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楼主: kongsenger

[公司专区] 5041 PBA 槟州水供

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发表于 2016-10-3 23:04 | 显示全部楼层
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发表于 2016-11-26 15:13 | 显示全部楼层

5401           TROP           TROPICANA CORPORATION BERHAD      
        Quarterly rpt on consolidated results for the financial period ended 30/09/2016      
Quarter:3rd Quarter
Financial Year End:31/12/2016
Report Status:Unaudited
Submitted By:
Current Year QuarterPreceding Year Corresponding QuarterCurrent Year to DatePreceding Year Corresponding Period
30/09/201630/09/201530/09/201630/09/2015
RM '000RM '000RM '000RM '000
1Revenue357,076244,5761,002,080947,832
2Profit/Loss Before Tax53,396175,380127,294242,421
3Profit/Loss After Tax and Minority Interest34,797151,78383,282194,226
4Net Profit/Loss For The Period36,953156,71085,521215,135
5Basic Earnings/Loss Per Shares (sen)2.4410.495.8213.54
6Dividend Per Share (sen)2.505.002.505.00
As At End of Current QuarterAs At Preceding Financial Year End
7Net Tangible Assets Per Share (RM) 2.19002.1500
Remarks:
You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com

24/11/2016   07:00 AM      


Ref Code: 201611243100404

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发表于 2016-11-29 18:06 | 显示全部楼层
5041                                                            

              First Interim Single tier Dividend 3.5%            
              

Entitlement Details:
                  First interim single tier dividend of 3.5% for the financial year ending 31
December 2016               

Entitlement Type:First Interim Dividend
Entitlement Date and Time:23/12/2016  05:00 PM
Year Ending/Period Ending/Ended Date:31/12/2016
EX Date:21/12/2016
To SCANS Date:
Payment Date:13/01/2017
Interest Payment Period:
Trading of Rights Start On:
Trading of Rights End On:
Stock Par Value:

                  Share transfer book & register of members will be closed from                    to                                     (both dates inclusive) for the purpose of determining the entitlements                 

                  A Depositor shall qualify for the entitlement in respect of:               
                  - Securities transferred into the Depositor's Securities Account before                  23/12/2016                  04:00 PM                  in respect of ordinary transfers.               
                  - Securities transferred into the Depositor's Securities Account before                                                        in respect of express transfers.               
                  - Securities deposited into the Depositor's Securities Account before                                                        in respect of securities exempted from mandatory deposit.               
                  - Securities not withdrawn from the Depositor's Securities Account as at                                      .               
                  - Securities bought on BMSB on a cum entitlement basis according to the Rules of the BMSB.               

Registrar's Name and Contact:
                  SECURITIES SERVICES (HOLDINGS) SDN BHD (PENANG)Suite 18.05, MWE PlazaNo. 8
Lebuh Farquhar10200Tel:042631966Fax:042628544               

Remarks:
                  You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com               

Submitted By:
            
              
29/11/2016   05:51 PM            
              

Ref Code: 201611293200321            

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发表于 2016-11-29 18:07 | 显示全部楼层
5041                                                            

              Quarterly rpt on consolidated results for the financial period ended 30/09/2016            
              
Quarter:3rd Quarter
Financial Year End:31/12/2016
Report Status:Unaudited
Submitted By:

Current Year QuarterPreceding Year Corresponding QuarterCurrent Year to DatePreceding Year Corresponding Period
30/09/201630/09/201530/09/201630/09/2015
RM '000RM '000RM '000RM '000
1Revenue82,19182,377247,025221,981
2Profit/Loss Before Tax27,47616,13152,30732,615
3Profit/Loss After Tax and Minority Interest22,74213,12244,98929,289
4Net Profit/Loss For The Period22,74213,12244,98929,289
5Basic Earnings/Loss Per Shares (sen)6.873.9613.598.85
6Dividend Per Share (sen)1.751.751.751.75
As At End of Current QuarterAs At Preceding Financial Year End
7Net Assets Per Share (RM) 2.38002.2700


