UALA LUMPUR (Dec 3): After the Ministry of Finance (MoF) denied that it has invited Ranhill Utilities Bhd to undertake due diligence activities on Indah Water Konsortium Sdn Bhd (IWK), the company clarified that it has yet to receive a letter from the ministry.
“The company will make the necessary announcement in a timely manner to Bursa Malaysia, upon receiving the letter,” it said in a brief filing this evening.
In a statement earlier today, MoF 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 in relation to the proposed disposal of MoF Inc’s interest in IWK.
The ministry also stated that MoF Inc’s wholly-owned unit Prokhas Sdn Bhd also did not issue any invitation to any parties for a due diligence to be undertaken on IWK, as claimed by Ranhill.
In a stock exchange filing yesterday, Ranhill claimed 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 it had submitted a proposal for the restructuring of IWK to the MoF on June 26, and that the plan involved the disposal of MoF Inc’s interest in IWK to Ranhill.
Shares in Ranhill closed three sen or 3.68% higher at 84 sen today, giving the group a market value of RM906.63 million.