Tak percaya check sendiri

Assuming Capital structure of RM33 billion, for simplicity purposes, FCFF = operating cash flows - capex but BEFORE bond payments and dividends.

Before: 2019: RM2.5 bil FCFF, 2038 RM5.6 bil FCFF
After: 2019: RM1.9 bil FCFF (18% reduction), 2058: RM4.5 bil FCFF (18% reduction)

both have IRR of 9.4%. ie: the toll IRR hasnt changed before and after the reduction.

possible upside due to increased volume, however, government actually still owes PLUS when FHR2 and Bukit Kayu Hitam toll terminated, in the RM200 millions. so its possible that it will be used to pay for this too.

When you sell a highway, you need to revalue your debt, equity and recalculate your capital structure.

The last transaction was last decade. so the capital structure is more reflective of now. It was transacted at high-single-digit-IRR which is standard for IRR now.

IRR during that time was 20%, because risk was soo high and loans was expensive. corporates were borrowing at 10%-15% cuz its soo risky.