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CORRECTED - CORRECTED-Malaysia Gamuda says Splash gets $844 mln ...


By : (Corrects Gamuda's ownership in Splash in lead paragraph to 30 percent, not 40 percent)
Date posted :2009-06-26 23:59:00

KUALA LUMPUR, June 27 (Reuters) - Malaysia's construction-to-utilities group Gamuda (GAMU.KL) said its 30 percent owned unit Splash has received a new offer worth 2.975 billion ringgit ($844.2 million) from Selangor state.

Splash owns a 30-year water concession in Selangor.

The offer price comprised of Splash's equity value of 1.579 billion ringgit and liabilities of 1.396 billion ringgit which were based on one-time net book value, Gamuda told the stock exchange late on Friday.

Splash has until June 29 to decide if it is accepting the offer, said Gamuda.

The takeover of Splash by the Selangor state government was part of a federal government plan to nationalise the country's fragmented water industry.


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