KUALA LUMPUR (April 4): Trading of the securities in Lingkaran Trans Kota Holdings Bhd (Litrak) has been halted from 9am until 5pm on Monday (April 4) pending a material announcement.
In a bourse filing, Litrak said that Bursa Malaysia Securities Bhd had approved the company's request for the suspension.
It said the request was made under Paragraph 3.1(b) of Practice Note 2 on Requests for Suspension of the Main Market Listing Requirements.
Gamuda had proposed to the government for the four highway concessions under its stable to be placed in a trust company in an exercise it describes as a capital market solution to toll compensation woes.
In May 2021, The Edge Malaysia weekly, citing sources, said that in return for putting the highways in a trust, the company had proposed that there would not be any more toll rate hikes, the government need not fork out any money, and that the risks will be entirely with the investors of the trust company.
In the proposal sent to the Ministry of Works, Gamuda proposed that the highways be placed in a special purpose vehicle called Amanah Lebuhraya Sdn Bhd. The highway trust company would be overseen by a board of directors.
The four highways under Gamuda are the Western Kuala Lumpur Dispersal Link (SPRINT Expressway), the Stormwater Management and Road Tunnel (SMART), the Damansara-Puchong Expressway (LDP) and the Shah Alam Expressway (KESAS).
The SPRINT Expressway has three toll booths, with the concession ending between 2031 and 2034. KESAS’ concession ends in 2028, and the LDP’s in 2030. The SMART tunnel has the longest remaining concession period until 2042.
Litrak is the concessionaire of the LDP.
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