KUALA LUMPUR: PUNCAK NIAGA HOLDINGS BHD [] shares advanced on Friday, Sept 9 after its subsidiary Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) filed a RM1.05 billion claim against the Selangor government.
At 11.20am, Puncak Niaga rose 19 sen to RM1.33 with 1.59 million shares done.
The claim filed on Sept 8 was for compensation from Jan 1, 2009 to March 31, 2011 under the 2004 concession agreement between Syabas, the Federal government and Selangor state.
RHB Research, which has a Trading Buy rating on Puncak Niaga with a fair value of RM3.05, however said on Sept 9 that given the lengthy nature of lawsuits, it would be challenging for Syabas to recover its huge receivables amounting to RM1.4 billion as at end June 2011.
At 11.20am, Puncak Niaga rose 19 sen to RM1.33 with 1.59 million shares done.
The claim filed on Sept 8 was for compensation from Jan 1, 2009 to March 31, 2011 under the 2004 concession agreement between Syabas, the Federal government and Selangor state.
RHB Research, which has a Trading Buy rating on Puncak Niaga with a fair value of RM3.05, however said on Sept 9 that given the lengthy nature of lawsuits, it would be challenging for Syabas to recover its huge receivables amounting to RM1.4 billion as at end June 2011.
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