SHAH ALAM: Kumpulan Perangsang Selangor Bhd
’s (KPS) proposed disposal of its 90.83%-owned subsidiary Titisan Modal (M) Sdn Bhd (TMSB) to Pengurusan Air Selangor Sdn Bhd (Air Selangor) will help the state-owned investment holding company explore investment opportunities in new business sectors.
In a statement on Wednesday, KPS said the proposed disposal of TMSB, which wholly-owned the water treatment operator, Konsortium ABASS Sdn Bhd, for RM78.05 million, will facilitate the water restructuring plan of the Selangor and federal governments which aimed to consolidate and restructure the water supply industry in Selangor, Kuala Lumpur and Putrajaya.
“The proposed disposal will allow KPS to explore investment opportunities in sectors where it already has existing investments as well as in new business sectors or areas,” it said.
KPS said that selling off Titisan Modal would not result in it becoming a cash company under Paragraph 8.03 and Practice Note 16 of the listing requirements.
Abass has a 30-year concession until 2030 to operate and maintain the Sungai Semenyih Water Supply Scheme, which supplies water to south-west Kuala Lumpur, Petaling Jaya, Shah Alam, Klang and Putrajaya, among others.
KPS said the proposed disposal, which was expected to be completed by end-December, received minority shareholders’ nod at its extraordinary general meeting today. - Bernama
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