Remarks:
                  You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com               
            
              
29/11/2016   05:49 PM            
              

Ref Code: 201611293100315            

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发表于 2016-12-27 17:28 | 显示全部楼层
OTHERS PBA HOLDINGS BHD ("PBAHB" or "Company")AWARD OF LICENCE BY MINISTER OF ENERGY, GREEN TECHNOLOGY AND WATER TO A SUBSIDIARY OF THE COMPANY                                                                       
PBA HOLDINGS BHD
                        
                                        
TypeAnnouncement
SubjectOTHERS
                                
DescriptionPBA HOLDINGS BHD ("PBAHB" or "Company")AWARD OF LICENCE BY MINISTER OF ENERGY, GREEN TECHNOLOGY AND WATER TO A SUBSIDIARY OF THE COMPANY
                                                                                                                        PBA Holdings Bhd. wishes to announce that National Water Services Commission (“SPAN”) has on 23 December 2016 vide its letter informing that the Minister of Energy, Green Technology and Water had on 13 December 2016 approved the application for the renewal of Individual License (Facilities and Services) by its wholly owned subsidiary, Perbadanan Bekalan Air Pulau Pinang Sdn. Bhd.  (hereinafter referred as the "Licence") pursuant to the Water Services Industry Act 2006 (“WSIA”).

The Licence shall be effective from 1 January 2017 to 31 December 2019, unless renewed in accordance with Section 17 of the WSIA and Regulation 7 of the Water Services Industry (Licensing) Regulations 2007.

This announcement is dated 27 December 2016.
                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         PBA HOLDINGS BHD                                                       
Stock Name PBA
Date Announced27 Dec 2016
CategoryGeneral Announcement for PLC
Reference NumberGA1-21122016-00090
                                         


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发表于 2017-2-28 20:17 | 显示全部楼层
5041                                                            

              Quarterly rpt on consolidated results for the financial period ended 31/12/2016            
              
Quarter:4th Quarter
Financial Year End:31/12/2016
Report Status:Unaudited
Submitted By:

Current Year QuarterPreceding Year Corresponding QuarterCurrent Year to DatePreceding Year Corresponding Period
31/12/201631/12/201531/12/201631/12/2015
RM '000RM '000RM '000RM '000
1Revenue79,68078,344326,705300,325
2Profit/Loss Before Tax2,45412,15554,76144,770
3Profit/Loss After Tax and Minority Interest16,8888,71161,87738,000
4Net Profit/Loss For The Period16,8888,71161,87738,000
5Basic Earnings/Loss Per Shares (sen)5.102.6318.6911.48
6Dividend Per Share (sen)2.252.004.003.75
As At End of Current QuarterAs At Preceding Financial Year End
7Net Assets Per Share (RM) 2.42002.2800


Remarks:
                  You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com               
            
              
28/02/2017   05:23 PM            
              

Ref Code: 201702283100278            

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发表于 2017-2-28 22:54 | 显示全部楼层
OTHERS RANHILL HOLDINGS BERHAD ("Ranhill" of "the Company")-Proposed Final Dividend of 2.0 sen per ordinary share                                                                       
RANHILL HOLDINGS BERHAD
                        
                                        
TypeAnnouncement
SubjectOTHERS
                                
DescriptionRANHILL HOLDINGS BERHAD ("Ranhill" of "the Company")-Proposed Final Dividend of 2.0 sen per ordinary share
                                                                                                                        The Board of Directors of Ranhill had resolved to recommend a final dividend of 2.0 sen per ordinary share for the financial year ended 31 December 2016, subject to the Shareholders' approval at the forthcoming Third Annual General Meeting of the Company.

The date of entitlement and date of payment in respect of the aforesaid proposed final dividend will be determined and announced in due course.

