KUALA LUMPUR (Oct 5): The Selangor water restructuring exercise is progressing as planned, according to Ministry of Energy, Green Technology and Water (KeTTHA) secretary general Datuk Loo Took Gee.

"We have signed the supplementary agreement, and everything is moving on very well. The Selangor state has already come up with the assets, and the next thing is for Pengurusan Air Selangor Sdn Bhd (Air Selangor) to take over the operations," she told reporters during a press conference at the Asean Energy Business Forum 2015 (AEBF 2015), which was officiated by KeTTHA deputy minister Datuk Sri Dr James Dawos Mamit.

To recap, Puncak Niaga Holdings Bhd had earlier warned saying that it would consider terminating the sale and purchase agreement (SPA) with Air Selangor and take legal action if the conditions precedent in the agreement could not be fulfilled by Oct 15.

As reported previously, Puncak Niaga had agreed to an eighth extension of the stop date of the SPA by one month to Oct 15 from Sept 14, warning that it was the "final extension".

"There are some conditions precedent that need to be fulfilled, which Air Selangor has already done so. Once the assets are provided, the money will be disbursed to the vendor," Loo said.

Loo added that the reason behind the delay in completing the restructuring exercise was due to Air Selangor having to identify their assets. "They have so many assets, so they have to take their time, that is all," she said.

The AEBF 2015, which is held from Oct 5 to 7, features speakers from the global energy industry, who discuss issues such as Asean energy outlook, power interconnectivity, energy market integration, as well as renewable energy technologies.

Puncak Niaga shares rose 1.89% or 5 sen to RM2.70 with 313,900 shares done at 11.51am.

(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.)