THE government is finding the best solution to resolve the financial problems plaguing PLUS Malaysia Berhad, said Prime Minister Dr Mahathir Mohamad.

He said the best choice for now is for sovereign wealth fund Khazanah Nasional Berhad, a major shareholder in PLUS, to manage the toll concession company to settle its debt.

“We will see which is the best possible. If Khazanah manages (PLUS), OK, it can resolve the debt issue,” he said in a press conference with after the 35th Asean Summit in Bangkok today.

Recently, it was reported that Khazanah managing director Shahril Ridza Ridzuan said the government wealth fund was not interested to sell its stake in PLUS – the country’s biggest toll concession company.

Khazanah owns a 51% interest in PLUS while the remaining 49% is held by the Employees’ Provident Fund, following the takeover in 2011 with a transaction value of RM32 billion.

However, he said the government is prepared to let go of PLUS if there is a party willing to pay a high price and assumed its debt.

“If there are offers by other people to take over the debts of up to RM30 billion, then it is a good thing. For the government, we (will) talk with Khazanah.”

Last week, integrated facility management and construction conglomerate Widad Business Group Sdn Bhd has upped its offer for PLUS with a new proposal to acquire 100% equity in the company to RM5.3 billion from RM3 billion earlier.

This offer included a compensation waiver of RM3.04 billion and debt assumption of RM30 billion, bringing the enterprise value of the offer to RM38.34 billion.

This is reportedly the highest bid from the private sector to date. – Bernama, November 4, 2019.