THERE are other attractive proposals on the table for a private sector takeover of Khazanah Nasional’s stake in PLUS Malaysia Bhd, Finance Minister Lim Guan Eng said today.

He said the ministry had not received a proposal by Hong Kong-based private equity firm RRJ Capital on the acquisition, but added that other proposals he knew of were “more attractive”.

“I have not received it (RRJ Capital’s proposal)… maybe Khazanah has received it. I am not involved in Khazanah, maybe they may have received it.

“But MoF has received other proposals from Khazanah and I think the other proposals from Khazanah are much more attractive and beneficial to the rakyat,” Lim told reporters in Putrajaya when asked to comment on RRJ’s bid to acquire the sovereign wealth fund’s stake in the highway concessionaire.

“When you have a proposal from business entities, we must not forget they have a profit element. If there isn’t a profit element, they wouldn’t want to purchase.

“Whereas the proposal from Khazanah doesn’t have this profit element, so it is definitely better for the rakyat,” he said.

Lim added that while there was nothing wrong for businesses to want to make profits, he said the issue of taking over highway concessionaires was better if mooted by the public sector.

“At the end of the day, do you want the PLUS Highway to be for the public good, or for private good?” he said.

The Edge reported yesterday that should RRJ’s bid be accepted, the company would reduce toll rates by 20% across the board.

Khazanah also told The Malaysian Insight in an email yesterday that there were several proposals for the highways and that it had submitted its own to the government.

“Ultimately, the proposals are for the government to consider and decide what is best for the country and the people,” the email said.

Khazanah did not disclose which parties were aiming to acquire PLUS. – October 4, 2019.