The UEM Group has done a Press Release over their recently resolved fee benefaction negotiations with a Government. Here is a headlines in reduced :
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UEM Group as well as EPF determine to relinquish RM2.9bil owed by Government underneath brand new accord
UEM as well as a (EPF), a corner offerors for a resources as well as liabilities of PLUS Expressways Bhd (PEB), have agreed to relinquish a RM2.9bil of superb compensation owed by a Government underneath their recently resolved fee benefaction agreements.
..no ..compensation for a toll-rate solidify in effect from 2011 to 2015, that would differently price a Government an additional RM3.6bil.
..the five-year fee solidify as voiced by PM ..on 4 expressways a North South Expressway (NSE), NSE Central Link (Elite), Malaysia-Singapore Second Crossing (Linkedua) as well as Butterworth-Kulim Expressway (BKE) until 2015.
Beginning 2016, a fee rate enlarge underneath a brand new have up would be bound during 5% any 3 years upon a 4 expressways. . . . "effectively 1.7% per annum, that is lower than a country's three-year average acceleration rate of 2.6% per annum" .
For a Penang Bridge, a fee rate would remain a same until a finish of its benefaction period.
all concessions would expire upon December 31, 2038, with no further extension.
..the benefaction pe! riods fo r Elite (May 31, 2030), BKE (June 27, 2026) as well as Penang Bridge (Dec 31, 2021) would be lengthened to align with a brand new arrangements.
UEM Group as well as EPF have been approaching to complete a due acquisition of PEB ! as well as Penang Bridge Sdn Bhd subsequent month. On execution of a exercise, a revised benefaction agreements as well as benefaction resources of all a expressways operated by PEB as well as Penang Bridge will be placed underneath a brand new company, called Projeck Lebuhraya Usahasama Bhd (PLUS). PLUS, in turn, will be unconditionally owned by PLUS Malaysia Sdn Bhd, an investment car in that UEM Group will own 51% whilst EPF will have a 49% interest.
EPF contributors ..would still benefit from a brand new arrangement as there would go upon to be solid returns from a mature, cashflow generating resources of a expressways.
EPF ..expected an inner rate of return upon a investment in PLUS to be during least 10% as per a inhabitant grant account manager's guidelines.
"We design a dividend yield of in in between 5% as well as 6% over a benefaction period,"
Thats a news. Lets demeanour during a behind a scenes a little.
First of all there is no fee enlarge compartment 2015. we additionally hope that a Hiways will suggest those bonus tolls for late night travelling, weekday pushing as well as stuff.
Then after 2015, ie beginning 2016 a fee enlarge is 5% any 3 years or about 1.7% a year.
If a fee is increasing 1.7% any year (rather than 5% any 3 years) a open will not feel a climb during all (plus it will be more upfront cashflow for Plus).
In reduced this is a big slowdown in fee rate increases that strike us before. As a country's GDP grows as well as per capita income grows a open should not feel any pinch.
H owever no a single wants to compensate toll. The Plus benefaction goes out to 2038. we will be 78 years old (if we am still alive) as well as still paying tolls. That is not something any a single will relish.
Most certainly ! this sol idify in a "toll rate increase" imposed by Najib is motivated by domestic considerations. The BN lost a 2/3 majority as well as 5 States that has additionally prompted a fee freeze. we have a feeling that a PLUS fee benefaction will come to an finish most earlier than 2038.
There is an additional axe hanging over Plus. Here is a news from The Star again :
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Muhyiddin sees no logic for Penang tunnel
KUALA LUMPUR: DPM has questioned a logic behind a due third couple in in between Penang island as well as a mainland, notice it might finish up being a waste of funds.
"The second overpass is being built with a destiny in mind. Allow this plan to be completed first. afterwards demeanour during a incident over time.
. responding to a announcement by Penang Chief Minister Lim Guan Eng upon a due third couple that would be in a form of an undersea tunnel.