This announcement is dated 28 February 2017.
                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         RANHILL HOLDINGS BERHAD                                                       
Stock Name RANHILL
Date Announced28 Feb 2017
CategoryGeneral Announcement for PLC
Reference NumberGA1-28022017-00042
                                         


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发表于 2017-2-28 22:55 | 显示全部楼层
OTHERS PBA HOLDINGS BHD. ("PBAHB" or "the Company")Proposed Final Dividend                                                                       
PBA HOLDINGS BHD
                        
                                        
TypeAnnouncement
SubjectOTHERS
                                
DescriptionPBA HOLDINGS BHD. ("PBAHB" or "the Company")Proposed Final Dividend
                                                                                                                        The Board of Directors of PBAHB is pleased to announce that a final single tier dividend of 4.5% in respect of the financial year ending 31 December 2016 will be recommended to the shareholders for approval at the forthcoming Annual General Meeting.
The above dividend payment date, entitlement date and all other relevant information shall be announced at a later date.
This announcement is dated 28 February 2017.

                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         PBA HOLDINGS BHD                                                       
Stock Name PBA
Date Announced28 Feb 2017
CategoryGeneral Announcement for PLC
Reference NumberGA1-21022017-00115
                                         


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发表于 2017-3-31 17:38 | 显示全部楼层
OTHERS Announcement from the Board of Directors of PBA Holdings Bhd.                                                                       
PBA HOLDINGS BHD
                        
                                        
TypeAnnouncement
SubjectOTHERS
                                
DescriptionAnnouncement from the Board of Directors of PBA Holdings Bhd.
                                                                                                                        The Board of Directors (the “Board” or “Directors”) of PBA Holdings Bhd (the “Company” or “PBAHB”) have been made aware through various media reports published on 30 March 2017 on the remand of a trustee of a foundation who also sits on the Board of the Company as an Independent Non-Executive Director of the Company, YBhg. Dato’ Syed Mohamad bin Syed Murtaza (“Dato’ Syed”) by Malaysian Anti-Corruption Commission (“MACC”) to facilitate and assist investigations currently being conducted by MACC under Section 23 of the MACC Act 2009. The Company has no details of the nature of the investigations or their status.  
The Board of Directors wishes to inform that Dato’ Syed being an Independent Non-Executive Director of the Company is not involved in the day-to-day business and operation of PBAHB Group and the said investigation is not relating the Company.
Hence, the above-said remand will not have any impact on the business and operation of PBAHB Group of companies.
This announcement is dated 31 March 2017.

                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         PBA HOLDINGS BHD                                                       
Stock Name PBA
Date Announced31 Mar 2017
CategoryGeneral Announcement for PLC
Reference NumberGA1-31032017-00088
                                         


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发表于 2017-4-10 18:41 | 显示全部楼层
OTHERS PBA HOLDINGS BHD ("PBAHB" or "the Company")- Proposed renewal of authority for the Company to undertake a share buy-back of up to 10% of its issued and paid-up ordinary share capital ("Proposed Renewal of Shares Buy-Back Authority")                                                                       
PBA HOLDINGS BHD
                        
                                        
TypeAnnouncement
SubjectOTHERS
                                
DescriptionPBA HOLDINGS BHD ("PBAHB" or "the Company")- Proposed renewal of authority for the Company to undertake a share buy-back of up to 10% of its issued and paid-up ordinary share capital ("Proposed Renewal of Shares Buy-Back Authority")
                                                                                                                        The Board of Directors of PBAHB wishes to announce that the Company intends to seek the approval of its shareholders for the Proposed Renewal of Share Buy-Back Authority at the forthcoming Seventeenth Annual General Meeting of the Company.
A Statement containing the details in relation to the Proposed Renewal of the Share Buy-Back Authority will be despatched to the shareholders in due course.
This announcement is dated 10 April 2017.
                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         PBA HOLDINGS BHD                                                       
Stock Name PBA
Date Announced10 Apr 2017
CategoryGeneral Announcement for PLC
Reference NumberGA1-07042017-00015
                                         


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发表于 2017-4-24 21:23 | 显示全部楼层
【今日北馬頭條】林冠英:擬調整水源保護附加費 漲一倍鼓勵省水

