Friday, 10 August 2018
Kumpulan Perangsang Selangor 30%-associate accepts Air Selangor takeover offer for SPLASH
Shah Alam, Malaysia, 9 August 2018 – Diversified group Kumpulan Perangsang Selangor Berhad(KPS, the Group, Bursa: 5843; Bloomberg: KUPS:MK; Reuters: KPSB.KL) announced today that its 30% associate company Syarikat Pengeluar Air Selangor Holdings Berhad (“SPLASH Holdings”) received a Letter of Offer from Pengurusan Air Selangor Sdn Bhd (“Air Selangor”) to acquire entire equity interest of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (“SPLASH”).
The proposed takeover, announced on 3 August 2018, entails Air Selangor acquiring from SPLASH Holdings the entire 50 million ordinary shares and 350 million redeemable unsecured loan stocks (“RULS”) of SPLASH for a total purchase consideration of RM2.55 billion.
SPLASH Holdings and Air Selangor expect to finalise the terms and conditions of sale and purchase of SPLASH through a share purchase agreement (SPA) by 14 September 2018.
As SPLASH Holdings is an associate company of KPS, the acceptance of SPLASH takeover offer does not require approval from KPS shareholders.
The acquisition of SPLASH by Air Selangor is undertaken as part of the consolidation and restructuring of the water industry in Selangor, Kuala Lumpur and Putrajaya by the state and federal governments. This exercise is done in effort to increase water reserve margins and reduce non-revenue water (NRW), towards achieving uninterrupted water supply in Klang Valley and nationwide.
-- End --
About Kumpulan Perangsang Selangor Berhad (www.kps.com.my)
Incorporated in August 1975, Kumpulan Perangsang Selangor Berhad (“KPS” or the “Company”) is a public limited liability company listed on the Main Market of Bursa Malaysia Securities Berhad. The Company has a varied investment portfolio with assets involved in Manufacturing, Trading, Licensing, Infrastructure and Utility, Oil and Gas as well as Telecommunications. KPS is committed towards making significant contributions to human capital, intellectual, and sustainable developments, whilst strengthening its core businesses to optimise returns for its shareholders.
Issued for and on behalf of KUMPULAN PERANGSANG SELANGOR BERHAD by Aquilas Advisory (Malaysia) Sdn Bhd. For media enquiries, please contact:
