UEM, EPF to waive Plus Expressway's RM2.6 bil compensation

UEM Group Bhd and the Employees Provident Fund (EPF) have agreed to waive Plus Expressways Bhd's current outstanding compensation balance totalling RM2.9 billion from the government.

In a statement today, UEM said there will also be no compensation for the toll rate freeze until 2015 which will otherwise cost the government RM3.6 billion.

EPF and UEM Group have concluded the negotiation with the government on the proposed acquisition of assets and liabilities of PLUS Expressways and Penang Bridge Sdn Bhd.

Exciting times for Touch `N Go

RM200m investment to enhance TnG’s IT and systems infrastructure.

TOday In picture Najib,Muhyiddin,Shah Rukh Khan,Taib ,PLus toll and others.

Prime Minister Datuk Seri Mohd Najib (L) with Anand Sharma after the PM witnessed the MoU between Malaysia and India for comprehensive economic co-operation in Putrajaya. Malaysia was represented by Datuk Seri Mustapa Mohamed at the signing ceremony.

A GOOD EXCHANGE... Deputy Prime Minister Tan Sri Muhyiddin Yassin (R) chatting with Sarawak Chief Minister Tan Sri Abdul Taib Mahmud at the Chap Goh Mei celebration in Sarawak.yesterday. Chap Goh Mei, the 15th day after CNY, marks the end of the festivities in conjunction with the Chinese lunar new year celebrations.

LOOK WHO'S IN TOWN... Malacca chief minister, Datuk Seri Mohd Ali Rustam (left) handing over a batik souvenir to Shah Rukh Khan (right) during the 'Don 2' shooting in Sungai Udang, Malacca today. Malacca and Langkawi were chosen as shooting location for the 'Don: The Chase Begins' movie that will end in Berlin, Germany

DOWN TO RM1... New Pantai Expressway (NPE) packed with vehicles near the PJS 2 toll today. The toll rate will be reduced from RM1.60 to RM1 effective 12.01am tomorrow.

SKILLED HANDS... Tan Sri Muhyiddin Yassin and his wife, Puan Sri Norainee taking a closer look at how the bird's nest was harvested at Batu Niah, Miri, Sarawak. NSTpix by Azahan Rosli.
Feb 17, 2011 6

THANK YOU... Prime Minister Datuk Seri Najib Tun Razak thanked by Low Soo Har, 88, (right) after the "Pesta Chap Goh Mei" at the Selangor state level today

Deputy Prime Minister Tan Sri Muhyiddin Yassin, who is also Education Minister is in Limbang to announce that 23 schools have fulfilled the criteria to be recognised as High-Performance Schools (SBT). He announced the name of the schools during a visit to Sekolah Kebangsaan (SK) Ulu Lubai, about 55 kilometers from here, which was one of the schools in the list. (BOTTOM PIX) DPM greets and gets to know the residents of Kampung Ulu Lubai.

Discounts on toll rates

Prime Minister Najib Abdul Razak announced today that concession agreements for three tolled highways will be restructured to reduce the burden of the people.

Travellers using the PLUS Expressway on Feb 3 and 4 will get a 20% toll rebate between 7am and 11.59pm – and a 30% rebate between midnight and 7am in conjunction of Chinese New Year.

However, PLUS Expressway Bhd corporate communications assistant general manager Khalila Mohd Talhar said motorists must first obtain a PLUSmiles card to enjoy the rebates.

Khalila said that PLUSmiles members were also entitled to a 5% toll rebate for their total monthly toll usage of RM200 and above on the North-South Expressway, ELITE, BKE and Linkedua highways on other days.

Traffic during the Chinese New Year is expected to swell to at least 1.4 million vehicles daily.

Government may paid upto RM5 billion to Plus for not raising toll rates for 5 years.

Toll highway operator PLUS Expressways Bhd could be compensated as much as RM5 billion over the next five years for not raising toll rates.

The highway concessionaire is also owed about RM2.5 billion from previous compensation as at June 30.

The Employees Provident Fund (EPF) and UEM Group Bhd (UEM), which have proposed to privatise PLUS for RM23 billion, are also opening discussions with the government to restructure the toll concession agreement.

The deal to privatise PLUS could be completed within 8-12 months.