KUALA LUMPUR (Sept 21): The Employees Provident Fund (EPF) is acquiring a 40% stake in the concessionaire of the Duta-Ulu Klang Expressway (DUKE) for RM1.13 billion, from Ekovest Bhd. Ekovest, in a filing to Bursa Malaysia, said its wholly-owned subsidiary, Nuzen Corporation Sdn Bhd, has entered into a binding term sheet with EPF to dispose of the stake in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi). It said upon completion of the disposal, EPF will pay RM921 million in cash, as part payment of the consideration to Nuzen. Another RM60 million will be paid upon the certificate of practical completion for DUKE Phase 2 being issued. In 2014, Ekovest bought the remaining 30% interest in the DUKE concessionaire from Malaysian Resources Corp Bhd (MRCB) for RM230 million.

Source: The Edge Markets September 21, 2016 10:57 UTC