Salcon saw a change in major shareholders in 2005 after Naga Muhibbah, under Datuk Seri Goh Eng Toon (former Ban Hin Lee CEO) acquired a majority stake from Kumpulan Emas Bhd in several off-market transactions. Since then, management has sought to clean up its business. In 2007, Salcon pared down its stake in PalmTech to 49%, a cumbersome legacy problem.
Salcon’s CEO Mr How See Hock joined the Group a few years ago after spending almost 20 years with IJM. Its Finance Director, Mr Law Woo Hock joined from Ireka Corporation.
Market Capitalisation : RM260M
Net Gearing (as at 30 June 2009) : Net Cash
NTA (as at 30 June 2009) : RM0.65
Salcon’s water projects range from construction of water treatment plants to being a holder of foreign water concessions. Previously active in the construction of domestic water treatment plants and wastewater treatment centres, the company has in recent years expanded to China, Thailand, Indonesia and Vietnam. Salcon’s water related projects encompass water and wastewater turnkey investment (design, finance and construct), turnkey contracting and water asset management (O&M, NRW Control). As of FY08, its water and wastewater related earnings accounted for 95% of revenue.
Salcon operates a total of 6 water concessions in China and 1 in Vietnam:
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