Gamuda, Kumpulan Perangsang Selangor decline on RM2.55b offer for Splash

PETALING JAYA: Shares of Gamuda Bhd fell as much as 5.2% this morning after a RM2.55 billion offer for its 40%-owned Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) by the Selangor state government.
At the noon break, Gamuda's share price went down 16 sen or 4.1% to RM3.72 on 7.72 million shares done.
Meanwhile, Kumpulan Perangsang Selangor Bhd, which owns a 30% stake in Splash, also saw its shares slip as much as 12 sen or 6.3% to RM1.78. At the midday break, the stock stood at RM1.83 with 12.74 million shares changing hands.
The RM2.55 billion offer represents a 28% discount based on Splash's net book value of RM3.54 billion as at June 30, 2018. The remaining 30% stake in Splash is held by Tan Sri Wan Azmi Wan Hamzah-controlled The Sweet Water Alliance.