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First of all a very congested Penang Bridge was widened to 3 lanes.
"..Penang Bridge spent RM786 million to widen a Bridge from dual lanes to 3 lanes any way. The widening initiative, that commenced in 2005 as well as completed in 2009, was undertaken to accommodate a enlarge in trade volume."
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I gathering upon a "new" most wider Penang Bridge just last week. It can take a aloft volume of vehicles. Then a Second Bridge is readying execution by finish 2013. That will have it dual bridge! s to Pen ang. Now Guan Eng is proposing a third link.
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Right right divided there is a a single time only RM7.00 fee for a Penang Bridge. Logic dictates that a Second Bridge will additionally have a toll. If there is no toll, all a cars will jam up a Second Bridge as well as a First Brid! ge will go bust. And a fee has to be a same.
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This is where Guan Eng's third couple (a overpass as well as tunnel) upon a most shorter northern route from a Gurney Drive area right across a channel will hold a trump card.
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First of all a Third Bridge is financially possibly to erect since a Penang State is proposing a "land for overpass deal". He who builds a Bridge & Tunnel will get parcels of prime land along a Gurney shore as payment. Plus all a growth rights. Some of a land might not even exist yet - a contractor or developer might have to retrieve it from a sea. The State is being aggressive - they have been going to worth a land during "post-completion of bridge" valuation. The State therefore does not need to compensate income upfront.
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The developer can keep all a land for himself (which is unlikely). They will sell parcels of a land to raise a little of a supports to erect a bridge.
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Guan Eng has suggested that a Third Bridge could additionally pick up tolls. This is where a blade cuts both ways. If Guan Eng collects next to fee fare, it will be 3 bridges in Penang collecting tolls. If there is not enough volume to means tolls upon 3 bridges, afterwards all 3 Penang Bridges might go bungkus.
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Or Guan Eng might go kamikaze as well as not pick up any tolls during all for a Third Bridge. If he does not pick up toll, afterwards a First as well as Second Bridges will go bungkus since people will not take a tolled bridges. Why should they?
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Even if Guan Eng collects tolls upon a Third B! ridge bu t lowers it to contend RM2.50 any approach (RM5.00 dual ways) it will means a outrageous hole for a First Bridge whose fee is RM7.00. People will avoid a First (and Second) Bridge.
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Also a benefaction upon a First Bridge has just been lengthened! by an a dditional seventeen years from 2021 to 2038. Please see a very last line in a table below. As we said, no a single likes paying tolls. Certainly a Penang people will not similar to to compensate fee upon a Bridge for an additional lengthened seventeen years.
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So to have a prolonged story short, Guan Eng right divided binds a First as well as Second Bridge operators by a cojones. UEM right divided has to wait as well as see just what exactly is a model Guan Eng is going to adopt for a Third Bridge : no toll, reduction fee or same toll?
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A Third Bridge but tolls is entirely possibly - it all depends upon a distance as well as worth of a land that Guan Eng will "swap" for a price of office building a Third Bridge (maybe a PKFZ boys can lend their expertise here).
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Talk is a DAP will keep Penang during a subsequent Polls. If Guan Eng promises a Third Bridge but tolls he will certainly keep Penang. If his Third Bridge but tolls afterwards causes a First as well as Second Bridges to additionally cut their tolls drastically (or remove them completely) afterwards Guan Eng might keep Penang for a while.
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The subject right divided is : how quick can Guan Eng complete a Third Bridge? Life is all about delivering a product.
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The dignified of a story is : dont remove a support of a people during a Polls. This is what a BN has not understood. Just remove a single State (Penang) as well as all sorts of complications can happen.
The approach to remove a Polls is we allow cronies to "songlap" RM250.0 million as well as afterwards speak rubbish. The PKFZ scandal rippin! g off pe oples' income by a billions as well as all a jerung just swim away. All this has to stop. Otherwise we will remove a votes.
Posted by Syed Akbar Ali
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