Managing Director, Datuk Lin Yun Ling said the new offer should not only take
into account the discounted cashflow (DCF) value but the RM1.5 billion invested
by Gamuda and the income to be reaped over the remaining 20 years of the
concession.
Speaking after the company's annual general meeting, he said
Gamuda was willing to discuss the matter further with the government.
"As
one of the sellers, we are willing to compromise and be flexible when it comes
to valuation, but it cannot be unreasonably priced," he added.
Pengurusan
Aset Air Bhd, a federal government-run firm, is expected to announce the new
offer this week after the Selangor government aborted its original plan to pay
RM9.2 billion for the assets.
The initial plan was called off after
Puncak Niaga Holdings Bhd, Gamuda and Kumpulan Perangsang Selangor Bhd could
agree on the price offered by the state government.
The state government
has proposed to acquire Gamuda's 40 per cent owned subsidiary, Syarikat
Pengeluar Air Sungai Selangor Sdn Bhd, for an estimated gross price of RM2.975
billion comprising the assumption of RM1.39 billion in liabilities and RM1.58
billion in equity.
Lin said the offer made by the state government to the
concessionaires was not even on par with book value.
"Our accountants are
pressing their heads on how the government came out with that figure (RM9.2
billion). Even if the book value is lower than the figure but in term of DCF
value, it will be worth more than the offer," he said.
The real value of
concessions was the recurrent earnings for a definite period in the future, he
added.
He said the issue could not be resolved if the government and the
concessionaires had different interpretations of the offer price.
"There
is so much needs to be resolved, especially on the underlying issue," he
said. -- BERNAMA
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