Isu Air Selangor. Khalid Gagal Lagi.
The Selangor state investment arm, Kumpulan Darul Ehsan Bhd (KDEB)’s RM9.65 billion offer to consolidate the water sector seems to have hit a brick wall yet again, with two of the important players, Puncak Niaga Holdings Bhd and Gamuda Bhd declining to accept the offers made.
This confirms a Kinibiz story earlier this month that the water consolidation exercise had hit a snag.
In an announcement to the bourse yesterday, Puncak which has two concessions, one to treat water under wholly owned Puncak Niaga (M) Sdn Bhd (PNSB) and another under 70% controlled Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) which has the mandate to distribute water in Selangor, Kuala Lumpur and Putrajaya, basically shafted Selangor’s offer saying that there was insufficient information provided.
Puncak said that its board had “expressed great concern on the indicative terms of the offer” and the responses to queries it had made, from KDEB, the Selangor State Government and PAAB.
In a nutshell, Puncak’s grouses are that the net proceeds that it will receive from KDEB for the proposed purchase of PNSB and Syabas amounts to RM1.55 billion only, in contrast to the total equity value of RM5.59 billion as stated in the offers from KDEB.
The bone of contention is that “There shall be no further consideration to be paid to Puncak apart from the proposed RM1.55 billion,” Puncak said in its announcement to the bourse.
Another grouse of Puncak’s is that the amount of consideration payable is still subject to due diligence to be undertaken post acceptance.
The water outfit, Puncak, added that PAAB had only verbally agreed in principle to take over the water assets of PNSB and Syabas at the total value of RM4.04 billion.
Another major issue is with a 37% and 25% tariff hike respectively slated for 2009 and 2012, as per Puncak’s concession agreement which had been opposed by the state.
In response to Syabas’ claims for compensation on the two tariff hikes, the Menteri Besar of Selangor Khalid Ibrahim had said that since the issue was still being heard at the Kuala Lumpur High Court, “the Selangor State Government is not able to give any confirmation on the payment of the said compensation.”
Puncak’s outstanding liabilities as at end December 2012 (due from PNSB and Syabas) to Acqua SPV Bhd, which is PAAB’s unit amounted to RM3.91 billion, and had to be fully resolved regardless of any offer or mechanism to be implemented in the proposed consolidation.
Kalau value pada RM5b lebih; Khalid nak main atas angin dan hanya bayar setakat RM1b. Mana ada jalan nak lulus.
Khalid nampaknya sudah kehilangan skill korporat kerana tidak mampu melaksanakan penyelesaian isu air ini. Malahan, Anwar sendiri sudah memanggil semula Rafizi untuk melihat isu ini secara keseluruhan.
Pada Anwar, air ini adalah kemuncak kejayaan PKR di Selangor. Kalau gagal dipertahan, ataupun diperkukuh, makna kata, kerajaan PKR tidak cekap.
Katanya, Khalid sudahpun mencari konsultan luar, termasuk dua orang dari UK dan seorang wakil Public Utilities Board (PUB, Singapore) – untuk menyelesaikan isu ini seberapa cepat. Seboleh mungkin, Khalid tidak mahu Rafizi ambil alih modal politik untuk berlawan dengan Azmin Ali.
Kalau ikut kegagalan beberapa isu sebelum ini. Nampaknya susah Khalid nak kalahkan Azmin. Banyak failed.
Entry filed under: ANWAR IBRAHIM, Dato Seri Anwar Ibrahim, Isu Air Selangor, Khalid Ibrahim, Pakatan Rakyat, PKR, PKR Selangor. Tags: Anwar Ibrahim, Gelagat Anwar, Isu Air Selangor, Khalid Ibrahim, Pakatan Rakyat, PKR, PKR Selangor.