Sign up | Log in



February 21, 2009

Malaysia: Selangor firms turn down state buyout
Malaysian water companies operating in the state of Selangor have turned down the local government's combined $1.56 billion bid to buy out their water assets, saying on Friday the offer lacked clarity.

The offers, made to Puncak Niaga Holdings Bhd, Kumpulan Perangsang Selangor Bhd and Gamuda Bhd, were the state government's attempt to avert a water tariff hike of up to 37 percent beginning April 1.

"There appears to be some inconsistencies in the offer ... and the unclear valuation method," Reuters quoted Puncak as saying in a statement.

Kumpulan Perangsang said in a separate statement it would seek a revised offer from the state government.

Gamuda also issued a statement saying the offer "was not in line with generally accepted financial principles."

Pengurusan Aset Air Bhd, a federal government agency, is expected to make a more generous offer for the assets as part of the federal government's plan to overhaul the water industry, analysts said.

Selangor is the richest state in Malaysia around the capital of Kuala Lumpur and is controlled by the the People's Alliance, the coalition that is the national opposition.
Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format. They typically run 150 words or less and may be edited

submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand