Ranhill to undertake due diligence on Indah Water Konsortium

KUALA LUMPUR: Ranhill Utilities Bhd will undertake a due diligence exercise on Indah Water Konsortium Sdn Bhd for the proposed disposal of the Finance Ministry’s stake in the wastewater and sanitisation company.

The group said in a filing with Bursa Malaysia that it had received a letter from Minister of Finance, Inc (MOF Inc) inviting it to undertake the exercise before finalising its restructuring proposal.

On June 26, 2020, Ranhill had submitted a proposal for the restructuring of IWK that will involve, among others, the disposal by MOF Inc of its interest in IWK to the company.

Prokhas, a private limited company wholly-owned by MOF Inc, was appointed by MOF Inc to represent it as its consultant for the proposal.

The due diligence exercise for the proposal will not have any material effect on the earnings, net assets and gearing of Ranhill for the current financial year ending Dec 31, 2020, it said.