Acqua SPV Bhd has acquired 99.6 per cent of Selangor water bonds amounting to RM5.8 billion in nominal value, Pengurusan Aset Air Bhd (PAAB) Chief Executive Officer Datuk Faizal Abdul Rahman said Thursday.
The bondholders would be paid according to bond maturities by June 30, he said after the signing of the Penang State Water Supply Restructuring Agreement here.
PAAB, through Acqua SPV, made the offer to buy the bonds on May 20 to the existing bondholders of Syarikat Bekalan Air Selangor Sdn Bhd, Syarikat Pengeluaran Air Sungai Selangor Sdn Bhd, Puncak Niaga Sdn Bhd, Titisan Modal Sdn Bhd and Viable Chip Sdn Bhd under seven bond programmes.
Faizal said the offer took into account various factors such as the ratings, current yields, coupon structures and levels of liquidity of the bonds.
Friday, June 3, 2011
Thursday, June 2, 2011
Bernama:Federal Government To Hold Talks With Selangor On Water Industry
The federal government will meet with the Selangor state government in the middle of this month in effort to resolve the long-drawn issue of restructuring the state's water industry.
Energy, Green Technology and Water Minister, Datuk Peter Chin Fah Kui, said the meeting would be held following the request from the Selangor government.
He, however, declined to give the actual date.
"We will look into the new things the state government wants to discuss.
"At the federal level, our position is that we are always looking to restructure the water industry," he told Bernama in an interview today.
He said since 2009, there had been discussions -- both at joint committee levels between the Selangor and federal government as well as between himself and Selangor Menteri Besar, Tan Sri Khalid Ibrahim -- to iron out all issues related to the restructuring.
"However, it is sad to say that we have not been able to find a solution.
Energy, Green Technology and Water Minister, Datuk Peter Chin Fah Kui, said the meeting would be held following the request from the Selangor government.
He, however, declined to give the actual date.
"We will look into the new things the state government wants to discuss.
"At the federal level, our position is that we are always looking to restructure the water industry," he told Bernama in an interview today.
He said since 2009, there had been discussions -- both at joint committee levels between the Selangor and federal government as well as between himself and Selangor Menteri Besar, Tan Sri Khalid Ibrahim -- to iron out all issues related to the restructuring.
"However, it is sad to say that we have not been able to find a solution.
PAAB, Penang Government To Sign Water Restructuring Deal Thursday
Pengurusan Aset Air Bhd (PAAB) will sign a water restructuring deal with the Penang state government on Thursday which marks another progress in the restructuring of the national water industry in the country.
Energy, Green Technology and Water Minister, Datuk Peter Chin Fah Kui, said the impending deal with the Penang government was part of the first phase by the federal government to consolidate the water industry.
"Penang will join four other states, Johor, Negeri Sembilan, Melaka and Perlis which had signed the water restructuring agreement and to surrender their water assets to PAAB.
"I don't see why Selangor is so difficult to do so. Penang can accept, all other states have approved. I don't see why Selangor cannot," he told Bernama in an interview.
It is believed that PAAB, the government's water asset management company, a wholly-owned unit under the Minister of Finance Inc, is expected to make an offer to buy the water assets in Penang for more than RM3 billion.
Energy, Green Technology and Water Minister, Datuk Peter Chin Fah Kui, said the impending deal with the Penang government was part of the first phase by the federal government to consolidate the water industry.
"Penang will join four other states, Johor, Negeri Sembilan, Melaka and Perlis which had signed the water restructuring agreement and to surrender their water assets to PAAB.
"I don't see why Selangor is so difficult to do so. Penang can accept, all other states have approved. I don't see why Selangor cannot," he told Bernama in an interview.
It is believed that PAAB, the government's water asset management company, a wholly-owned unit under the Minister of Finance Inc, is expected to make an offer to buy the water assets in Penang for more than RM3 billion.
TheStar:Puncak may incur loss this year
Water concessionaire Puncak Niaga Holdings Bhd is expected to register a loss this financial year following the adoption of a new accounting treatment that requires certain charges to be capitalised as intangible assets and amortised.
Managing director Datuk Hashim Mahfar said in a statement yesterday that the IC Interpretation 12-Service Concession Arrangements, which were retrospective, had also resulted in a drop in shareholders' funds from RM1.5bil to RM35.6mil.
However, Puncak Niaga has obtained a conditional waiver from being categorised a PN17 company until the announcement of its second-quarter results for the period ending June 30, 2012.
(Under Bursa Malaysia rules, that would have been the case if a company's shareholders' funds fell below RM40mil).
