PJD Link seeks public listing on Bursa Securities via reverse takeover

PJD Link (M) Sdn Bhd, the concessionaire of the proposed Petaling Jaya Dispersal Link (PJD Link Expressway) is seeking a listing on Bursa Malaysia Securities Bhd through a reverse takeover (RTO) of Main Market-listed Scomi Energy Services Bhd.

PJD Link 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 mil.

The proposed acquisition (PA) 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.

In line with this development, PJD Link will commence public engagement sessions to provide information and receive feedback from October 2022 onwards.

In a statement, the company said these sessions will cover briefing the elected representatives, local councils and residential groups affected by the PJD Link Expressway.

Besides that, an environmental impact assessment (EIA), 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 the project.

PJD Link CEO Amrish Hari Narayanan said the group takes note of the public’s concerns and issues raised and has studied various options for improving the alignment of the PJD Link Expressway to minimise any negative social or environmental impacts.

Amrish Hari Narayanan (Photo credit: The Star)

“Workshops and focus group discussions will also be carried out by our social impact consultants in order to obtain public feedback,” he said, adding that they look forward to working together with the public to develop an optimal solution that supports economic and social development needs over the long-term.

“Crucial role”

Amrish added that the project will play a crucial role in supporting the future economic growth plans of Selangor.

“By cutting down travel times, business productivity will improve, making Selangor an attractive location for investments,” he noted.

Amrish also expressed hope that PJD Link can be listed on Bursa Securities so it can tap into the equity capital market and raise funding for the development and construction of 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,” he said.

Both parties are expected to enter into a definitive agreement for the PA within 60 days.

The PJD Link Expressway is a 25.4-kilometre, two-lane dual carriageway (four lanes) expressway that will commence after the NKVE Toll Plaza on SPRINT Highway in Damansara and end at Bukit Jalil Highway Interchange.

The project is aimed at improving traffic congestion and catering to future vehicle growth in the Greater Kuala Lumpur and Klang Valley areas.

It will support Petaling Jaya’s future rapid growth of developments of the industrial zones of Section 13, 19 and 51, FINAS Land (Section 52), PJ Sentral (PJ City Center), Taman Medan and Bukit Jalil’s Technology Park.

Upon completion, PJD Link Expressway will play a significant role in dispersing traffic congestion as it provides major connections with six major highways, namely: the New Klang Valley Expressway (NKVE), SPRINT highway, Federal Highway, New Pantai Expressway, Shah Alam Expressway (KESAS) and Bukit Jalil Highway.

PJD Link signed a concession agreement over the project with the Government on 5 April. – Oct 4, 2022


Main photo credit: The Star

Subscribe and get top news delivered to your Inbox everyday for FREE