PBAHB deny making profits at the expense of people

GEORGE TOWN: Penang's water authority today dismissed a suggestion that the company was making super profits and taking advantage of the people.
PBA Holding Sdn Bhd CEO Datuk Jaseni Maidinsa said profits will be reinvested in water supply projects in Penang in line with the "no water rationing policy" after dividends were paid.
He said the water supply provider constantly reinvested in Penang to stay ahead of water demands.
He said RM89.5million worth of projects was launched in 2016 comprising a RM16.7million reservoir project in Jawi, a RM54.9million project at the Sungai Dua water treatment plant and a RM11.9million project at the Bukit Dumbar pumping station.
He said PBAHB is a public listed company but the principal and majority shareholder was the State Secretary and that Penang Water Supply Corporation (PBAPP), was a wholly owned subsidiary of the holding company.
He said the directors of both boards, including Chief Minister Lim Guan Eng and other elected representatives, do not hold shares.
He said the arrangement guaranteed operational profits and profits after tax (PAT) was safeguarded by the state government and the mobilisation of funds was in the best interests of the people.
"The prime directive is to avoid water rationing in Penang. Hence, it is not possible for PBAHB and PBAPP to make super profits and take advantage of the people," he said in a statement today.
PBAHB reported a PAT of RM61.9million in 2016.