Bina Puri sells entire KLKSE stake

PETALING JAYA: Bina Puri Holdings Bhd has entered into a conditional share sale and purchase agreement with Arena Irama Sdn Bhd to dispose of its entire 50% equity stake in KL-Kuala Selangor Expressway Bhd (KLKSE), which is the concessionaire of the Latar Expressway – for RM77mil.

Bina Puri said the disposal consideration was arrived at on a willing-buyer willing-seller basis between itself and Arena Irama, noting that its original cost of investment was RM30mil.

As such, the company said in a statement this proposed disposal is expected to result in a one-off pro forma gain on disposal of approximately RM74.9mil.

The estimated market value of the expressway as appraised by Deloitte Malaysia was between RM152.6mil to RM221.8mil – based on a 100% equity interest, it said.