UEM to sell PLUS and hang on to Renong?

UEM plans to ride roughshod over minority shareholder rights by selling part of its PLUS holding rather than exercising its put option on a Renong stake.

United Engineers Malaysia UEM is allegedly turning a blind eye to the best interests of its minority shareholders for the greater good of the Renong group once again. The company is planning to sell 25% to 35% of toll road operator Projek Lebuhraya Utara Selatan PLUS through an initial public offering IPO later this year for as much as M$4 billion $1.05 billion, which would be the most money ever raised in a Malaysian listing.

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