SPLASH HOPES FOR CLOSURE SOON

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

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.