Khazanah Nasional Bhd. does not intend to sell Malaysia's largest expressway toll firm, PLUS Malaysia Bhd., Reuters reported, citing Khazanah Managing Director Shahril Ridza Ridzuan.
The Malaysian sovereign wealth fund, which owns a 51% stake in PLUS, rejected multiple offers for the highway operator, Ridzuan said in comments made after media reports of interested buyers.
The news outlet reported earlier in October that an investor group led by private equity firm RRJ Capital made a 3 billion-ringgit offer for PLUS.
The managing director said suitors offered to buy PLUS at a much lower price than its real value. "We are not interested in selling," Ridzuan was quoted as saying in an interview aired on a Malaysian news channel.
Khazanah owns the 51% stake through its subsidiary UEM Group Bhd., while the remaining stake is owned by state pension fund Employees Provident Fund. The co-owners purchased PLUS for 32 billion ringgit in 2011, Reuters noted.
As of Oct. 7, US$1 was equivalent to 4.19 Malaysian ringgit.
