Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Mar 13): Puncak Niaga Holdings Bhd has received a written request from Pengurusan Air Selangor Sdn Bhd (Air Selangor) for a further extension of time with regards to the fulfilment of the conditions stated in the sale and purchase agreement entered into by both parties on Nov 11, 2014.

In a filing with Bursa Malaysia today, Puncak said that the extension requested was from March 9, 2015 till April 9, 2015.

"The board of directors of Puncak will deliberate on Air Selangor's request for the third extension of time and thereafter, an announcement will be made by the company with regards to the decision of its board of directors," said Puncak Niaga.

To recap, Puncak (fundamental: 1.9; valuation: 2.4) and Air Selangor had entered into the agreement last November for the former to sell its water treatment and distribution assets, as part of the Selangor state's water industry consolidation.

However on Monday, Selangor Menteri Besar Mohamed Azmin Ali said the sale and purchase agreement is now void after the state government declined to give a third extension to the master water agreement which lapsed on the same day.

The master water agreement was signed between Mohamed Azmin's predecessor Tan Sri Abdul Khalid Ibrahim and Minister of Energy, Green Technology and Water Datuk Seri Dr Maximus last year.

Puncak shares closed 2 sen or 0.78% higher at RM2.58 today, for a market capitalisation of RM1.07 billion.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. )

 

 

      Print
      Text Size
      Share