(檳城23日訊)檳州首長林冠英說,檳州供水機構將向國家水務委員會申請,將目前家居用水的水源保護附加費,從每1000公升48仙漲至1令吉,以鼓勵人們省水。



一旦獲批准后,每月用水量超過3萬5000公升的家居用戶,3萬5000公升后的附加費是每1000公升1令吉。

他說,目前州內50萬4400用戶當中,有25%每月使用超過3萬5000公升。

暫不漲水費



林冠英今早在檳城植物園石礦公園,進行的世界水源日活動時,發表談話。出席者包括檳州供水機構總執行長拿督傑瑟尼,及檳州水源監督組織主席陳藝榮博士等。

他說,傑瑟尼告知他,檳州供水機構需要耗資9100萬令吉補貼檳州水供,以讓人民持續享有首3萬5000公升,每公升32仙的低廉收費;檳城水源監督組織及檳城消費人協會也向州政府反應人民浪費水,要求州政府採取檢討水費等措施。

早在2010年底,州政府已開始徵收水源保護附加費,但對于減少浪費水並未有太大成效,林冠英就此建議調高該附加費100%,從48仙調高至1令吉。

水源保護附加費在2010年實施時是每1000公升24仙,2013年調漲一倍至48仙。

林冠英促請非政府組織及相關單位再給一次機會,州政府暫不漲水費,而先以調高水源保護附加費,作為短期解決方案。

來源:中國報

還沒漲水費!


点评

没有涨价啦,只是要你给多点。。。。。这是神的逻辑,普通人很难了解  发表于 2017-4-24 22:37

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发表于 2017-4-25 12:06 | 显示全部楼层


PBA 股价要涨了。

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发表于 2017-4-27 18:48 | 显示全部楼层
Final Dividend                                                
PBA HOLDINGS BHD
               
               
EX-date04 Jul 2017
Entitlement date06 Jul 2017
Entitlement time05:00 PM
Entitlement subjectFinal Dividend
Entitlement descriptionA final single tier dividend of 2.25 sen per share
Period of interest                                        payment                                           to                                  
Financial Year End31 Dec 2016
Share transfer book                                        & register of members will be                                           to    closed from (both dates inclusive) for the purpose of determining the entitlement                               
Registrar or Service Provider name, address, telephone no                                        SECURITIES SERVICES (HOLDINGS) SDN BHD (PENANG)Suite 18.05, MWE PlazaNo. 8 Lebuh Farquhar10200 Georgetown, PenangTel:042631966Fax:042628544                               
Payment date21 Jul 2017
a.Securities                                        transferred into the Depositor's Securities Account before 4:00 pm                                        in respect of transfers06 Jul 2017
b.Securities deposited                                        into the Depositor's Securities Account before 12:30 pm in respect                                        of securities exempted from mandatory deposit
c.                                        Securities bought on the Exchange on a cum entitlement basis                                        according to the Rules of the Exchange.
Number of new                                        shares/securities issued (units) (If applicable)
Entitlement indicatorCurrency
                                                Currency                                                                                        Malaysian Ringgit (MYR)                                       
                                                Entitlement in Currency                                                                                        0.0225                                       
                                        Par Value                                                                        Malaysian Ringgit (MYR) 0.000                               
               
                                       
                       
Remarks :
The proposed final single tier dividend of 2.25 sen per share for the financial year ended 31 December 2016 is subject to shareholders' approval at the Seventeenth Annual General Meeting of PBA Holdings Bhd to be held on 23 May 2017.
               
