Splash to accept Selangor offer

Shareholders of Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) are likely to accept the offer from the Selangor state’s Kumpulan Darul Ehsan Bhd (KDEB), executives familiar with the matter tell KiniBiz.

Sources said that at a meeting this afternoon, executives from Splash’s shareholders - namely Gamuda Bhd which has a 40 percent stake in Splash, Kumpulan Perangsang Selangor Bhd (KPS which is 60.55 percent controlled by KDEB) and Sweetwater SPV Sdn Bhd controlled by Wan Azmi Wan Hamzah - agreed in principle to the offer of RM1.8 billion cash, comprising RM1.6 billion for water assets and RM251 million for the equity.

"We should accept it next week. We clarified some minor issues with PAAB (Pengurusan Aset Air Bhd – the water management corporation), and we feel it’s a good offer," a Splash official said on condition of anonymity.

Previously, Splash’s officials were pondering a clause in the offer letter which read, “PAAB to decide on payment of surplus book value of assets over liabilities, and if agreeable, to be paid by PAAB direct to applicable concessionaires.”

Go to KiniBiz for more.