Friday, January 7, 2011

Puncak Niaga says to review Selangor govt RM9b offer

KUALA LUMPUR: PUNCAK NIAGA HOLDINGS BHD [] management will review the offer documents from the Selangor State Government over the latter's new offer to the four beleaguered water concessionaires in Selangor for RM9 billion.

Puncak Niaga said on Friday, Jan 7 that its unit Puncak Niaga (M) Sdn Bhd (PNSB)'' and 70% owned Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) had just received the formal offer from the state government on Friday evening.

"For the record, PNSB and Syabas only received a two-page fax transmission from the Selangor State Government late evening on Thursday, Jan 6, containing the cover letter and the list of recipients who were copied with the letter," it said.

Puncak Niaga said details of the formal offers to PNSB and Syabas would be announced to Bursa Malaysia Securities Bhd in due course after the management have reviewed the offer documents.

On Thursday, the Selangor government had made the fresh offer to the four concessionaires in the state.

Apart from PNSB and Syabas, the other two were Konsortium Abass Sdn Bhd and Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash). The state had offered to acquire 100% of all their shares, which would indicate that the state would also absorbing all their liabilities.

Selangor has offered RM64.62 for each PNSB share, RM20.78 for each Syabas share, RM5.95 for each Splash share and RM9.39 for each share in Konsortium Abass.

The Edge FinancialDaily reported Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim as saying: 'In total, over RM9 billion will be offered to own the equities of water operations in Selangor.'

Khalid added that a due diligence from an audit firm was in the pipeline. The offer to the water concessionaires lapses at the end of this month.

However, there are insufficient details about how the RM9 billion price tag came about or what exactly were the salient features of the takeover.

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