SHAH ALAM, Aug 10 — The Selangor State Development Corporation (PKNS) has denied claims that it had incurred losses totalling RM103.69 million and accumulated debts of RM6.1 billion.
It said that allegations portraying the corporation as being in serious financial difficulty were inaccurate and misleading.
“It also does not reflect PKNS’ overall financial position.
“An independent assessment by RAM Ratings confirmed that PKNS remains in a strong and stable financial position. RAM Ratings continues to maintain its AA1/Stable/P1 rating on PKNS,” PKNS said in a statement today.
It noted that citing the loss and debt figures separately without explaining the corporation’s financing structure and overall financial position created a misleading perception that did not reflect the actual facts and circumstances.
