KUALA LUMPUR (Sept 13): Taliworks Corp Bhd’s unit Sungai Harmoni Sdn Bhd has the Individual License pursuant to Section 9 of the Water Services Industry Act 2006 from the Minister of Water, Land and Natural Resources.

In a filing to Bursa Malaysia this morning, Taliworks said the agreements entered into by Sungai Harmoni on May 24, 2019 in relation to the operations and maintenance of the Sungai Selangor Water Treatment Plant Works Phase 1 (SSP1) have become unconditional and been completed.

It said with the completion of the agreements, Sungai Harmoni will start operating and maintaining the SSP1 under the Bulk Water Supply Agreement (BWSA) from Sept 13 onwards.

It added Sungai Harmoni will be receiving an upfront sum equal to 10% of the settlement sum under the Termination and Settlement Agreement (TSA) no later than 14 days from Sept 12, while the balance settlement sum with interest of 5.25% per annum will be payable in nine annual instalments.

Taliworks executive director Datuk Ronnie Lim said the repayment of the outstanding receivables under the TSA and the stable recurring income under the BWSA will further strengthen the firm’s cash flow position, allowing it to continue to grow its business foundation and deliver good long-term growth prospects.

“We remain strong in our commitment to reward our shareholders, in line with our dividend policy,” he said.