Cabinet rejects all bids to buy toll road operator PLUS Malaysia

The KL Tower is seen, with a background of the cityscape in Kuala Lumpur, Malaysia.

Malaysia has rejected all bids from companies seeking to buy stakes in the nation’s biggest highway concession-holder, as the government sets out another plan to lower toll fares to meet an election pledge.

The cabinet has decided that state funds Khazanah Nasional Bhd. and Employees Provident Fund will maintain their stakes in toll road operator PLUS Malaysia Bhd., Prime Minister Mahathir Mohamad told reporters on Thursday. The government has studied all proposals from the private sector, he said, without naming the bidders.

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