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Gamuda receives KDEB’s RM1.8b offer for SPLASH

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Gamuda receives KDEB’s RM1.8b offer for SPLASH Empty Gamuda receives KDEB’s RM1.8b offer for SPLASH

Post by Cals Fri 22 Nov 2013, 14:14

Gamuda receives KDEB’s RM1.8b offer for SPLASH
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com   
Friday, 22 November 2013 13:59
KUALA LUMPUR (Nov 22): Gamuda Bhd announced it has received a letter of offer dated Nov 21 from Selangor state investment arm KDEB for SPLASH Holdings’ water assets, with an indicative price of RM1.8 billion.

In a filing with Bursa Malaysia, the major infrastructure and construction group said the offer came with  indicative terms in respect of KDEB’s proposed purchase of 100% equity in SPLASH Holdings, the holding company of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH), at RM1,834.6 million.

Gamuda noted it has a 40% equity interest in SPLASH Holdings.  

But the offer, which will lapse after 5 pm of Dec 4 if acceptance is not received by KDEB, is conditional.

Among the conditions are:

(1) Acceptance of the offer by KDEB for the acquisition of the equity interest in:

     (a) Syarikat Bekalan Air Selangor Sdn Bhd;

     (b) Puncak Niaga Sdn Bhd; and

     (c) Titisan Modal Sdn Bhd, the holding company for Konsortium  ABASS Sdn Bhd;

(2) Completion of a due diligence inquiry to be undertaken on SPLASH Holdings and SPLASH commencing seven days from date of acceptance of the offer and the results of such due diligence inquiry being satisfactory to KDEB.

(3) Approval from all relevant state and Federal authorities and regulators.
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