KUALA LUMPUR (Nov 27): Ranhill Holdings Bhd is unaware of a proposed acquisition of its 80%-owned SAJ Ranhill Sdn Bhd (SAJ) by Johor government, which reportedly wants to gain full control of the water services company.

“The company has no intention to divest its present equity stake of 80% held in SAJ,” Ranhill said in a filing with Bursa Malaysia today.

According to Ranhill, Johor public works, rural and regional development committee chairman Datuk Hasni Mohamed was quoted in The New Straits Times as saying that the state aimed to acquire the majority shares in the company.

Hasni was reported as saying the state does not have a say in SAJ’s operations, because it only owns 20% stake that limited its power to monitoring and regulating the water supply and distributions in the state only.

He also said the move to raise the state shares through full acquisition of its equity or at 51% of the shares, would be based on revisioning its business planning with SAJ and not a hostile takeover.

At 11.45am, Ranhill shares gained one sen or 1.37% at 74 sen, with 81,500 shares done, for a market capitalisation of RM670.68 million.