THE government has extended the deadline to take over four highways to October 31 due to technical requirements, not financial difficulties, said Finance Minister Lim Guan Eng.

The deadline for the takeover ended on August 31.

Lim said a final decision will be made by the cabinet after October 31.

He added that it was normal for extensions to be given in such cases as approval from all stakeholders were needed.

“There are no issues. It’s only a technical requirement. There are no other financial (matters) involved.

“It’s just about getting their shareholders’ approval. That’s normal,” he said after attending the progressive alliance conference at Majestic Hotel KL.

He was asked about Minister of Finance (Incorporated) (MoF Inc) and Gamuda Berhad’s 70%-owned unit, Kesas Holdings, having agreed to extend the deadline to negotiate and finalise the terms of the definitive agreement of the takeover.

The group’s associated companies, as well as its joint venture, and MOF Inc have also agreed to extend the negotiations.

In June, Gamuda accepted a proposed offer by MoF Inc to purchase its stake in four companies – Kesas Sdn Bhd, Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint), Lingkaran Trans Kota Sdn Bhd (Litrak) and Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (Smart).

The government has made a RM6.2 billion bid to take over the four concessions. – August 30, 2019.