Concern over Maju Holdings' bid to take over Plus
Published on: Friday, September 29, 2017
Putra Jaya: The government is concerned over MAJU Holdings Sdn Bhd's proposal to buy PLUS Malaysia Bhd as it is afraid that the nation's strategic assets would fall into foreign entities if it is sold to another company.Commenting on the issue, Second Finance Minister Datuk Seri Johari Abdul Ghani said there were similar proposals but they had been rejected."We do not know the source of the fund, if it is an offshore borrowing we are worried that these national assets would fall into foreign hands if the loan could not be paid," he told reporters on the sidelines of Fiesta Labur PNB 2017 here Thursday.
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It was reported that MAJU Holdings Sdn Bhd made a bid of more than RM36 billion to take over PLUS Malaysia Bhd.PLUS is owned by UEM Group Bhd and the Employees Provident Fund.The Khazanah Nasional Bhd-owned UEM controls 51 per cent of the highway concessionaire, while EPF owns the the remaining 49 per cent. Bernama recently reported that if EPF were to sell its entire 49 per cent stake in PLUS Malaysia, some 14.5 million contributors may lose out on a steady stream of dividend.However, they could heave a sigh of relief as EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan assured them that the fund has no plan to dispose off its stake in PLUS as it gives good returns.
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In his speech, Johari said Bank Negara Malaysia's findings about low financial literacy among Malaysians was a cause for concern for the government.He said lack of financial understanding and management knowledge could bring about a host of disadvantages, including uncontrollable debt burden commitment and living beyond means.
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