Splash accepts offer from Air Selangor

KUALA LUMPUR: Gamuda Bhd’s associated company, Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash), has accepted the offer from Pengurusan Air Selangor Sdn Bhd (Air Selangor) to take over the company.

Gamuda said in a filing with Bursa Malaysia it expected to commence negotiations with Air Selangor to finalise the terms and conditions for the Splash takeover through a share purchase agreement (SPA) to be executed by the parties.

“Both Air Selangor and Splash are expected to finalise the terms and conditions of the SPA by September 14 and an appropriate announcement will be released in due course upon the execution of the SPA.”

Air Selangor had early this month announced that it would take over Splash for RM2.55 billion, removing the final hurdle in solving the water woes that have for years plagued millions of households in the Klang Valley.

Splash is the last of four companies with water assets to sell their treatment plants and pipes to the Selangor government.

Gamuda owns a 40 per cent stake in Splash.

Other shareholders of Splash are Kumpulan Perangsang Selangor Bhd and Sweet Water SPV Sdn Bhd, with 30 per cent stake each.

In a separate announcement, Kumpulan Perangsang said it had accepted a takeover offer from Air Selangor to acquire Splash.

The proposed takeover, announced last week, entails Air Selangor to acquire the entire 50 million shares and 350 million redeemable unsecured loan stocks of Splash for a total purchase consideration of RM2.55 billion.