IJM denies plan to sell highway concessions
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PETALING JAYA: IJM Corp Bhd said it hopes to restructure its toll highway concessions and has no intentions of disposing of its portfolio of Malaysian highway concession assets to Amanat Lebuhraya Rakyat (ALR).
“IJM is in advance discussions with the government to restructure its toll highway concessions,” IJM said in a filing with Bursa Malaysia yesterday.
The company was responding to an article by a business daily that suggested a deal to sell its highways in Malaysia to ALR was close to be done.
ALR is in the midst of taking over four highway concession for an enterprise value of RM5.5bil, much of it will be funded through a sukuk issue.
According to its website, IJM has four tolled road concessions in Malaysia.
It owns and operates the New Pantai Expressway (NPE), Besraya and Lekas expressways.,
The group also has a stake in the West Coast Expressway (WCE) that is currently under construction.
The 19.6km NPE has a 34-year concession and has been operational since 2004 while the Lekas expressway has a 33-year concession.
The toll road is 44.3km and was opened to traffic in 2010.
Besraya has a 44 year concession and the 28.9km expressway was opened in 1999.
IJM also hold a 80% stake in WCE, which has a 50 year concession and is 233km long which is scheduled to be completed by 2024.