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17 January 2020

Khazanah welcomes Government decision on PLUS

Khazanah Nasional Berhad (“Khazanah”) welcomes the Government of Malaysia’s decision for PLUS Malaysia Berhad (“PLUS”), which sees an 18% reduction on toll rates, and Khazanah and the Employees Provident Fund (“EPF”) remaining as shareholders.

The 18% toll rate reduction will be applicable on highways operated by PLUS, namely the North-South Expressway (“NSE”), North Klang Valley Expressway (“NKVE”), North–South Expressway Central Link (“ELITE”), Seremban-Port Dickson Highway, East Coast Expressway Phase 2 (“LPT2”), Second Link Expressway (“LINKEDUA”), Butterworth-Kulim Expressway and the Penang Bridge. The reduced toll rates will remain fixed throughout the concession period of the highways, which will be extended by 20 years from 2038 to 2058. In addition, all outstanding and future toll compensation will be waived, providing an estimated savings of RM42 billion for the Government.

Khazanah will work closely with the Government and PLUS on the toll restructuring initiative announced today, to ensure that it is implemented effectively for the timely benefit of highway users, while maintaining the interests and rights of all key stakeholders, including holders of PLUS’ debt.

Khazanah Managing Director Datuk Shahril Ridza Ridzuan said:
“We recognise the complexity in meeting the demands of multiple key stakeholders, especially the people of Malaysia. The decision to reduce the toll rates for PLUS highway users while providing considerable savings for the Government is a significant move. In addition, entrusting PLUS to its existing shareholders will ensure that the high standards of safety, comfort and convenience currently enjoyed by users will be maintained. We now move forward to discuss the implementation of the initiative with all other stakeholders.”

Khazanah and PLUS will announce further details on the toll restructuring initiative after further consultation with the Government and other key stakeholders.

END



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