Taliworks receives terms of settlement from Air Selangor

Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.

KUALA LUMPUR: Taliworks Corp Bhd's subsidiary Sungai Harmoni Sdn Bhd has received a letter of offer from Pengurusan Air Selangor Sdn Bhd which sets out some key terms in light of the latter's proposed acquisition of Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH).

The offer sets out settlement terms regarding Sungai Harmoni's outstanding receivables from SPLASH and the terms of the new operations and maintanence agreement (OMA) between Air Selangor and Sungai Harmoni.

Among the terms of the offer, SPLASH will settle the outstanding fees owed to Sungai Harmoni by paying the latter 90% of the amount under the Sungai Selangor Water Treatment Plant Phase 1 (SSP1) OMA via annual instalments.

In addition, the bulk water supply rate (BSR) under the new agreement will be a five sen per cubic metre reduction to the existing rate under the SSP1 OMA until the expiry of the agreement on Dec 31, 2029.

A BSR of 52.5 sen per cubic metre will apply for the seven-year extension from Jan 1, 2030, to Dec 31, 2036, in respect of Sungai Harmoni's operations and maintanence of the SSP1, subject to the terms and conditions of the new OMA.

Taliworks said its board of directors is currently reviewing the terms of the offer and will announce its decision in due course.