Wong & Partners Advised EPF On MYR1.13bn Acquisition Of 40% Share Capital Of Kesturi

Legal News & Analysis - Asia Pacific - Malaysia - Capital Markets

12 November, 2016


Wong & Partners advised Employees Provident Fund (“EPF”) on its proposed acquisition of 40% of the share capital of Konsortium Lebuhraya Utara-Timur (KL) Sdn. Bhd. (“Kesturi”) from Nuzen Corporation Sdn. Bhd. (“Nuzen”), an indirect wholly owned subsidiary of Ekovest Berhad, for a total consideration of MYR1.13 billion. The acquisition also included the provision of advice relating to a shareholders agreement between the EPF and its wholly owned subsidiary company, Nuzen, Ekovest Berhad and Kesturi. Nuzen is the 100% shareholder of Kesturi, which is the concession holder of the Duta-Ulu Klang Expressway (“DUKE”) Phase-2. The construction of DUKE Phase-2 commenced in December 2013 and is expected to be operational by 2017