Penang Toll Bridge

Cancelled

Penang Bridge Sdn Bhd (PBSB) was the wholly owned subsidiary of UEM Builders as of 2005. It was a single-purpose company with the sole purpose of undertaking the operations, maintenance, tolling and improvement works on the Penang Bridge. From September 1985 to September 1993, operation and management of the Penang Bridge was managed by Malaysian Highway Authority (MHA). The Malaysian Government and Mekar Idaman Sdn Bhd (an associate of UEM) entered into a Concession Agreement dated 30 September 1993 in connection with managing, maintaining and operating toll collection services of the Penang Bridge for a concession period of 25 years until 31 May 2018. The consideration of RM550.0 million (US $216 million) to the government was financed by a syndicated term loan issued by Mekar Idaman Sdn Bhd and arranged by RHB Sakura Merchant Bankers Berhad. On 23 November 1995, Penang Bridge Sdn Bhd, ("PBSB") (a wholly-owned subsidiary of UEM Builders Berhad ("UEM Builders")), and Mekar Idaman Sdn Bhd entered into a Novation Agreement with the Government whereby, with the approval of the Government, Mekar Idaman Sdn Bhd assigned its rights and transferred its liabilities and obligations under the Concession Agreement to PBSB. The Bridge was built by the Government at a total cost of RM800.00 million (excluding the cost of land acquisition). With 3 interchanges, the 13.5 km Penang Bridge of which 8.4 km was above water was officially open to public on 14 September 1985. It had 533 spans of which 192 spans for the Bridge was above water. Constructed with a 6.2 km dual carriageway and 2.2 km three lanes at the Main span, this Bridge was the only physical link between the Mainland of Peninsular Malaysia and Penang Island. http://www.penangbridge.com.my/ http://www.uembuilders.com/uembb_group.php