Selangor will have 51 more days to hand over the ownership of assets to Pengurusan Aset Air Berhad (PAAB) to enable PAAB to bear the cost of taking over the water concessionaires' liabilities amounting to RM7.65 billion.

Menteri Besar Azmin Ali said after the inking of the Supplementary Agreement to the Master Agreement on the Restructuring of the Water Services Industry for Selangor, Kuala Lumpur and Putrajaya with the federal government on July 10, all’s ready for the new chapter in Selangor water administration, mooted since 2008.

This includes making sure Pengurusan Air Selangor Sdn Bhd (Air Selangor) has finalised its list of assets to the enable the individual facility licence to be issued to Air Selangor under Act 655.

"Right after inking the master agreement, we have 60 days to finalise the agreement list, according to the conditions and terms of the agreement," he told reporters in Shah Alam today.

Deputy Prime Minister Tan Sri Muhyiddin Yassin witnessed the signing of the agreement involving the federal government, Selangor state government, PAAB and Air Selangor.

The signatories have 60 days to fulfill the Condition Precedents (CPs) in the master agreement.

When the CPs have been fulfilled, the master agreement and Sale and Purchase of Puncak Niaga Holdings Berhad (PNHB) shares would be enforced to enable Air Selangor to take over Puncak Niaga (M) Sdn Bhd and Syarikat Bekalan Air Selangor (Syabas).

Azmin ( photo ) also said the agreement, which should have been finalised in February was dragged because of disputes over water assets in Semenyih and Bukit Nanas, which have been resolved by both parties.

"The payment is the same because we haven't change any terms in the master agreement. What happened was just a dispute over two of our water assets," he said.

Azmin on July 10 had said that the state required about RM2 billion to acquire four water concessionaires companies.