Splash says it's 'victimised' in Selangor takeover

comments     Khairul Khalid     Published     Updated

KINIBIZ The recent Selangor takeover of Puncak Niaga and Syarikat Bekalan Air Selangor (Syabas) for RM5.58 billion rewards poor governance and penalises sound management, according to Syarikat Pengeluar Air Selangor (Splash) chairperson Wan Azmi Wan Hamzah.

“We can’t help but feel victimised for doing a good job over the past 14 years. So if you ask me - is Splash compelled to accept an undervalued offer at this juncture, the answer is no. We will say yes when the valuation is fair,” said Wan Azmi.

Recently the federal and Selangor state governments announced a RM5.58 billion takeover of water concessionaires Puncak Niaga and Syarikat Bekalan Air Selangor (Syabas).

Puncak Niaga owns two of the four water concessions in Selangor including a 70 percent stake in Syabas, the sole water distributor of water in the state. The other water concessionaires are Splash and Konsortium Abass, a wholly-owned subsidiary of Selangor state.

Splash is the remaining concessionaire to stall on a deal with the state government. They have been adamant that Selangor’s last takeover offer falls well short of their net asset valuation (NAV) of RM2.5 billion.

For the full story go to KiniBiz .



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