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Monday, June 29, 2009

ABASS Accepts Offer From Selangor Govt.

But SPLASH, SYABAS And Puncak Niaga Reject.

KUALA LUMPUR, June 29 (Bernama) -- The board of directors of ABBAS and its holding company, Titisan Modal (M) Sdn Bhd, have in principle accepted the offer from the Selangor state government of RM946 million to acquire Konsortium ABASS Sdn Bhd's water assets and operations.

The offer includes the liabilities to be assumed by the State Government and/or retained at ABASS of RM779 million (inclusive of Titisan borrowing) and equity value of RM167 million, said Kumpulan Perangsang Selangor Bhd (KPS) in an announcement on Bursa Malaysia.

It said the directors of ABASS also wanted confirmation from the state government on the structure of the proposed takeover.

Pending confirmation from the state government, the acceptance of the offer is subject to the approval of the relevant authorities, the consent of bondholders and lenders of the ABASS and Titisan and the approval of the shareholders of ABASS, Titisan and KPS.

KPS owns 55 percent stake in Titisan, which in turns owns 100 percent of ABASS.

Meanwhile, the RM2.975 billion offer made by the state government for the water assets and operations of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) has been rejected by SPLASH, said Gamuda Bhd.

Gamuda is a major shareholder in SPLASH with 40 percent interest.

Meanwhile, Puncak Niaga Holdings Bhd said the RM1.94 billion offer to Puncak Niaga (M) Sdn Bhd (PNSB) as well as an offer of RM3.361 billion for the water assets of Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) was rejected by both PNSB and Syabas.

Puncak Niaga holds 100 percent interest in PNSB and 70 percent stake in Syabas.

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