Gamuda increases buyout offer for road toll firm to RM980 million

(Reuters) – Malaysian builder Gamuda Bhd has raised its offer to buy out co-investors in highway toll operator Kesas Holdings by 12% to RM980 million ringgit.

The latest offer for the 70% of Kesas it does not own, values the company at around RM1.4 billion.

Kesas runs a 35-km highway in central Selangor state. Gamuda is trying to expand its revenue base.

State-run investor Permodalan Nasional Bhd, which owns 20% has already accepted, Gamuda said. Selangor state government’s economic development corporation, holds 30% and investment holding company Amcorp Properties owns 20%.

Gamuda said the offer will lapse on December 30.