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CM: Final Bid to Acquire Water Industry at RM9.6 Billion

SHAH ALAM, 22 Nov: The Selangor Government has issued a final offer to purchase four water concessionaires in the state for an amount of RM9.65 billion in a bid letter sent to the operators of the companies yesterday.

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The four concessionaires involved are; the Selangor Water Supply Company Sdn Bhd, Konsortium Abbas Sdn Bhd, Puncak Niaga Sdn Bhd and Syarikat Pengeluar Air Selangor Holdings Bhd, which covers the water industry in Selangor, Putrajaya and Kuala Lumpur.

The Chief Minister, Tan Sri Abdul Khalid Ibrahim, said in a statement that the offer letter sent through the state government’s subsidiary company, Kumpulan Darul Ehsan Berhad (EDEB) needs to be answered in 14 days or no later than 5pm on 4 December.

He said that KDEB also set for the the four water concessionaires equity to receive returns of 12 percent, calculated since 31 December 2012, not compounded and with deductions for any prior dividend payment will be bought by the state government.

“The offer also states the KDEV will settle all water related outstanding debts by the four concessionaires, including bonds, commercial loans and related government loans.

“If the shareholders of the four companies feel that they are entitled to receive more than the amount offered, they can ask for the matter to be brought to international arbitration,” he said.

Abdul Khalid said that the State Government has finalised the offer since the Prime Minister, Datuk Seri Najib Tun Razak and the Minister of KeTTHA, Datuk Seri Dr Maximus Ongkili, expressed support for consolidating the water industry in the state through letters sent in June and September.

“The last offer is a result of a series of discussions between the state government and the Ministry of Energy, Green Energy and Water (KeTTHA) in the interest of establishing a holistic water industry in Selangor.

“We hope that this will break the negotiations deadlock because the State Government is ready with a plan for this acquisition,” he said.

Abdul Khalid also hope that shareholders of the four companies will receive the offer which will provide them with profitable returns.

He said a thorough and detailed investigation will be carried out on the concession companies seven days from the receipt of the offer.

“The Selangor State Government is committed in establishing a more holistic water industry to provide efficient services at affordable tariffs to over 5 million consumers in Selangor, Putrajaya and Kuala Lumpur.


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