Taliworks’ unit to buy New North Klang Straits Bypass Expressway

PETALING JAYA: Taliworks Corp Bhd's 70%-owned indirect subsidiary Jejak Melewar Sdn Bhd has received a letter of award from the Malaysian government to take over the New North Klang Straits Bypass Expressway (NNKSB) for RM265 million.
In a filing with the stock exchange, Taliworks said the acquisition includes the assets and concession rights to the NNKSB.
It will make the appropriate announcement upon the signing of the relevant agreements and documents and any other developments relating to this in due course.
The NNKSB, which was given a 25-year concession from August 1, 1995 to collect toll on the highway, serves to link North Port to Bukit Raja in Klang.
It has been reported in recent years that NNKSB is up for sale by Lebuhraya Shapadu Sdn Bhd (LSSB), which is being liquidated as it failed to repay bank borrowings.
A check with the Companies Commission of Malaysia shows that LSSB posted a net loss of RM59.64 million for the financial year ended Dec 31, 2009, being the latest filing for its financial performance.
LSSB's current liabilities stood at RM876.73 million as at Dec 31, 2009 against RM465.72 million in non-current assets.
The directors of LSSB include Shafiz Shahrani and Shazali Shahrani – who are sons of the group's late founder, Datuk Shahrani Abdullah.
Currently Taliworks also owns and operates the concession for the Cheras-Kajang Highway through its 55% stake in Cerah Sama Sdn Bhd.
Taliworks is involved in the water management, construction and engineering and highway toll operations.