Splash accepts Air Selangor’s RM2.55b offer for water assets

(Sun Daily) – Gamuda Bhd’s 40%-owned associate company Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) has resolved to accept the RM2.55 billion offer from Pengurusan Air Selangor Sdn Bhd’s (Air Selangor).

“Splash Holdings expects to commence negotiations with Air Selangor to finalise the terms and conditions for the sale and purchase of Splash through a share purchase agreement (SPA) to be executed by the parties. Both Air Selangor and Splash Holdings are expected to finalise the terms and conditions of the SPA by Sept 14, 2018 and an appropriate announcement will be released in due course upon the execution of the SPA,” Gamuda said in a stock exchange filing today.

Splash is the last pending water asset under the Selangor water restructuring exercise. Puncak Niaga Sdn Bhd (PNSB), Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) and Konsortium Abbas Sdn Bhd (Abbas) sold their water assets for RM2.47 billion, RM3.11 billion and RM990 million, respectively.

Gamuda has previously said that Splash should be worth more than RM2.8 billion.