Gamuda, KPS shares recover

PETALING JAYA: The shares of Gamuda Bhd and Kumpulan Perangsang Selangor Bhd (KPS) recovered this morning after reacting negatively to the RM2.55 billion offer for Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash).
At midday, Gamuda’s share price rose 0.54% or 2 sen to RM3.74 with 2.67 million shares traded while KPS’ share price rose 1.68% or 3 sen to RM1.82 with 2.08 million shares traded.
The two stocks reacted negatively to the Splash offer yesterday, declining as much as 5.4% and 6.3% to RM3.67 and RM1.78 respectively. At market close, the stocks fell 4.1% and 5.8% to RM3.72 and RM1.79 respectively.
The share prices of Gamuda and KPS closed at RM3.88 and RM1.90 last Thursday, prior to the suspension of both shares last Friday pending the announcement of the Splash offer.
Last Friday, Pengurusan Air Selangor Sdn Bhd offered to acquire the entire 50 million ordinary shares and 350 million redeemable unsecured loan stocks of Splash for a total purchase consideration of RM2.55 billion.
Gamuda and KPS hold 40% and 30% stakes respectively in Splash while the remaining 30% is held by The Sweet Water Alliance Sdn Bhd.