               
               
                                                        Announcement Info                       
Company Name                                                         PBA HOLDINGS BHD                                       
Stock Name PBA
Date Announced27 Apr 2017
CategoryEntitlement(Notice of Book Closure)
Reference NumberENT-27042017-00034
                         


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发表于 2017-4-27 19:01 | 显示全部楼层
槟城供水冀明年降低9100万补贴
Sangeetha Amarthalingam
/
theedgemarkets.com

April 27, 2017 15:48 pm MYT

-A+A
(乔治市27日讯)随着明年将调涨水源保护附加费(WCS),槟城供水控股(PBA Holdings Bhd)预计可降低其9100万令吉的家庭用水补贴。

总执行长Datuk Jaseni Maidinsa表示,该补贴从2008年的约5000万令吉,逐渐增至去年的9100万令吉。

他今日在媒体汇报会上指出:“槟城是个以人民为主的州属,然而每年9100万令吉的补贴是不可持续或不合理的。实际上,这些钱应用于重要水利基础设施项目,以避免配水。如果我们现在什么都不做,补贴将在2017年增加。”

他说,一部分的补贴给予大户家庭、低收入家庭、注册慈善机构、医院、孤儿院和教育中心等回扣。

槟城供水控股上个月表示,由于家庭用水量达3万5000公升,WCS将由目前的48仙,涨至1令吉。这有待国家水务委员会(SPAN)的批准。

Jaseni说,目前州内50万4400户家庭中,有25%被征WCS,因此商家不会受到影响。

槟州家庭用水量高于商家用水量,占59.4%,这意味着他们的用水量比工厂、酒店和企业还高。

他说,槟城供水控股的目标是将用水量减少10%,2016年的每日用水量是8亿2700万公升。

截至3时26分,该股报1.24令吉,无起落,共3万2000股易手。



(编译:陈慧珊)

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发表于 2017-4-27 22:44 | 显示全部楼层
“截至3时26分,该股报1.24令吉,无起落,共3万2000股易手。“

结果是无起落。
我猜错了。

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发表于 2017-4-28 12:42 | 显示全部楼层
Circular/Notice to Shareholders                                               
PBA HOLDINGS BHD

                        
SubjectPROPOSED RENEWAL OF SHARE BUY-BACK AUTHORITY
        
               
                                            Please refer attachment below.            
            
                                                    Attachments                               
                                                                        PBAHB SBB Statement 2017.pdf                                
                                283.7 kB                           
                        
                    
                               
               
                                                        Announcement Info                       
Company Name                                                         PBA HOLDINGS BHD                                       
Stock Name PBA
Date Announced28 Apr 2017
CategoryDocument Submission
Reference NumberDCS-25042017-00074
                         


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发表于 2017-5-24 18:28 | 显示全部楼层
FINANCIAL SUMMARY                                                   

                        Symbol & CodePBA (5041)                    
                        Current Quarter                    Q1 2017                    
                        Past Reports                    
Q3 2016Q2 2016Q1 2016Q4 2015Q3 2015Q2 2015
                    
                        CONSOLIDATED INCOME STATEMENT
                    
Individual Period
Cumulative Period
31 Mar 2017
31 Mar 2016
31 Mar 2017
31 Mar 2016
RM'000
RM'000
RM'000
RM'000
                        Revenue
80,861
(0%)
                    
80,862
80,861
(0%)
                    
80,862
Profit/(loss) before income tax                    
15,353
(+44%)
                    
10,661
15,353
(+44%)
                    
10,661
Net Profit/(loss)                    
10,553
(+93%)
                    
5,477
10,553
(+93%)
                    
5,477
Basic (based on ordinary shares - sen)                     
3.19
(+93%)
                    
1.65
3.19
(+93%)
                    
1.65
Dividend per share (sen)                     
0.00
                    
0.00
0.00
                    
0.00
Net Assets Per Share (RM)                    
2.450
(+7%)
                    
2.290
               




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发表于 2018-7-2 21:37 | 显示全部楼层
游客,本帖隐藏的内容需要积分高于 1 才可浏览,您当前积分为 0

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发表于 2018-8-10 16:26 | 显示全部楼层
To: The Board and Minority Shareholders of PBA


There are many types of Conflict of Interest, public versus corporate; the very common, major shareholders versus minority shareholders; debts holder versus shareholders, etc. But, did people ever question the minority shareholder’s interest in a public listed Government Link Company (minority shareholder interest vs. public interest)? Here, we would like to look at PBA Holdings Berhad (PBA) which controls Perbadanan Bekalan Air Pulau Pinang Sdn Bhd (PBAPP) which is the only water operator that serves Penang State.

