PNB Should Cancel Intention to Sell KESAS Shares to GAMUDA

SHAH ALAM, 3 Jan: The PAS Youth Assembly urged for Permodalan Nasional Berhad (PNB) to cancel their decision to sell Kesas Holding shareholding to GAMUDA to stop the toll hike for the Shah Alam Expressway (KESAS).

Its leader, Syarhan Humaizi Halim, said that as a government-linked company (GLC) they should not sign the sale and purchase agreement to ensure that the rights and welfare of the people are protected.


He said that if the Federal Government is sincere in caring for the welfare of the people, then PNB’s move should be prevented because it is seen as a ‘green light’ to the concessionaires to raise toll rates arbitrarily.

“PNB’s move to accept the offer from GAMUDA is an attempt to profit without considering its social responsibility to the people.

“We are of the opinion that the Federal Government, through PNB, should work with the Selangor Government, through the Selangor State Development Corporation (PKNS), to prevent the toll hike.

“If PNB is on the side of PKNS, then with 50 percent of shares, they can prevent the price increase. If PNB sells, GAMUDA would own 70 percent of shares compared to PKNS, at 30 percent,” he said on his Facebook page today.

Syarhan said that PNB’s actions show that the Federal Government is not concerned with the rising cost of living that is forced to be shouldered by the people and is more concerned with the profit of cronies.

“The hardships of the people, especially motorists, would become worse after GAMUDA finalises the purchase offer of their stake in Kesas Holding Bhd,” he said.

Recently, Amcorp Properties Bhd and PNB agreed to sell its entire 20 percent stage respectively to GAMUDA and make its composition shares to 70 percent and 30 percent for PKNS.

It shows that PKNS will own a minority stake, thus reducing the power to prevent the toll hike by KESAS.

According to the Maybank Investment Bank Research report for November 2013, KESAS recorded an increase of five percent of vehicles each year, involving 490,000 users each week, which contributes profits many times over at 121 percent from 2008 to 2012.

Previously, the Selangor Economic Advisor, Datuk Seri Anwar Ibrahim, said that the Selangor Pakatan Rakyat will use its shareholding in the KESAS, Sprint and the LDP to reject the toll hike, as announced by Barisan Nasional.

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