KUALA LUMPUR: Puncak Niaga Holdings Bhd said it has yet to receive either a written request from Pengurusan Air Selangor Sdn Bhd (Air Selangor) for a further extension of time for the fulfilment of the sale and purchase agreement (SPA) for the disposal of its water assets, or a notice to rescind the SPA.

This follows Selangor Menteri Besar Mohamed Azmin Ali’s statement that the water deal is now void, after the state government declined to give a third extension for the master water agreement which lapsed yesterday.

“As at the date of this announcement, all conditions precedent under the SPA which are to be fulfilled by Puncak Niaga have been met,” said the group in a filing with Bursa Malaysia yesterday.

Puncak Niaga (fundamental: 1.9; valuation: 2.4) said it will have a meeting to assess the impact of any further delay of the proposed disposals on the daily operations of Puncak Niaga (M) Sdn Bhd (PNSB) and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas).

The group said it will decide on the next course of action after taking into consideration the recommendations of the management of PNSB and Syabas.

“Thereafter, an announcement will be made by the company in due course,” Puncak Niaga added.

Puncak Niaga shares closed 17 sen or 6.3% lower at RM2.53 yesterday, bringing its market capitalisation to RM1.12 billion.

This article first appeared in The Edge Financial Daily, on March 11, 2015.