KUALA LUMPUR – The concessionaire of the Petaling Jaya Dispersal Link (PJD Link) Expressway, PJD Link (M) Sdn Bhd, is seeking a listing on Bursa Malaysia Securities Bhd via the reverse takeover of Main Market-listed Scomi Energy Services Bhd (Scomi Energy).
In a statement today, PJD Link said it and its shareholders, namely PJD Link Holdings Sdn Bhd and Noblemax Resources Sdn Bhd, have entered into a framework agreement with Scomi Energy for the proposed acquisition of PJD Link for an indicative price of approximately RM922 million.
PJD Link chief executive officer Amrish Hari Narayanan said the proposed acquisition is subject to the approval of relevant parties and government agencies, while the indicative price is based on the equity portion of the project financing of the PJD Link Expressway.
“The framework agreement represents a key step forward towards us seeking a listing on Bursa Malaysia Securities Bhd via the reverse takeover of a listed entity.
“Being a listed company, we would be able to tap into the equity capital market to raise funding for the development and construction of the PJD Link Expressway.
“In addition, the reporting of our performance in accordance with Bursa listing requirements will enhance the level of transparency and governance to the public.
“The parties are expected to enter into a definitive agreement for the proposed acquisition within 60 days,” he said.
In line with this development, Amrish said PJD Link will commence public engagement sessions to provide information and receive feedback from October onwards.
These sessions, he said, will cover briefing the elected representatives, local councils, and residential groups affected by the PJD Link Expressway.
“An environmental impact assessment, social impact assessment, and traffic impact assessment with external professional consultants will also be conducted to assess and mitigate any issues that may arise from this project.
“We take note of the public’s concerns and issues raised and have studied various options on improving the alignment to minimise any negative social or environmental impacts.
“Workshops and focus group discussions will also be carried out by our social impact consultants in order to obtain public feedback.
“We look forward to working together with the public to develop an optimal solution that supports economic and social development needs over the long term,” he added.
The PJD Link Expressway is a 25.4km, two-lane dual carriageway (four lanes) expressway that will commence after the NKVE toll plaza on the Sprint Highway in Damansara, and end at the Bukit Jalil highway interchange.
This key infrastructure project aims to improve traffic congestion and cater to future vehicle growth in the greater Kuala Lumpur and Klang Valley area.
It will support the rapid growth of Petaling Jaya’s future developments in the industrial zone of Section 13 & 19, Finas Land (Section 52), PJ Sentral (PJ City Centre); and the industrial zone of Section 51, Taman Medan, and Bukit Jalil’s Technology Park.
Upon completion, the PJD Link Expressway will play a significant role in dispersing traffic congestion as it provides major connections with six major highways which include the New Klang Valley Expressway, Sprint Highway, Federal Highway, New Pantai Expressway, Shah Alam Expressway, and Bukit Jalil Highway. – The Vibes, October 3, 2022
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