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Thread: Highway Contracts to be released from OSA

   
   
       
  1. #11
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    Oct 2008
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    Re: Highway Contracts to be released from OSA

    Takeover Offer RM 5.2B, Debt RM 8.5B. Total RM 13.7B. Full recovery by 2015.

    Why so generous?


    DAP shows how North South Expressway can be toll-free by 2016

    By Asrul Hadi Abdullah Sani

    KUALA LUMPUR, Feb 25 – DAP claims that the government can make the North South Expressway toll free by 2016.

    DAP Restructure Toll Rates and Equity (Restore) team believes that the government can buy over PLUS through government bonds, which can be repaid by toll collection within six years.

    PLUS Expressways Bhd, which state investment arm Khazanah has a 65 per cent stake in, also operates ELITE, Butterworth-Kulim (BKE) and the Second Link Highways.

    Teh Chi-Chang, economic advisor to DAP’s secretary-general, explained that they will propose to the government to make a general offer to acquire all minority shareholders of PLUS with a generous offer of 15 per cent premium at RM3.30 per share, costing RM5.2 billion, therefore ensuring that minority shareholders are protected.

    This offer is considered generous considering PLUS was listed on Bursa Malaysia at a price of RM2.88 per share, he said.

    The proposal will not incur additional costs to the Malaysian taxpayers and the expressways will continue to collect tolls only until 2015.

    The cost of acquisition, added to the RM8.5 billion net debt of PLUS, will amount to RM13.75 billion.

    More…
    py

  2. #12
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    Putting the screws on the tolls - going up from 1 Mar 09

    Road toll up from March 1

    KUALA LUMPUR, Feb 26 — Toll will go up from March 1 on the North-South Expressway, Sprint Highway, Ampang Elevated Highway, Sungai Besi Highway and Pantai Expressway, said Works Minister Mohamed Zin here.

    If readers will care to observe, UMNO has put the screws on every activity that affects our lives, especially those that relates to utilities - telephone, electricity, water, sewage, transport (public, private, goods, air, sea, land).

    They will keep on sucking our blood until we collapse eventually.
    py

  3. #13
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    PM wants toll hike review

    Caution! Flip-flops coming.

    PM wants toll hike review

    UPDATED

    KUALA LUMPUR, Feb 26 — In a surprising turnaround the prime minister has called for his Cabinet to review the new toll rates announced by his government today for five major highways.

    Datuk Seri Abdulah Badawi’s remarks will raise the spectre of another flip-flop by the government, and suggests the Barisan National (BN) government has one eye on the up coming by elections.

    He said the Cabinet should consider other methods to defer the toll hike as the current economic conditions were “not a good time.”

    Just today, Works Minister Datuk Seri Mohd Zin Mohamed announced toll rates will go up at five major highways from March 1.

    The government's announcement has already drawn sharp criticism from the Pakatan Rakyat, and is not likely to be received kindly by voters bracing themselves for the full impact of a global recession.

    Mohd Zin had said the government had no choice but to allow the toll hike because it was stated in the concession agreements.

    (Admin: They deliberately embedded those clauses into the contracts to favour the concessionaires, now they whine that they have no choice. They take us for idiots or what?)
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    py

  4. #14
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    Thurs Flip, Fri Flop

    But what's the catch? Now UMNO has an excuse to transfer RM 287M to their cronies. Everyone lives happily ever after.

    Gov't U-turn: Toll hike put off

    Feb 27, 09 12:54pm

    In a dramatic reversal, the government has decided to suspend toll hike of up to 33 percent for five major highways in Klang Valley announced yesterday.
    MCPX

    The decision was made by the cabinet at its weekly meeting today chaired by Deputy Prime Minister Najib Razak..........

    ............Mohd Zin said that the toll increase will be postponed to after Dec 31 this year.

    With the 10-month delay, the government will have to pay RM287 million in compensation to the five toll concessionaires.

    More… Subscription required.
    py

  5. #15
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    Govt of the day, by the day

    Badawi's take:
    1. It has nothing to do with the coming by-elections.
    2. Two weeks ago, when we discussed the toll increase, we did not foresee that the economy will get this bad.
    3. We have standby RM 500 million for this already.


    If you still don't understand, go read George Orwell's "1984".

    Toll Postponement Nothing To Do With By-elections: PM

    Posted by admin
    Saturday, 28 February 2009 08:49

    (Bernama) -- Datuk Seri Abdullah Ahmad Badawi said the government's decision to postpone the toll increase on five highways, which was originally scheduled to take effect on Sunday, to the end of the year has nothing to do with the three by-elections that will be held soon.

    Works Minister Datuk Seri Mohd Zin Mohamed had announced in Kuala Lumpur that the Cabinet, which called for a meeting Friday, had postponed the toll increase following the weak economy currently besides the strong opposition from the people.

    Abdullah said "We are now providing assistance to the people and the toll increase appears to draw strong opposition from the people. When the Cabinet discussed the matter two weeks ago, a proposal (to raise the toll) was made at a time when our economic situation was not as severe as it is today (Admin: Did anyone notice a sudden drop in the economy over the past two weeks?) ...if our economy is bad, it is most appropriate that the proposed increase be reconsidered," he added.

    More…
    py

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