Perbadanan Bekalan Air Pulau Pinang Sdn Bhd

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In April of 2002, PBA Holdings, which was the holding company for the Penang Water Authority (Perbadanan Bekalan Air Pulau Pinang), listed 45% of its equity on the Kuala Lumpur Stock Exchange (KLSE). The Penang Water Authority (PWA) was involved in the entire spectrum of the water supply business from the sourcing and treatment of raw water, to the final sale of treated water to end customers. PWA, unlike some other Malaysian water utilities, boasted the lowest non-revenue water (NRW) in the country at 22%, high water revenue collection of 98%, and a good profit track record. PWA held the monopoly to supply water to 1.26 million people in Penang. Following the public listing, the Penang state government held a 55% stake in PBA while the state-owned Penang Development Corp. held 10%. The private stakeholders were the construction company Yayasan Bumiputera Pulau Pinang (10%), PBA employees (5%), PBA consumers (10%) and the public (10%). PBA made a public issue of 51 million shares at an IPO price of RM1.30 a share to raise a net total of RM62.3 million (US$17.4 million) which had been earmarked for capital expenditures. PBA expected to invest RM331 million between 2002 and 2005 on treatment capacity, reservoirs and the upgrading of its distribution network. http://www.pba.com.my/