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Tuesday, March 17, 2015

Puncak Niaga agrees to third extension on water deal

Air Selangor has one more month to complete the deal on its purchase of water assets.
Puncak Niaga_Syabas_300PETALING JAYA: Puncak Niaga Holdings Bhd (PNHB) confirmed today that its directors have agreed to grant Selangor’s Pengurusan Air Selangor Sdn Bhd (Air Selangor) a one-month extension until April 9.
In a media statement, PNHB said the decision came after careful consideration of the matter, and having taken into account the views and recommendations of Puncak Niaga Sdn Bhd and Syarikat Bekalan Air Selangor (Syabas).
According to the company, many major decisions in regard to the capital expenditure could not be implemented as these had been put on hold by the government pending the completion of the restructuring exercise, reported The Star Online.
In September, 2014, just two weeks prior to Azmin Ali’s appointment as Selangor’s menteri besar, the state government signed a master agreement with the federal government to restructure the water industry.
Air Selangor was formed to take over the operations and maintenance of water treatment plants, and water supply services previously managed by four companies.
On November 11, 2014, Air Selangor had entered into an agreement to buy PNHB’s wholly-owned unit Puncak Niaga Sdn Bhd and 70 per cent owned subsidiary, Syabas, for RM1.55 billion.
It was reported that Putrajaya had requested for extensions on January 9, February 9 and March 9, but was turned down by the Selangor government.
Last week, Azmin announced that it would not grant the federal government any extension on the water restructuring deal which had lapsed earlier.
But subsequently, Air Selangor put in a written request for an extension from March 9 to April 9.

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