Bina Puri Disposes Of LATAR Expressway Stake For RM77 Mln
KUALA LUMPUR, Feb 19 (Bernama) -- Bina Puri Holdings Bhd has entered into a share sale and purchase agreement with Arena Irama Sdn Bhd to dispose of its entire 50 per cent equity interest in KL-Kuala Selangor Expressway Sdn Bhd (KLKSE) -- the concessionaire of the LATAR Expressway -- for RM77 million.
In a statement, the company announced that the disposal is anticipated to generate a one-time pro forma gain of RM74.9 million.
“Upon completion of the disposal, KLKSE will cease to be an associate company of Bina Puri and be 100 per cent owned by Arena Irama,” said Bina Puri.
The LATAR Expressway is the E25 Kuala Lumpur-Kuala Selangor Expressway in Selangor. It measures 33 km of dual carriageway expressway and forms part of the Kuala Lumpur Outer Ring Road.
The estimated market value of the KLKSE appraised by independent business valuer, Deloitte Malaysia, was between RM152.6 million and RM221.8 million (based on a 100 per cent equity interest).
It said Bina Puri intends to fully utilise the proceeds for partial repayment of its trade and revolving credit facilities with Alliance Bank Bhd.
The outstanding amount of these facilities as of Jan 30, 2026, is RM109.36 million.
“The disposal represents a timely opportunity for the Bina Puri Group to realise its entire investment value in KLKSE, which will enable the group to achieve an estimated gain on disposal of RM74.9 million.
Concurrently, Bina Puri is engaging with its lenders and creditors to negotiate the terms of the proposed scheme of arrangement.
“We aim to complete this by the first quarter of 2026, whereby the group will come out stronger and be on a better financial footing,” said its executive director and group chief executive officer, Marcus Goh Kee Lun.
-- BERNAMA