Puncak Niaga plans US$59m investment in O&G

KUALA LUMPUR: PUNCAK NIAGA HOLDINGS BHD [] plans to invest US$59 million (RM180 million) to acquire two companies as it moves into the oil and gas (O&G) sector.

It said on Monday, June 27, the acquisition of the two companies was part of its strategy to focus on the O&G sector.

The acquisition would also fit in with its plan to transform itself from being a water concessionaire into an emerging, and increasingly significant, O&G player.

The Edge FinancialDaily had reported on June 8 that Puncak was in talks with Paris-based Bourbon SA, a large company which provides offshore O&G marine services, for the former to be Bourbon's agent for Southeast Asia.

Quality, Puncak up on RM667m rural water supply project

KUALA LUMPUR: Shares of Quality Concrete Bhd advanced in morning trade on Tuesday, May 24 after its joint venture with PUNCAK NIAGA HOLDINGS BHD [] inked a RM667.32 million rural water supply project in Sarawak.

At 11.51am, Quality was up 13 sen to RM1.38 while Puncak added two sen to RM2.10.

On Monday, Puncak said the 40:60 Konsortium Puncak Niaga Holdings Bhd-Quality Concrete had signed the contract to supply rural water from 2010 to 2012. The completion period is Dec 31, 2012.