KUALA LUMPUR (Dec 3): The Ministry of Finance (MoF) has denied that it invited Ranhill Utilities Bhd to undertake due diligence activities on Indah Water Konsortium Sdn Bhd (IWK) in relation to the proposed disposal of MoF Inc’s interest in IWK.

In a statement today, the Ministry and its wholly-owned Ministry of Finance Inc (MoF Inc) both denied issuing any offer letter or invitation to Ranhill for the latter to undertake the due diligence.

“Please also be informed that a wholly-owned subsidiary of MoF Inc, Prokhas Sdn Bhd (Prokhas) also did not issue any invitation to any parties for a due diligence to be undertaken on IWK, as Ranhill stated in a statement it issued,” the MoF said.

The Ministry's denial came after Ranhill announced in a stock exchange filing yesterday that it had received an invitation from Prokhas to undertake the due diligence, which the utility company said will enable it to access the information necessary for it to finalise its proposal to MoF Inc.

It also said that it had submitted a proposal for the restructuring of IWK to the Ministry on June 26, and that the plan involved the disposal of MoF Inc’s interest in IWK to Ranhill.

Shares in Ranhill closed 3.68% or three sen lower at 84.5 sen today, giving it a market value of RM906.63 million. It saw 10.73 million shares done.

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Ranhill says yet to receive letter from MoF on due diligence exercise for IWK
MoF Inc invites Ranhill for due diligence exercise on Indah Water Konsortium