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Wednesday, July 26, 2017

'Acquisition of Splash still being negotiated'

The Ministry of Energy, Green Technology and Water (Kethha) said the acquisition of Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) was still in the negotiation stage between the federal government, Selangor state government and other related companies.
The ministry, in a written reply at the Dewan Rakyat today said based on the agreement signed on Sept 12, 2014, the acquisition process should have been finalised on Oct 7, 2016.
However, the date was extended for the first time for a period of six-months, ending April 6, with the agreement of the relevant parties before being extended the second time, for a further six months until Oct 5, as the negotiation process for the takeover was not finalised.
According to the ministry, the federal government has yet to receive any formal application from the Selangor state government on the loan amount to finance the acquisition of equity in Splash.

The ministry said this in reply to a question from Abdul Khalid Ibrahim (Independent-Bandar Tun Razak) on the current total loan amount requested by the Selangor government to Perbadanan Aset Air Berhad (PAAB) to finance the acquisition of Splash, and whether there was any agreement by federal government on the 100 percent loan request.
Selangor Menteri Besar Mohamed Azmin Ali was previously reported to have rejected the federal government's proposal to adopt the 60:40 ratio for acquiring Splash equity.
Under the proposal, 60 percent funding would be from the federal government through PAAB, and 40 percent would be from the Selangor government.
– Bernama

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