THE government will not consider taking over all 22 highway concessionaires nationwide as the exercise would be too expensive, Works Minister Datuk Mohd Zin Mohamed said.
He told Senator Tan Sri Jins Shamsudin that this was because the companies were listed on the stock exchange and any buyover would have an impact on the bourse.
"These companies are listed on Bursa Saham and it (a buyover) will have a big impact on market capitalisation.
"Many of these companies also have a lot of liabilities because of capital expenditure.
"Their (negative) financial position will have to be shouldered by themselves."
Mohd Zin said it was "not a smart move" to ask the government to take over the companies' liabilities.
"In addition to the takeover cost, the government will also have to bear future operational costs."
Earlier, Jins asked Mohd Zin whether the government would consider extending the toll concession period for highways from 30 years to 60 years so that toll rates could be maintained.
Mohd Zin said a feasibility study was being conducted on the possibility of reducing the burden of toll prices on the people.
"A special committee has also been set up chaired by the Lembaga Lebuhraya Malaysia and ministry officials and assisted by consultants and well-known law firms in Malaysia.
"The committee is also receiving input from academic experts from Universiti Teknologi Mara (UiTM)."
He said the committee was studying various aspects, including:
- the actual revenue being generated by the concessionaires as opposed to earlier estimates;
- the ability of the concessionaires to repay loans if toll rates were reduced; and,
- restructuring of clauses in concession agreements.
"This committee has already gathered data and information needed and is holding discussions with the companies involved.
"The results will be brought to cabinet for approval," he said.
Source:
http://www.nst.com.my/Misc/Parliament/news/stories/20080716141359/Article/index_html
