Malaysia

MoF denies issuing Ranhill Utilities offer letter for due diligence on Indah Water Konsortium

Neither MoF Inc nor subsidiary Prokhas Sdn Bhd had done any such thing, says ministry

Updated 5 years ago · Published on 03 Dec 2020 6:45PM

MoF denies issuing Ranhill Utilities offer letter for due diligence on Indah Water Konsortium — The Finance Ministry said Minister of Finance Incorporated’s wholly owned subsidiary, Prokhas Sdn Bhd, has never issued any invitation to any party to undertake due diligence on Indah Water Konsortium Sdn Bhd as stated by Ranhill Utilities Bhd. – Bernama pic, December 3, 2020

KUALA LUMPUR – The Finance Ministry today dismissed Ranhill Utilities Bhd’s notification to Bursa Malaysia that the ministry and Minister of Finance Incorporated had issued an offer letter to the company to undertake due diligence on Indah Water Konsortium Sdn Bhd.

In a statement, the ministry said MoF Inc’s wholly owned subsidiary, Prokhas Sdn Bhd, had also never issued any invitation to any party to undertake due diligence on IWK as stated by Ranhill.

Yesterday, Ranhill Utilities said in a filing with Bursa Malaysia that it had received an invitation letter from MoF Inc to undertake due diligence on IWK for the proposed disposal of its interest in the company.

It said Prokhas was appointed by MoF Inc to represent the latter as its consultant for the proposal.

Ranhill has yet to respond to the Finance Ministry’s statement. – Bernama, December 3, 2020

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