PLUS in talks with govt to confirm scope, mechanics of toll reduction

Last update: 20/01/2020

KUALA LUMPUR, Jan 20 -- PLUS Malaysia Bhd (PLUS) is currently engaging with the government to confirm the scope and mechanics of the toll reduction that was decided last week by the cabinet, given the intended implementation date of Feb 1.

“This is because of the need to ascertain the current concession agreement status as well as address any concerns that our sukuk holders may have,” PLUS chairman Datuk Mohamad Nasir Ab Latif said in a statement today.

The country's largest highway concessionaire said it takes note of the government’s decision to retain the company under its present shareholders, Khazanah Nasional Bhd's unit UEM Group Bhd (51 per cent stake) and the Employees Provident Fund (49 per cent).

“PLUS remains committed to delivering safe and comfortable highway travel by leveraging on innovation for the rakyat,” it said.

On Jan 15, the cabinet decided that PLUS should remain with its present owners and that the concession period would be extended by 20 more years from 2038 to 2058 with the toll rates reduced by 18 per cent effective Feb 1.

There will be no revision of the toll rates until the expiry of the concession period.