According to PBA’s 2017 annual report, Penang state government is the largest shareholder of PBA Holdings Berhad with 65% held through State Secretary of Penang and Penang Development Corporation, while the balance of 35% are owned by investors as minority shareholder. Although as a public listed entity, PBA has taken a lot of efforts to safeguard the benefits and interest of Penang’s citizens on recent years, such as:

1)        On 28/11/2017, to sustain continuous good water supply for future, Penang becomes the first Malaysian state to approve regulation requiring developers to install water saving devices (WSDs) in all new development projects.
2)        On 9/11/2017, to reduce the burden caused by the major flood that occurred in Penang on 4 November 2017, the State Government of Penang had announced that PBAPP will be giving water rebates for 2 months.
3)        PBAPP has worked successfully against water crisis and no water rationing in 2016 despite the 6-months Super El Nino caused dams to dry up and water rationing in several states.
4)         Remain as the state with the lowest domestic water tariffs even with water’s tariff hike on November 2010 and April 2015 to RM0.32/1,000 litres (for first 35,000 litres), which is still far below the national average of RM0.69/1,000 litres.
5)        To provide best quality of services and products that will satisfy Penang’s citizens and other interested party, PBA had spent RM826 million on the pass 10 years from 2008 to 2017 to consistently upgrade water infrastructure.
6)        To comply “no water rationing” policy and engage continuous good water supply for future, PBA is going to work on implementation of the Sungai Perak Raw Water Transfer Scheme (SPRWTS) which may cost up to RM2 Billion and RM125 million Butterworth-to-Penang Twin Submarine Pipeline Project.

There are more to be says if to go on with the efforts being carried to protect public interest of Penang’s citizens. With such, a big compliment should be given to the board and management team of PBA.

However,

We are investor and minority shareholder, our aim of investment is to protect our hard earned money to get depreciated from inflation and seek return either through capital appreciation or dividend. While for those who invested in PBA, dividend incomes became their biggest hopes to generate return as PBA’s nature of business is slow grower.
To be fair, some actions did taken by the board and management team to improve the company’s earnings: get corporate tax refund, lower down raw water intake fees, increase water tariffs and effectively managing operating and administrative cost. But, somehow, the profits and monies saved do not share fairly with the minority shareholders.

  
Year
  
  
PBT RM'000
  
  
PBT/Share (sen)
  
  
Div to S'holders RM'000
  
  
Div/Share (sen)
  
  
Payout Ratio
  
  
2008
  
  
       27,779
  
  
                     8.38
  
  
                   12,420
  
  
              3.75
  
  
44.71%
  
  
2009
  
  
       15,820
  
  
                     4.77
  
  
                     9,938
  
  
              3.00
  
  
62.82%
  
  
2010
  
  
       30,830
  
  
                     9.30
  
  
                     9,938
  
  
              3.00
  
  
32.23%
  
  
2011*
  
  
       42,404
  
  
                   12.80
  
  
                   11,594
  
  
              3.50
  
  
27.34%
  
  
2012
  
  
       23,732
  
  
                     7.16
  
  
                   12,417
  
  
              3.75
  
  
52.32%
  
  
2013
  
  
       27,487
  
  
                     8.30
  
  
                   12,413
  
  
              3.75
  
  
45.16%
  
  
2014
  
  
       25,634
  
  
                     7.74
  
  
                   12,413
  
  
              3.75
  
  
48.42%
  
  
2015**
  
  
       44,769
  
  
                   13.51
  
  
                   12,413
  
  
              3.75
  
  
27.73%
  
  
2016
  
  
       54,648
  
  
                   16.50
  
  
                   13,241
  
  
              4.00
  
  
24.23%
  
  
2017***
  
  
       40,936
  
  
                   12.36
  
  
                   13,240
  
  
              4.00
  
  
32.34%
  


*Water tariff hike, cost recovery over water conservation surcharge and disposal gain on investment
**Water tariff hike
***Loss of RM16.6 million in revenue due to water rebates for 2 months, simply put in the Rm16.6mil to PBT, that’s equal to PBT RM57, 536mil