Managing director Datuk Hashim Mahfar said in a statement yesterday that the IC Interpretation 12-Service Concession Arrangements, which were retrospective, had also resulted in a drop in shareholders' funds from RM1.5bil to RM35.6mil.
However, Puncak Niaga has obtained a conditional waiver from being categorised a PN17 company until the announcement of its second-quarter results for the period ending June 30, 2012.
(Under Bursa Malaysia rules, that would have been the case if a company's shareholders' funds fell below RM40mil).
Wednesday, June 1, 2011
Harakah:Elektrik: BN main silap mata dengan rakyat
PAS menganggap kerajaan BN bermain silap mata dengan rakyat isu kenaikan tarif elektrik.
Ketua Penerangan PAS Pusat, Ustaz Idris Ahmad (gambar) berkata, sedangkan pada 25 Mei lalu kabinet memutuskan petrol RON 95 tidak naik dengan alasan prihatin kerajaan kepada rakyat.
Tiba-tiba, katanya rakyat dikejutkan dengan pengumuman kerajaan mengenai kenaikan tarif elektrik 7.12% bermula 1 Jun (esok).
Katanya, menjadi kebiasaan akhbar Umno, Utusan Malaysia dengan tajuk "Tiada Kenaikan Guna 300 kWj".
“Inilah kerja Utusan Malaysia yang mencari apa sahaja hujah untuk membela penguasa yang tidak berhati perut terhadap rakyat.
Ketua Penerangan PAS Pusat, Ustaz Idris Ahmad (gambar) berkata, sedangkan pada 25 Mei lalu kabinet memutuskan petrol RON 95 tidak naik dengan alasan prihatin kerajaan kepada rakyat.
Tiba-tiba, katanya rakyat dikejutkan dengan pengumuman kerajaan mengenai kenaikan tarif elektrik 7.12% bermula 1 Jun (esok).
Katanya, menjadi kebiasaan akhbar Umno, Utusan Malaysia dengan tajuk "Tiada Kenaikan Guna 300 kWj".
“Inilah kerja Utusan Malaysia yang mencari apa sahaja hujah untuk membela penguasa yang tidak berhati perut terhadap rakyat.
KPRU: Kenaikan Tarif Elektrik Tingkat Inflasi
Kajian Politik untuk Perubahan (KPRU) berasa kesal dengan langkah kerajaan untuk meningkatkan tarif elektrik secara purata sebanyak 7.12% mulai Jun 2011 mahupun pelbagai pihak, termasuk pakar ekonomi telah mengingatkan kerajaan bahawa tekanan inflasi semakin mendesak.
Dalam pada itu, kerajaan juga mengumumkan bahawa tarif elektrik di negara ini akan dinaikkan setiap 6 bulan bagi tahun-tahun berikut supaya selaras dengan kenaikan harga gas asli yang dijual oleh Petronas kepada pengeluar tenaga.
Pengumuman kerajaan bahawa 4.4 juta atau 75% pengguna di Malaysia tidak akan mengalami sebarang kenaikan tarif elektrik memang dalam jangkaan.
Akan tetapi, kerajaan secara sengaja mengabaikan satu fakta, iaitu harga barangan harian dan makanan akan meningkat susulan daripada pengumuman tersebut. Hal ini kerana pihak industri pengeluaran makanan yang menggunakan sebahagian besar tenaga elektrik dijangka memindah kos berkaitan kepada pihak pengguna.
Dalam pada itu, kerajaan juga mengumumkan bahawa tarif elektrik di negara ini akan dinaikkan setiap 6 bulan bagi tahun-tahun berikut supaya selaras dengan kenaikan harga gas asli yang dijual oleh Petronas kepada pengeluar tenaga.
Pengumuman kerajaan bahawa 4.4 juta atau 75% pengguna di Malaysia tidak akan mengalami sebarang kenaikan tarif elektrik memang dalam jangkaan.
Akan tetapi, kerajaan secara sengaja mengabaikan satu fakta, iaitu harga barangan harian dan makanan akan meningkat susulan daripada pengumuman tersebut. Hal ini kerana pihak industri pengeluaran makanan yang menggunakan sebahagian besar tenaga elektrik dijangka memindah kos berkaitan kepada pihak pengguna.
TheStar:Bondholders respond positively to PAAB’s plan to buy Selangor water debts
Pengurusan Aset Air Bhd's (PAAB) offer to buy up Selangor's water-related bonds have been “well-received” by bondholders, according to reliable sources.
The sources, however, were not able to confirm as at press time if PAAB was able to secure the minimum 75% take-up rate of its offer, which is a condition placed by PAAB.
