According to the Prime Minister’s Department, the first MoU, involving an estimated investment of RM15 billion (US$5.2 billion), was signed between Citaglobal Bhd and Shanghai Sus Environment to explore collaboration in developing waste-to-energy power plants, primarily in Malaysia.
During the quarter under review, the Group has obtained a waiver from Pengurusan Aset Air Berhad (“PAAB”) on lease rental on RM247 million water assets in relation to the Rural Water Supply project, resulting in a savings of lease rental to be paid of approximately RM15 million a year increasing at a rate 2% per year from 1 October 2019. In addition, there will be a reimbursement in an overpayment of approximately RM140 million for the period from 1 September 2009 until 30 September 2019. The Company is in the midst of discussion with PAAB to schedule the refund of the overpayment via reduction of future lease rental. As we are in the midst of finalising the scheme, the recovery of overpayment has yet to be reflected in the quarterly result