Isu Air Selangor - Tai Chi si ajemin penjual eskrim dalam jamban

Acong

https://www.facebook.com/photo.p ... 6443&type=1&theater


Lim Sian See

The saga over the water restructuring deal between Selangor and Federal governments has concluded after the final four agreements were signed just hours ago.

The special-purpose vehicle Air Selangor within next two weeks can take over PNSB and Syabas followed by Konsortium Abass within four months.

Out of the four concessionaires, all have agreed to the takeover except Splash, which wants more money.

SPLASH has now been given one-year grace period from the time the Master Agreement came into force to renegotiate terms with the Selangor government.

If you remember my previous posts, ex-MB Khalid Ibrahim had offered a maximum amount of RM250m to buy SPLASH and he could use the Federal WSIA 2006 act to compulsorily take-over SPLASH stating that this is a fair price and based on the same ROE calculations as with the 3 other companies.

To force them to sell, Khalid even terminated SPLASH's raw water licence (which was later reissued by new MB Azmin).

SPLASH is 30% owned by tycoon Wan Azmi who was friendly to PKR.

Last year, Wan Azmi confirmed that he went with Anwar to meet Khalid to try to increase the purchase price but Khalid refused.

SPLASH wanted RM2.8b instead of RM250m and hence there is a stalemate that can only be broken if Khalid uses the WSIA act to buy it at RM250m.

SPLASH must be one of the most profitable business in Malaysia in terms of profit margin.

Splash shareholders have invested a total of only RM400mil and since much of the infrastructure cost have is long amortized, Splash now makes supernormal profits every year.

For the financial year ended Mar 31, 2013, SPLASH posted a profit of RM382mil,- a pre-tax profit margin of 93.47%.

For FY end Mar 31, 2014, SPLASH had revenues of RM416m and Pre-tax profit of RM379m agan,a staggeringly high pre-tax profit margin of 91%.

Thus, every year of delay means that SPLASH makes about RM380m.

Since Khalid was removed before compulsorily taking over SPLASH, which he wanted to, there was a one year delay.

And with the signing of today's agreement, MB Azmin had agreed to give another one year delay to SPLASH.

This more than two years delay would mean that about RM1b in lost profit to Selangor if Khalid had compulsorily taken over SPLASH then.

But Khalid got unfairly removed using lies and slander by PKR and DAP during last year's Selangor MB Crisis.

On top of this, we still don't know what price that Selangor State Govt would pay for SPLASH in the end - as they are still "negotiating".

If Selangor ends up paying the RM2.8b that SPLASH wanted and along with the RM1b additional profits from the long delay in the takeover, the potential loss to the Selangor Rakyat would be 70% X RM3.8b = RM2.66b!

Looks like one of the biggest winners of the MB crisis seems to be SPLASH shareholders - including PKR supporter and Anwar friend Wan Azmi.

http://www.thestar.com.my/News/N ... -water-deal-signed/

http://www.thestar.com.my/Busine ... ed-offer/?style=biz

Acong

PKR BANGSAT.......!!!