Gamuda shares rebound after accepting Splash takeover offer

PETALING JAYA: Gamuda Bhd’s share price rose 1.35% this morning after its 40%-owned associate company Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) accepted the RM2.55 billion takeover offer.
At 11.34am, the stock was 1.35% or 5 sen higher at RM3.76 with 1.83 million shares traded. The stock closed 3.6% or 14 sen lower at RM3.71 yesterday with some 4.55 million shares changing hands.
Splash is a wholly owned subsidiary of Syarikat Pengeluar Air Selangor Holdings Bhd (Splash Holdings), in which Gamuda has 40% interest, while Kumpulan Perangsang Selangor Bhd (KPS) and The Sweet Water Alliance Sdn Bhd own 30% each.
Gamuda told Bursa Malaysia yesterday that Splash Holdings expects to commence negotiations with Pengurusan Air Selangor Sdn Bhd (Air Selangor) to finalise the terms and conditions for the sale and purchase (SPA) of Splash through a share purchase agreement to be executed by both parties.
The two parties expect to finalise the terms and conditions of the SPA by Sept 14.
Meanwhile, KPS said the acceptance of the takeover offer does not require approval from its shareholders.
KPS’ share price rose 0.55% or 1 sen this morning with 1.62 million shares traded. The stock closed down one sen to RM1.83 yesterday with some 1.48 million shares changing hands.