GEORGE TOWN, May 23 – PBA Holdings Bhd’s (PBAHB) unit, Perbadanan Bekalan Air Pulau Pinang (PBAPP), will reinvest about RM48.6 million to fund key water supply projects in Penang this year. PBAHB and PBAPP Chief Executive Officer Datuk Jaseni Maidinsa said PBAHB recorded a revenue of RM326.7 million for the financial year ended Dec 31, 2016, up 8.8 per cent, year-on-year, compared with RM300.3 million recorded in the same period in 2015.
“Almost all the remaining RM48.6 million will be allocated to fund critical water supply projects in Penang to ensure there would be no water rationing in the state. By continuing to sustain Penang’s record of ‘no water rationing’ during a Super El Nino year, PBA Holdings successfully increased its proceeds from the sale of water in the state of Penang,” he told reporters after the group’s annual general meeting here today.
He said PBAHB’s primary subsidiary PBAPP worked hard to manage the costs and had managed to convince the Inland Revenue Board to grant an extension in reinvestment allowance for completed water projects in Penang. He said one key project would be the installation of the third submarine treated water pipeline from Butterworth to George Town.
The pipeline would increase PBAPP’s capacity to deliver treated water from the Sungai Dua Water Treatment Plant in Seberang Perai to rapidly developing areas in Penang island. He said the third submarine pipeline project, expected to begin operating by 2020, will a capacity for 350 million litres per day, and will enhance Penang’s guarantee of no water rationing on the island, especially during prolonged dry seasons.
The fund would also be used in the construction of pipelines from Jalan Chain Ferry to Permatang Pauh in Seberang Perai Utara; from Bukit Dumbar to Jalan Yeap Chor Ee and Jalan Masjid Negeri on Penang island; and from Kampung Genting to Bukit Penara in Balik Pulau.
Jesani said the fund would also be used for the development of a water supply command centre at the Sungai Dua Water Treatment Plant; and the upgrading of PBAPP’s geographical information system to enable more efficient monitoring of Penang’s water supply systems.
This tax initiative provided PBAPP with about RM7.1 million in corporate tax refunds. He also commented that in continuing to reward shareholders, the PBAHB board of directors proposed a 4.5% final dividend payout for 2016, approved during PBAHB’s annual general meeting today. — PN
