KUALA LUMPUR (Jan 12): Ranhill Utilities Bhd has announced the renewal of its licence by the National Water Services Commission (SPAN) to treat and supply water to consumers in Johor for the next three years.

In a filing on Friday, the group disclosed that its subsidiary, Ranhill SAJ Sdn Bhd, received a letter from SPAN on Jan 10, notifying it of the renewal for the sixth operation licence.

The renewed licence, issued under the Water Services Industry Act 2006 (Act 655), is effective from Jan 1, 2024, to Dec 31, 2026.

The year 2023 was not an easy one for businesses. With interest rate hikes up to 3% while inflation remained above its long-term average since the pandemic, businesses had to fight against currency fluctuation and gain a competitive advantage in the market to survive.

Ranhill SAJ Sdn Bhd, the exclusive provider of source-to-tap water in Johor, is responsible for raw water abstraction, treatment, distribution, and sale.

The company currently manages 46 water treatment plants with a total capacity of 2,300 million litres per day of treated water in Johor, serving approximately 3.8 million local residents through a network of 23,000km of pipes.

Shares in Ranhill Utilities was seven sen or 6.6% higher at RM1.13 during the noon break on Friday, bringing the group's market capitalisation to RM1.47 billion. Over the past month, the stock has risen by 27.68%.

https://www.theedgemarkets.com/node/697173