Puncak Niaga Holdings Bhd is putting the cart before the horse by asking for confirmations from federal agencies before deciding on the Selangor government’s RM5.6 billion offer for two of its subsidiaries.
This was communicated to Puncak Niaga by Selangor’s investment arm Kumpulan Darul Ehsan Bhd (KDEB) in a letter yesterday, over the water consolidation offer which expires at the end of business today.
According to the letter sighted by KiniBiz, KDEB said Pengurusan Aset Air Bhd (PAAB) and Unit Kerjasama Awam Swasta (Ukas) can only come in if the water concessionaires agree to the offer.
"Pertaining to the final approval of Ukas, we had previously highlighted that Ukas guidelines require the submission to be made by the target company, i.e. Syabas and PNSB.
"More importantly, as (Puncak) has yet to agree in principle to the KDEB offer for Syabas and PNSB, it is highly unlikely that Ukas would consider an application for consent at this junction, without agreement of both the buyer and the seller.
"In this regard, we urge PNHB to agree in principle to the KDEB offer to facilitate an immediate application to Ukas," the letter states.
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