PETALING JAYA: Taliworks Corp Bhd’s wholly owned-subsidiary Sungai Harmoni Sdn Bhd has received the Individual License pursuant to Section 9 of the Water Services Industry Act 2006 from the Minister of Water, Land and Natural Resources.
The group said the agreement entered on matters relating to the operations and maintenance of the Sungai Selangor Water Treatment Plant Works Phase 1 (SSP1) have become unconditional and been completed.
With the completion of the agreement, Sungai Harmoni will commence operating and maintaining the SSP1 under the Bulk Water Supply Agreement (BWSA) from Sept 13, 2019 onwards.
Under the termination and settlement agreement (TSA), Taliworks will receive an upfront sum equal to 10% of the settlement sum within 14 days from Sept 12, 2019, 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 group is delighted to be able to finally draw down the curtains to this long-standing water restructuring exercise.
“The repayment of the outstanding receivables under the TSA and the stable recurring income under the BWSA will further strengthen our cash flow position, allowing us to continue to grow our strong business foundation and deliver good long-term growth prospects,” he said in a statement.
He said the group remains strong in its commitment to reward shareholders, in line with its dividend policy.