Air Selangor, Puncak Niaga signs RM9.65b accord

Farah WahidaNovember 13, 2014

Pengurusan Air Selangor Sdn Bhd (Air Selangor) inked a share and purchase agreement with Puncak Niaga Holdings Bhd to mark the beginning of the takeover of the maintenance and operations of water treatment plants as well as water supply services within the state.

The agreement will see Air Selangor become the new owner of Syarikat Bekalan Air Selangor (Syabas) and Puncak Niaga (M) Sdn Bhd.

Puncack Niaga Holdings owns 70 percent of Syabas and 100 percent of Puncak Niaga (M) Sdn Bhd.

The signing of the agreement was witnessed by Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili.

On 12 September, Selangor and the federal government signed a master agreement restructuring the water services industry within the state. Under the said agreement, Air Selangor was created to take over the maintenance and operations of water treatment plants and water supply services which were previously managed by four firms.

The other two are Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) and Konsortium ABASS Sdn Bhd (Abass).

Ongkili revealed that the takeover of the four concessionaires involved RM9.65 billion, which include the RM2 billion provided by the federal government via Pengurusan Aset Air Bhd.

He noted that Abass have four months within which to complete the equity sale transaction.

“As for Splash, we want the transaction to be concluded within 10 months,” he said.

“The Federal Government is very pleased over the development of one of the measures to ensure the sustainability of water supply services in Selangor, Kuala Lumpur and Putrajaya.”

 

Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my

 

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