As table above, from 2008 to 2014, excluding the exceptional gain which surged the earning on FY2011, PBA has payout ratio from 32-62% with average of 45%, in line with others FY with no extraordinary gain. But, since FY2015, the payout ratio has dropped significant to 23-27% for the continuous 3 years due to sizable increase in PBT but remain flat in dividend distribution to shareholder (use PBT instead of PAT because PBA have unutilised reinvestment allowance available indefinitely for offsetting against future taxable profits amounted to RM586.6 million as at 31March 2018).

Since water tariff hike on April 2015, PBA has enjoying almost double profit but yet only giving an irrelevant increase on dividends to shareholders. As we compare the benefits of public or Penang’s citizen gained, there are much more efforts and actions to be taken by the Board to look after the PBA’s minority shareholders’ benefits.

To be a responsible board, the minority shareholder’s interest should not be sacrifice by the name of capital expenditure while the profit has doubled up, it also shouldn’t be let go to make way for the name of public’s interest and it is irresponsible to get minority to pay the bill of public affair.

As a listed company with 35% share owned by minority, it is the duty of the board and management team to generate profit and share equally with the shareholders. As mentioned earlier, we are investor, we seek return and profit from our investment, not to serve public service.

From the angle of investor, there are two options can be taken to show the minority that they been taking care. First, increase the dividend payout ratio. Lift up the payout ratio to 40-50% or equivalent to 6.5-8 cents of dividend per share; thus, enable the shareholders to share the joyful of doubled profit since 2015.



Second, which Penang’s State Government should make an offer to take over PBA. A very good example when we look at SMRT Corporation Ltd, a public transport operator which is 54% owned by Temasek and eventually owned by Singapore’s Government. The company been took over by Temasek on end of 2016 when they foresee the increasing CAPEX and financial burden to fulfil the future dividend’s obligation to minority shareholders. It has show how well the interest of minority been taking care by the board and Temasek.

In fact, it looks very logic and affordable for the State Government to take over PBA in order to avoid conflict of interest with the minority. Simple calculations as table below, the state only need to fork out about RM174 million to RM290 million to take fully control in PBA.

  Offer Price    Total to Pay  
  RM1.50     RM173,775,750.00   
  RM1.60     RM185,360,800.00   
  RM1.70     RM196,945,850.00   
  RM1.80     RM208,530,900.00   
  RM1.90     RM220,115,950.00   
  RM2.00     RM231,701,000.00   
  RM2.10     RM243,286,050.00   
  RM2.20     RM254,871,100.00   
  RM2.30     RM266,456,150.00   
  RM2.40     RM278,041,200.00   
  RM2.50     RM289,626,250.00   


Based on FY2017 report, total shares that Penang’s State does not own are 115,850,500 shares excluding 269,900 treasury shares. Assume offer price at RM2.00 per share, that’s equal with a total of RM231.7mil to take 100% control on PBA.

With the takeover, the company will enable to:
a)        Have greater flexibility on funds allocation to focus on its role to deliver better quality of services and products
b)        Remove costs of maintaining listing status, holding annual AGM, printing and delivering annual report to shareholders
c)        Improve operating efficiency by remove time on complying listing regulations and reporting to regulators like Bursa and SC
d)        Avoiding conflict of interest with minority shareholders and others related parties

Hereby, we urge the board to think wisely about the takeover proposal especially the independent director which should voice on behalf of minority.

At last, we would like to emphasize that we are not try to form any investment recommendation whether buy or sell on PBA’s shares but to create awareness to the board member and minority.

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