Selangor MB insists RM2.5b SPLASH price close to appraised value

Anith Adilah
Selangor MB Amiruddin Shaari says RM2.55 billion price tag to acquire a utility firm and complete the state’s water restructuring exercise was consistent with the valuations suggested by independent appraisers. — Picture by KE Ooi

SHAH ALAM, Sept 4 — The RM2.55 billion price tag to acquire a utility firm and complete Selangor’s water restructuring exercise was consistent with the valuations suggested by independent appraisers, said Mentri Besar Amirudin Shari.

The Sungai Tua assemblyman revealed today that the state-appointed RHB Investment previously placed the acquisition as between RM2.48 billion and RM3.024 billion, based of Syarikat Pengeluar Air Selangor Holdings’ (SPLASH) nett book value on March 31 this year.

He said similar figures were given by an independent international evaluator hired by the then federal government through the Energy, Technology, Science, Climate Change and Environment Ministry .

“On July 5, the ministry’s evaluator sent a letter suggesting a value of RM2.7 billion. We thought it was a considerable amount so we proceeded with the offer,” he said during the 14th Selangor State Legislative Assembly sitting.

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