Halim is said to have submitted the proposal to Malaysia’s Ministry of Works, the report added, citing sources.
The proposal has come in before the cut-off date today, for the Minister of Finance (MoF) Inc, Gamuda and Litrak to negotiate and finalise on the terms of a definitive agreement. The deadline was extended by two months from August 30.
Earlier in June 2019, MoF Inc pegged the prices of four toll roads in the Klang Valley owned by Gamuda at 4.5 billion ringgit.
Halim’s bid for Gamuda’s toll assets could pave the path for the creation of a toll highway investment trust, which could eventually be listed on the local stock market, according to a source.
Halim controls Malaysian public-listed company Sumatec Resources Bhd. He is also the former owner of Renong group, which built the North-South Highway.
For the uninitiated, Renong group did not survive the late 1990s Asian financial crisis and had to be bailed out by the government.
Besides Gamuda, Halim is also known to have placed his bid for acquiring a stake in PLUS Malaysia Bhd, owned by the sovereign wealth funds Khazanah Nasional Bhd and Employees Provident Fund (EPF). Others who have evinced interest in the company are Widad Group and the Malaysia-led private equity fund RRJ Capital.
However, Khazanah managing director Shahril Ridza Ridzuan, on his part, has said that the firm will not dispose its 51% stake in PLUS. Meanwhile, Economic Affairs Minister Mohamed Azmin Ali said private companies would only look at profit instead of lowering toll rates or abolishing them altogether.