By Khairie Hisyam
Selangor state investment arm Kumpulan Darul Ehsan Bhd (KDEB) has made separate offers for all four water concessionaires in the state today following yesterday’s agreement between both state and federal government to restructure the state’s water sector.
In separate announcements to Bursa Malaysia today, KDEB has offered RM990.2 million for Kumpulan Perangsang Selangor (KPS)’s 90.83% stake in Titisan Modal Sdn Bhd, which in turn wholly owns Konsortium Abass Sdn Bhd.
KDEB has also offered RM1.83 billion for KPS’s 30% stake in Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) which KPS holds through its wholly owned subsidiary Viable Chip (M) Sdn Bhd.
As for the other two concessionaires owned by Puncak Niaga Holdings Berhad, KDEB has offered RM2.447 billion for 100% equity in Puncak Niaga (M) Sdn Bhd and RM3.117 billion for KPS’ 70% stake in Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS), the sole water distributor of water in the state.
Apart from SYABAS, the other three companies are water treatment concessionaires.
The deadline for acceptance of the offer is March 10, 2014 at 5pm and the offer prices are subject to due diligence by KDEB on each water concessionaire, which will be commence seven days after the acceptance deadline.
If all offers are accepted, KDEB would emerge with 100% equity in Puncak Niaga (M) Sdn Bhd and SYABAS. KDEB would also control Konsortium Abass Sdn Bhd via 90.83% in Titisan Modal Sdn Bhd as well as have 60% equity in SPLASH, in which it currently owns 30%.
This represents the fifth offer by the Selangor state to take over all the water concessionaires in the state, with previous offers ranging from RM5.7 billion to RM9.65 billion.
Abdul Khalid Ibrahim
In the memorandum of understanding signed yesterday between Energy, Water and Green Technology Minister Maximus Ongkili and Selangor Menteri Besar Abdul Khalid Ibrahim, Selangor state would take over all water concessionaires in the state for RM9.65 billion with the federal government injecting RM2 billion to help the process.
Selangor state government would in turn allow the federal government to proceed with the Langat 2 water treatment plant, bringing a close to state-federal tussle spanning nearly five years.
KiniBiz previously reported in August last year that both sides of the divide are in compromise talks to resolve the long-standing issue, with sources saying there is finally sufficient political will to push the restructuring forward.
At present, Puncak Niaga (M) Sdn Bhd is wholly owned by Puncak Niaga Holdings, whose major shareholder is founder and executive chairman Rozali Ismail with 40% shareholding. Puncak Niaga Holdings also owns 70% of SYABAS with the other 30% owned by KPS.
Along with 30% in SYABAS, KPS also has 30% in SPLASH and controls Konsortium Abass which is wholly owned by its 90.83% subsidiary Titisan Modal Sdn Bhd.
Another 40% in SPLASH is owned by construction giant Gamuda Bhd while corporate player Wan Azmi Wan Hamzah owns 30%.
At 4.30pm KPS was up 6 sen to RM1.94 while Puncak Niaga was up 16 sen to RM3.52.
You must be logged in to post a comment.