KUALA LUMPUR (July 22): Puncak Niaga Holdings Bhd has confirmed it is exiting the Chinese market, after a buyer was found to take up its entire stake in loss-making Luwei (Pingdingshan) Water Co Ltd.
In a filing to Bursa Malaysia, the water services company named Lushan County Chengnan Water Co Ltd as the buyer.
Puncak Niaga had announced on July 13 that Luwei, a water treatment company, will be sold to a state-owned enterprise to be identified by the Lushan provisional government.
Puncak Niaga’s 98.65% subsidiary, Sino Water Pte Ltd, holds a 93.81% equity interest in Luwei.
Puncak Niaga shares closed unchanged at RM1.11 today, for a market capitalisation of RM499.46 million.