GEORGE TOWN, A subsidiary of PBA Holdings Bhd (PBAHB), the parent company of Penang Water Supply Corporation (PBAPP), has received state approval to alienate a parcel of land in Penang valued at RM20 million.
In a filing with Bursa Malaysia, PBAHB said its wholly owned unit obtained the green light from the Penang state authorities to proceed with the transaction, which involves the transfer of land rights for development purposes.
The approval is part of the group’s strategic asset management plan, enabling it to unlock value from non-core assets while focusing on its primary mandate of ensuring sustainable water supply services in Penang.
“The alienation of this land is expected to generate RM20 million in proceeds, which will further strengthen the company’s financial position and support our operational and capital expenditure commitments,” PBAHB said. The company added that the exercise will not have any adverse effect on its water operations and will be carried out in compliance with all state requirements.
Analysts noted that the move comes at a time when PBAHB is seeking additional resources to finance upcoming infrastructure projects, including initiatives to enhance water supply resilience amid rising demand in Penang. The land transfer is expected to be completed once all regulatory procedures are finalised.
