and taking into consideration the cash deposit of RM50 million remitted by the JV, has resolved that the UEM-EPF offer is deemed as a confirmed offer.
“The board has resolved to proceed with the adjourned EGM for the purpose of tabling the resolutions as contained in the notice of EGM (dated Nov 30, 2010) for the consideration of the non-interested shareholders of PLUS, and if thought fit, passing with or without modifications, of the said resolutions…” PLUS announced yesterday.
The company will announce the date to re-convene the adjourned EGM in due course.
The company also said the board has informed Jelas Ulung Sdn Bhd, which made an offer for PLUS at RM26 billion or RM5.20 per share, in writing that it (the board) will not evaluate, consider nor table Jelas Ulung’s offer to the PLUS shareholders for consideration.
The board decided not to consider the Jelas Ulung offer when it did not comply with the conditions announced by the PLUS board on Dec 21.
The offer from Jelas Ulung came two days before the PLUS EGM was scheduled to deliberate on the proposal by UEM-EPF. Because of the Jelas Ulung offer, the PLUS board decided to throw open the bids for PLUS and set Jan 10 as the deadline for all interested in the highway concessionaire.
The PLUS board imposed conditions for any bidders and among them were a RM50 million deposit and an unconditional letter of undertaking from financiers supporting the offer.
According to Jelas Ulung chairman Tan Sri Ibrahim Zain, the company did not follow up with a RM50 million deposit and a letter from financiers for PLUS’ assets and liabilities because of uncertainties in getting the assets.
This article appeared in The Edge Financial Daily, January 18, 2011.
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