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Update Selangor water asset offer reduced to RM7.65b from RM9.65b

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Update Selangor water asset offer reduced to RM7.65b from RM9.65b Empty Update Selangor water asset offer reduced to RM7.65b from RM9.65b

Post by Cals Wed 12 Mar 2014, 20:33

Update Selangor water asset offer reduced to RM7.65b from RM9.65b
Business & Markets 2014
Written by Cynthia Blemin of theedgemalaysia.com   
Wednesday, 12 March 2014 16:32

KUALA LUMPUR (Mar 12): The Selangor state government announced that the previous offer of RM9.65 billion to take over water assets in the Klang Valley from concession owners has been reduced to RM7.65 billion.

Selangor Menteri Besar Tan Sri Khalid Ibrahim said the reduction was in accordance with the Water Services Industry Act (WASIA).

"The concessionaires are now subjected to Section 114 of WASIA and this will have positive impact on the state government and the people of Selangor as total payment to concessionaires is expected to be reduced by as much as RM2 billion compared to the previous offer of RM9.65 billion," Khalid said at press conference here this afternoon.

Water concessionaires involved in the takeover are Puncak Niaga Sdn Bhd, Syarikat Pengeluar Air Selangor Sdn Bhd , Syarikat Bekalan Air Selangor, and Konsortium Abass Sdn Bhd.

The reduced payment to the water concessionaires would only take into account the value of their assets and not equity, Khalid said.

Khalid said the RM2 billion in savings came on top of another RM2 billion which the state had earlier received.

He however could not furnish the breakdown on the payment but said the RM4 billion would be savings to the state's coffers.
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