KUALA LUMPUR (Dec 8): Gamuda Bhd group managing director Datuk Lin Yun Ling said that the group is seeking closure on the takeover of Syarikat Pengeluar Air Selangor Holdings Sdn Bhd (SPLASH), in which the infrastructure group has a 40% stake, by the Selangor state government.

“Let me put it this way, because this [the takeover ] has dragged on for eight to nine years already, as far as our group is concerned, we just want a closure that is fair to both sides so that we can move on,” he told reporters at a news conference, after the group’s annual general meeting today.

SPLASH’s other shareholders are Kumpulan Perangsang Selangor Bhd (30%) and tycoon Tan Sri Wan Azmi Wan Hamzah (30% via The Sweet Water Alliance Sdn Bhd).

Lin added that he welcomes the move by the federal government to appoint an international expert to conduct an independent valuation on the water asset.

“We were informed that the federal government as part of the final decision making has appointed an international expert to do an independent valuation, we welcome that.

“I see it as a step towards de-politicizing [the takeover], it has been over politicized,” he said.
 
To recap, the Selangor state government had offered RM250.6 million for SPLASH. However, Gamuda was reported as saying it will result in a divestment loss of RM920 million.

The deadline for the takeover bid was extended recently from Oct 7 this year to Jan 7 next year, according to reports.

“From what I was told, the independent valuation is supposed to be done by January next year,” said Lin.

However, he declined to comment on the desired price for the water asset.

“I don’t think we will want to cross that bridge, till we come to it, “he said.