Govt offers RM6.2bil to buy Litrak and three other highway concessionaires
The government has made a huge offer to take over Lingkaran Trans Kota Holdings Bhd (Litrak) and other three other toll concessionaires all linked to Gamuda Bhd. The government, in February this year, has announced its intention to acquire the four highways, as part of its election promise. Litrak has received a RM2.47bil take over offer from the government. The government has also offered to buy Litrak’s 50% owned associate company Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint) for RM1.984bil. The take over offers for Litrak and Sprint will be undertaken by a special purpose company wholly owned by Minister of Finance Inc (MOF Inc). Meanwhile, MOF Inc is simultaneously making similar offers to acquire all the securities of Kesas Sdn Bhd and Syarikat Mengurus Air Banjir Dan Terowong Sdn Bhd (SMART). Gamuda also said that its highway concession companies have also received take over offers from the government. Gamuda owns a 44% stake in Litrak, a 52% stake in Sprint, a 70% stake in Kesas and a 50% stake in SMART. The government’s offer values Kesas at RM1.377bil, while SMART is worth RM369mil. (The Star Online)

IMF: Vital for Malaysia to boost policy buffers
Malaysia must continue to build its policy buffers, given the possibility of escalating global trade tensions, to ensure that it has room to maneuver in the event of a downturn, said the International Monetary Fund (IMF). IMF managing director Christine Lagarde said Malaysia, given its openness to trade, was particularly vulnerable to a general rise in protectionism. However, she noted that there could be mitigating factors such as some trade diversion to Malaysia, although the overall impact was expected to be negative for growth. On the IMF’s recommendations for Malaysia, Lagarde said the government was rightly focused on moving towards fiscal consolidation. “We have encouraged the authorities to identify specific revenue-enhancing measures. I am encouraged to see that a committee is working on this issue,” she said. Lagarde said she hoped to learn about the progress in governance reforms and the policy priorities of the new government, and how the IMF can engage. (The Star Online)


Dr M: Malaysia welcomes joint Asean bid to host 2034 World Cup
Malaysia welcomes Asean’s move to launch a joint bid to host the FIFA World Cup in 2034, a first for the region. Prime Minister Tun Dr Mahathir Mohammad said five Asean countries had mooted the idea during the 34th Asean Summit on Sunday (June 23). “We felt that alone (single nation bids), we will never have the chance to host the World Cup. Maybe (with) all Asean together, we will be able to hold the World Cup,” he said. Japan and South Korea jointly played host to the 2002 World Cup. Asean chairman Gen Prayuth Chan o-cha said all 10 member countries had agreed to launch a joint bid to host the FIFA World Cup in 2034. (The Star Online)

UEM Sunrise launches first mobile app, hUb
UEM Sunrise Bhd has launched its first mobile app, hUb to assist users in purchasing properties and to be notified of their promotions and loyalty programme. hUb is launched for the company’s potential customers who want to purchase property as well as its loyal customers, called Tresorians to enhance their experience in joining the Go Digital trend. The launch of hUb is in tandem with the UEM Sunrise’s objective to become Malaysia’s leading choice of digital developer. hUb can also be used to notify users whether there are any latest or upcoming events in their malls, such as Publika or provide more details regarding their Tresore Programme. (The Malaysian Reserve)

Malton selling 49% stake in Pavilion Bukit Jalil mall
Malton Bhd is disposing of a 49% stake in Pavilion Bukit Jalil Mall to alleviate its financial burden in completing the Bukit Jalil City integrated lifestyle development. Pavilion Bukit Jalil is part of the 20.23ha development that comprise Signature Shop Offices, The Park Sky Residence and The Park 2. The proposed disposal will allow the group to immediately unlock the potential value and monetise its investment in the mall development. Malton said the cash proceeds from the stake sale would facilitate the completion of Pavilion Bukit Jalil by March 2021. With an estimated net lettable area of 1.8 million square feet, Pavilion Bukit Jalil sits on a 11.33ha freehold land. (NST Online)