Puncak Niaga Holdings Bhd said it needed to consult the federal government in the latter’s capacity as a golden share holder in Syabas, over Selangor’s offer to take over of the state’s water industry.

According to Bernama , Puncak Niaga executive chairperson Rozali Ismail said the company's subsidiaries, Puncak Niaga (M) Sdn Bhd and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) had received the offer letters from KDEB yesterday, on behalf of the Selangor state government.  

NONE "We will study the offer thoroughly and consult the board of directors, minority share holders, financial institutions and parties with interests in the companies, before making a decision," he said in a statement yesterday.  

Puncak Niaga also needed to get the view of the federal government in its capacity as the golden share holder in Syabas, he said.

Yesterday, the Selangor state executive committee allowed KDEB to make a RM9.65 billion offer to begin the takeover process of Selangor's water concessionaire companies, which are Syabas, Puncak Niaga Sdn Bhd, Konsortium Abass Sdn Bhd and Syarikat Pengeluar Air Selangor Holding (Splash).  

 

Selangor Menteri Besar Abdul Khalid Ibrahim said the takeover of the four companies would include their liabilities as well.

Meanwhile, Rozali expressed disappointment with Abdul Khalid's statement likening a rejection of the offer to a rejection of the Selangor people's offer.

As a former corporate figure, Abdul Khalid should understand the workings of a public-listed company, he added.

He claimed that such a statement showed the menteri besar had no knowledge of how a public-listed entity operated at all and also disregarded the concession agreement.