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HIGHWAY TOLL CONCESSIONAIRE,
OPERATIONS AND MAINTENANCE OPERATOR

Taliworks first ventured into highway ownership and toll operations when it acquired a 55% equity interest in Cerah Sama Sdn. Bhd. (“Cerah Sama”) in 2007. Cerah Sama is the holding company for Grand Saga Sdn. Bhd. (http://www.grandsaga.com.my), a company that owns and operates the concession for the Cheras-Kajang Highway until September 2045. The highway is the first four-lane dual carriageway in Malaysia and it measures approximately 11.5 km in length, stretching from the Connaught Interchange, Cheras to Saujana Impian, Kajang. The highway serves to ease traffic congestion and minimise travel time for daily commuters within the Cheras-Kajang vicinity. The highway concession comprises two toll plazas i.e. the Batu 9 toll plaza and the Batu 11 toll plaza, one rest and service area, and eight interchanges.

Subsequently in 2014, the Employees Provident Fund Board (“EPF”) acquired an effective 49% equity interest in Cerah Sama whilst Taliworks’ effective equity interest in Cerah Sama reduced from 55% to 51%. The collaboration with EPF is to position TEI Sdn. Bhd. (“TEI”), the immediate holding company of Cerah Sama, to be the flagship vehicle through which both parties will engage in the business of acquiring and operating mature cash-generating utilities infrastructure assets in Malaysia and in developed countries.

In December 2014, Taliworks through its indirect joint-venture, Grand Sepadu (NK) Sdn. Bhd. (“Grand Sepadu”) acquired the assets and concession rights to the New North Klang Straits Bypass Expressway (“NNKSB”) from Lebuhraya Shapadu Sdn. Bhd. (In Liquidation) (“Shapadu”) for a cash consideration of RM265 million. Grand Sepadu owns the concession rights to the NNKSB until December 2032.

NNKSB, whose tolling operations commenced in 2002, is a 17.5 km two-lane dual carriageway highway which links North Port to Bukit Raja, Klang. The NNKSB is parallel to the old tolled North Klang Straits Bypass (which became a non-tolled road after NNKSB became operational) and is linked to Lebuhraya Shah Alam (“KESAS Highway”), Federal Highway, the New Klang Valley Expressway and in the future, the upcoming East Coast Expressway.

In 2015, EPF acquired a 50% equity interest in Pinggiran Muhibbah Sdn. Bhd. (“Pinggiran Muhibbah”), a company that owns 75% equity interest in Grand Sepadu and a 90% economic interest in the NNKSB. This partnership resulted in EPF owning 37.5% equity interest in Grand Sepadu and 45% economic interest in NNKSB and this marks the second partnership between Taliworks and EPF.