“Following the agreement, Air Selangor is now the new owner of Puncak Niaga (M) Sdn Bhd and Syarikat Bekalan Air Selangor (Syabas). Puncak Niaga Holdings owns 100% of Puncak Niaga (M) Sdn Bhd and a 70% stake in Syabas.”
Air Selangor inks accord with Puncak Niaga involving total of RM9.65bil
Selangor’s new water entity, Pengurusan Air Selangor Sdn Bhd (Air Selangor), has signed the share sale and purchase agreement with Puncak Niaga Holdings Bhd, marking the start of the takeover of the operations and maintenance of water treatment plants and water supply services in the state.
Following the agreement, Air Selangor is now the new owner of Puncak Niaga (M) Sdn Bhd and Syarikat Bekalan Air Selangor (Syabas).
Puncak Niaga Holdings owns 100% of Puncak Niaga (M) Sdn Bhd and a 70% stake in Syabas.
The agreement was signed in Putrajaya yesterday by Air Selangor chief executive officer Suhaimi Kamaruzaman while Puncak Niaga Holdings was represented by its non-executive director Datuk Ruslan Hassan, who is also Syabas CEO. The event was witnessed by Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili.
The Federal Government and Selangor had signed a master agreement to restructure the state’s water services industry on Sept 12. Under the accord, Air Selangor was formed to take over the operations and maintenance of water treatment plants and water supply services that were previously managed by four companies.
The other two companies are Konsortium ABASS Sdn Bhd (Abass) and Syarikat Pengeluar Air Selangor Holdings Bhd (Splash).
Ongkili said the takeover of the four concessionaires involved a total RM9.65bil, including RM2bil provided by the Federal Government through Pengurusan Aset Air Bhd.
He added that Abass, which is 90.83% owned by Kumpulan Perangsang Selangor, had four months to complete the equity sale transaction.
“As for Splash, we want the transaction to be concluded within 10 months.
“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,” he said after the signing ceremony.
On possible water tariff revision following the acquisition, Ongkili said that just like any other states, it was up to the Selangor government to determine but the Federal Government as the regulator would have the final say.
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