The offer, which was made via PAAB's unit Acqua SPV Bhd, expired yesterday.
OSK Research analyst for the water sector Vincent Lim said the bondholders were left with little choice but to accept the offer as the bonds were due for repayment very soon.
A file picture shows a Syabas employee checking water pipes in Sepang. The water sector in Selangor is by far the most fragmented in the country.
The structure of the entire offer, reportedly to be valued at about RM6.5bil, is unclear but it is understood that Acqua SPV is buying back the debt papers at par value, which means bondholders are likely to forego any future coupon payment of the bonds.
“That said, the bondholders are better off taking up PAAB's offer as there could be more complications in the state's water sector, and the bonds stand a good chance of defaulting,” Lim said.
So far, the outstanding water bonds that are rated, excluding the ones issued by PAAB, are said to amount to RM6.7bil of the total RM9.02bil issued.
The payment to the bondholders taking up PAAB's offer will be made on June 30.
The bondholders include institutions such as Great Eastern Life Assurance (M) Bhd, CIMB Group Holdings Bhd and the Employees Provident Fund (EPF).
The bonds were issued to spearhead the consolidation of the water industry in Selangor that has been dragging on for more than two years.
Due to the ongoing issues in Selangor's water industry, Malaysian Rating Corp Bhd and RAM Ratings Services Bhd had simultaneously downgraded the ratings of the state's water-related debt issuances as far back as last year on “uncertainness in the operating environment” and “perceived lack of government support” for the sector.
The financial issues of the water companies in Selangor started because they had not received payments from Puncak Niaga Holding Bhd's unit, Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), the principal concessionaire in Selangor.
Syabas pays these companies to treat water before it is being supplied to consumers in Selangor, Putrajaya and Kuala Lumpur.
Syabas is cash-strapped because it did not get a 37% tariff hike, which was due in 2009, as the Pakatan Rakyat-led Selangor government claimed that Syabas did not fulfil certain criteria for that hike.
The water sector in Selangor is by far the most fragmented in the country. The main parties involved are the Federal Government, state government and water players, with Puncak Niaga as the core company.
Puncak Niaga is said to be closely linked to Barisan Nasional, which adds political complications to the situation, observers say.- THESTAR
The sources, however, were not able to confirm as at press time if PAAB was able to secure the minimum 75% take-up rate of its offer, which is a condition placed by PAAB.
The offer, which was made via PAAB's unit Acqua SPV Bhd, expired yesterday.
OSK Research analyst for the water sector Vincent Lim said the bondholders were left with little choice but to accept the offer as the bonds were due for repayment very soon.
A file picture shows a Syabas employee checking water pipes in Sepang. The water sector in Selangor is by far the most fragmented in the country.
The structure of the entire offer, reportedly to be valued at about RM6.5bil, is unclear but it is understood that Acqua SPV is buying back the debt papers at par value, which means bondholders are likely to forego any future coupon payment of the bonds.
“That said, the bondholders are better off taking up PAAB's offer as there could be more complications in the state's water sector, and the bonds stand a good chance of defaulting,” Lim said.
So far, the outstanding water bonds that are rated, excluding the ones issued by PAAB, are said to amount to RM6.7bil of the total RM9.02bil issued.
The payment to the bondholders taking up PAAB's offer will be made on June 30.
The bondholders include institutions such as Great Eastern Life Assurance (M) Bhd, CIMB Group Holdings Bhd and the Employees Provident Fund (EPF).
The bonds were issued to spearhead the consolidation of the water industry in Selangor that has been dragging on for more than two years.
Due to the ongoing issues in Selangor's water industry, Malaysian Rating Corp Bhd and RAM Ratings Services Bhd had simultaneously downgraded the ratings of the state's water-related debt issuances as far back as last year on “uncertainness in the operating environment” and “perceived lack of government support” for the sector.
The financial issues of the water companies in Selangor started because they had not received payments from Puncak Niaga Holding Bhd's unit, Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), the principal concessionaire in Selangor.
Syabas pays these companies to treat water before it is being supplied to consumers in Selangor, Putrajaya and Kuala Lumpur.
Syabas is cash-strapped because it did not get a 37% tariff hike, which was due in 2009, as the Pakatan Rakyat-led Selangor government claimed that Syabas did not fulfil certain criteria for that hike.
The water sector in Selangor is by far the most fragmented in the country. The main parties involved are the Federal Government, state government and water players, with Puncak Niaga as the core company.
Puncak Niaga is said to be closely linked to Barisan Nasional, which adds political complications to the situation, observers say.- THESTAR
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