SPLASH HOPES FOR CLO­SURE SOON

Firm’s main con­cern is to get fair val­u­a­tion ac­cord­ing to one-time book value, says chair­man

New Straits Times - - Business - OOI TEE CHING KUALA LUMPUR bt@me­di­aprima.com.my

SYARIKAT Pen­geluar Air Se­lan­gor Hold­ings Bhd (Splash) chair­man Tan Sri Wan Azmi Wan Hamzah is hope­ful that the nineyear-long im­passe over Se­lan­gor’s water re­struc­tur­ing ex­er­cise would be re­solved soon.

“The Se­lan­gor state and fed­eral gov­ern­ments have un­der­taken pro­fes­sional val­u­a­tions of Splash. As the project owner, Splash ac­cepts the re-na­tion­al­is­ing of water con­ces­sions,” he said.

Un­der the water re­struc­tur­ing plans, the Se­lan­gor govern­ment, via Pen­gu­ru­san Air Se­lan­gor Sdn Bhd, is seek­ing own­er­ship and con­trol of the state water in­dus­try through a buy­out of the con­ces­sion­aires’ as­sets.

Se­lan­gor Men­teri Be­sar Datuk Seri Mo­hamed Azmin Ali was re­ported as say­ing that the tak­ing over of Splash eq­uity would be fully-fi­nanced by Pen­gu­ru­san Aset Air Bhd, which was cor­po­ra­tised un­der the Fi­nance Min­istry.

Splash is one of four water con­ces­sion­aires in Se­lan­gor. The oth­ers are Syarikat Bekalan Air Se­lan­gor Sdn Bhd, Pun­cak Ni­aga (M) Sdn Bhd and Kon­sor­tium Abass Sdn Bhd.

Splash op­er­ates the Se­lan­gor dam and two water treat­ment plants. Wan Azmi has a 30 per cent stake in Splash, via The Sweet Water Al­liance Sdn Bhd.

“We want a clo­sure that is fair, so that all stake­hold­ers can move on. Our main con­cern is to have Splash ac­corded fair val­u­a­tion ac­cord­ing to its one-time book value,” he said when met at the list­ing of Rohas Tecnic Bhd on Bursa Malaysia yes­ter­day.

“As at De­cem­ber last year, Splash’s book value is RM3 bil­lion. We’re not even press­ing for in­clu­sion of the re­main­ing 14 years of Splash’s con­ces­sion. In my opin­ion, this is al­ready a huge dis­count,” he said.

The other share­hold­ers of the prof­itable Splash are Ga­muda Bhd, with a 40 per cent stake and Se­lan­gor-con­trolled Kumpu­lan Perangsang Se­lan­gor Bhd, with the re­main­ing 30 per cent.

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