Puncak Niaga Holdings Bhd is going big into the plantation business in a move to diversify its non-water revenue stream, said its executive chairperson Rozali Ismail.

He said the group has identified a few potential pieces of land and estates to acquire.

Rozali said part of the proceeds from the stake disposals of its units, Puncak Niaga (M) Sdn Bhd (PNSB) and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), may be used for the acquisitions.

“I have the settlers’ blood in me as I grew up in a Felda settlement. So I wish to be involved in the plantation business,” he told reporters after the group’s annual general meeting in Shah Alam today.

Rozali said the water engineering business would remain part of the group while the oil and gas segment would be strengthened.

Puncak Niaga would also be looking to expand into environmental engineering such as in waste treatment, he said.

On the disposals of a 100 percent stake in PNSB and 70 percent equity in Syabas to the Selangor state government, he said discussions were already at the final stage.

As such, an extraordinary general meeting may be held at end-August or early September to seek shareholders’ approval, he said.

Rozali did not rule out the possibility of a special dividend for the shareholders.

- Bernama