dun cakap and think so much already la.. got money just buy now before RM2 and above.. Thats the message i need to tell everyone.. I had been consistent on KPS since RM 1.48 before the bonus issue..
@ks5s...look like u r quite confident in tis counter...hope ur research is true...I m on board too...kps...puncak...go go go...tis issue is make azmin headache 5 yrs...let's solve it in Julai...
the key point to this deal is the independent valuation of splash where the previous BN do not want to declare due to the offer is 1x book value which is similar to another independent valuer, Moores Stephens Associates PLT . Both Deloitte and Moores Stephens valuate it at 1x book.
Friday, September 8th, 2017 at , Corporate Malaysia | News
Selangor MB wants federal govt to share report by auditor Deloitte
By ALIFAH ZAINUDDIN
Negotiations over Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) has hit another snag with the Selangor state government claiming that it has not been shown the result of an independent valuation on the company.
Mentri Besar (MB) Datuk Seri Mohamed Azmin Ali said the appointed auditor Deloitte Malaysia has concluded its valuation and submitted a report to the federal government this year, but the valuation has not been shared with the state government.
“I was informed that Deloitte has submitted the report early this year, around February or March. The Energy, Green Technology and Water Ministry wrote to us that the report had been tabled to the Cabinet in May. Subsequently, they asked us to determine the consideration for Splash. How can we do that?” Mohamed Azmin said.
“How can you ask us to pay 40% of the total consideration when we do not know what the total quantum is?”
The Splash deal is the final jigsaw in Selangor’s much needed water consolidation plan. The state government was supposed to take over Splash after it absorbed three private water concessionaires, with the federal government brokering the deal because it involved both state and federal assets.
The state government initiated the takeover of the four concessionaires in 2008. Over the years, all the disparate companies have agreed to the buyout except Splash.
Puncak Niaga Holdings Bhd, Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) and Konsortium Abbas Sdn Bhd sold their water assets for a combined value of RM6.67 billion.
Splash turned down the amount offered on grounds that it was not a fair price as it had the longest remaining tenure.
Azmin said under the master agreement that was signed with all parties, Selangor will not decide on the purchase price of Splash because payment would be made by the federal government’s Pengurusan Aset Air Bhd (PAAB).
“We never agreed that we should finance 40% of the total consideration because in the first exercise with Puncak Niaga, Abbas and Syabas, they (the federal government) paid in full, and we surrendered our assets to PAAB. That is the mechanism.
“Now, they want to change it. We never agreed to that because under the master agreement, the consideration must be paid by PAAB, by the federal government. Why change the formula?” Mohamed Azmin said.
The Selangor state government has urged Putrajaya to reveal the report prepared by Deloitte to reach a mutual agreement on the water deal before the extension deadline ends on Oct 5.
“Now, we are waiting. How can they ask us to decide when the payment will be made by the federal government, not by the state, and they have done the valuation. Why are they hiding the report?
“We want to conclude as soon as possible but of course, the extension is until Oct 5. It is up to the federal government now, not the state,” the MB said.
In a meeting with Treasury Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah on July 18, Mohamed Azmin informed that the state government could not settle for a 60:40 value, without knowing the exact worth of the takeover.
He also told the state assembly that his administration would not accept any proposal to increase the water tariff in the Klang Valley to pay off its loan.
Treasury Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah .... create all the "red files" related to 1MDB. No wonder the previous Fed not able to settle the splash deal although already got the independent valuation report bcos their main priority is to use the money for 1mdb and not for selangor people. Dirty politics.
Stephenloo; The news is last year dated Friday, September 8th, 2017 in which the reason of delay is bocs the fed do not want to disclose the independant valuation report from Deloitte. Since now the fed is pH, definitely they will disclose it .
this time they won't be delay. July 18 is the cut off date. At least they settle of important item within the 100 days although it is not in their manifesto . This water deal more important than their manifesto list as it will bring confident to the foreign investor.
KPS is testing all the weak holder.. 1st is give you all bonus share and see you all sell or not after freebies. Then give 4.25 cents dividend, see you all happy anot.
But you must understand, in the end, there is RM 900m+ coming into KPS bank account.. and that 900m is for all the shareholder..
And the smart one will look at the one last best piece of meat...big fat prize!!
Looking good.Gap covered back! People are getting smarter now that the deadline is getting nearer. Any sell down is an OPPORTUNITY to buy more! Goodluck everybody:-)
This BN govt want to sapu all the money use for splash takeover and give to 1mdb jho low and the gang. Pokai gang. Make the country suffer without water to take bath. Have to go to sungai to take bath.
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