Selangor MB dismisses allegations that PKNS struggling financially

SHAH ALAM: Selangor Mentri Besar Datuk Seri Amirudin Shari has dismissed allegations that the Selangor State Development Corporation (PKNS) is in a dire financial state.

The allegation was made by Opposition chief Datuk Seri Azmin Ali who, at the state assembly sitting, queried about the state corporation’s financial status.

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Azmin, had also said last week at the assembly, that PKNS was in the red.

“PKNS receives income and profits from its operations.

“It also has better cash flow and can pay all its liabilities from operations and not from sukuk earnings or loans,” said Amirudin.

He explained that PKNS’ 2018 to 2022 income came from the sale of buildings and land as well as privatisation exercises.

Its non-operating income, meanwhile came from the rental of properties.

The Mentri Besar, who is Sungai Tua assemblyman, also said PKNS also made good money in 2022 when it sold off its stake in the Shah Alam Expressway (Kesas).

Amirudin also said that the corporation’s main income during the period was from land sales which made up 60 to 80 % of its income.

When raising the matter, last week and on Mon, Azmin also referred to a recent article in a business publication which stated that PKNS had decided to sell land it owned in Kota Damansara to Tropicana Corp Bhd for a mere RM224mil even though the proposed development project had an estimated gross development value (GDV) of RM2.8bil.

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