Southern Water Corp agrees to discount amount owed by SAJ

ALIRAN IHSAN RESOURCES BHD (AIRB) reported to Bursa Malaysia yesterday that its wholly owned subsidiary Southern Water Corporation Sdn Bhd (SWC) has arrived at a supplemental agreement (SA) with its debtor Syarikat Air Johor Sdn Bhd (SAJ) over an existing debt conflict.

The new SA struck between SWC and SAJ laid out the new payment terms and schedule for debt repayment. SWC has granted SAJ a discount of RM30.25 million on the amount owed, bringing the total owed to RM132.35 million.

According to the announcement, SWC and SAJ have come to an agreement over an outstanding RM162.6 million owed by SAJ to SWC for undertaking water concession in Johor.