KUALA LUMPUR (Nov 16): The UEM Group Bhd and the Employees Provident Fund Board (EPF), which are taking over PLUS EXPRESSWAYS BHD [], have agreed that the toll freeze to continue until 2015.
They said in a statement on Wednesday there would be no compensation while they have agreed to waive PLUS' current outstanding compensation balance totalling RM2.9 billion.
They added that no compensation will be accorded to PLUS for the five years toll freeze, which would otherwise cost the government an additional RM3.6 billion.
The toll freeze will continue until 2015 and there will be no toll hike on four expressways until 2015. The four expressways are ' North South Expressway (NSE), NSE Central Link, Malaysia-Singapore Second Crossing (Linkedua), and the Butterworth-Kulim Expressway (BKE).
They said these were the balanced revised terms of supplementary toll concession agreements on five expressways operated by PLUS and Penang Bridge Sdn Bhd.
Following negotiations with the government, both parties have agreed on the revised terms that are considered fair to the Government, users of PLUS's expressways and Penang Bridge, rakyat in general and the capital markets.
They said there would also be cuts in toll rate increase. Starting 2016, toll rate increase on the four expressways will be fixed at 5% every three years, while the toll rate for Penang Bridge will remain as per current charges (for example, RM7 for Class 2 vehicles) until the end of the concession period.
They said in a statement on Wednesday there would be no compensation while they have agreed to waive PLUS' current outstanding compensation balance totalling RM2.9 billion.
They added that no compensation will be accorded to PLUS for the five years toll freeze, which would otherwise cost the government an additional RM3.6 billion.
The toll freeze will continue until 2015 and there will be no toll hike on four expressways until 2015. The four expressways are ' North South Expressway (NSE), NSE Central Link, Malaysia-Singapore Second Crossing (Linkedua), and the Butterworth-Kulim Expressway (BKE).
They said these were the balanced revised terms of supplementary toll concession agreements on five expressways operated by PLUS and Penang Bridge Sdn Bhd.
Following negotiations with the government, both parties have agreed on the revised terms that are considered fair to the Government, users of PLUS's expressways and Penang Bridge, rakyat in general and the capital markets.
They said there would also be cuts in toll rate increase. Starting 2016, toll rate increase on the four expressways will be fixed at 5% every three years, while the toll rate for Penang Bridge will remain as per current charges (for example, RM7 for Class 2 vehicles) until the end of the concession period.
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