KUALA LUMPUR (Feb 13): Ekovest Bhd has obtained approval from the Employees Provident Fund (EPF) an extension of up to two years to facilitate and implement exit plan for the company from its investment in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd, the concessionaire of Duke highway.
According to its Bursa filing on Tuesday, Ekovest was given a one-year extension with an automatic extension for another year for the extended exit date under the shareholders’ agreement to Feb 12, 2026.
“For information, the company and EPF are evaluating various viable options together to implement the exit event or any alternative plan in the best interests of the parties,” read the filing.
The news stirred interest in Ekovest, which was among the top eight gainers in early trade, with 8.63 million shares changing hands. The counter gained 2.86% or 1.5 sen to settle at 54 sen at time of writing.
In 2016, Ekovest said it was disposing of its 40% equity interest held in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) to the EPF for RM1.13 billion.
Kesturi is the concessionaire for Duke, a 34km highway comprising two phases, with a concession period of 54 years. It was previously an indirect wholly owned unit of Ekovest. On completion of the stake sale, it is left with a 60% stake in Kesturi.
Ekovest said the remainder of the disposal proceeds will be used for repayment of borrowings, exit payment, working capital and expenses for the corporate exercise.
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Source: EdgeProp.my
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