Puncak agrees to Selangor takeover at RM1.55bil
BernamaPublished: Jun 10, 2014 1:22 PM | Updated: Jun 10, 2014 9:56 PM
Puncak Niaga Holdings Bhd has, in principle, accepted the Selangor state government's offers to acquire 100 percent stake in Puncak Niaga (M) Sdn Bhd (PNSB) and 70 percent in Syarikat Bekalan Air Selangor Sdn Bhd (Syabas).
Puncak Niaga Holdings Bhd has, in principle, accepted the Selangor state government's offers to acquire 100 percent stake in Puncak Niaga (M) Sdn Bhd (PNSB) and 70 percent in Syarikat Bekalan Air Selangor Sdn Bhd (Syabas).
In a statement today, the Selangor Menteri Besar's Office Press secretariat said Puncak Niaga's decision to accept the offers was conveyed to the wholly-owned unit of state government-owned Kumpulan Darul Ehsan Bhd (KDEB) in a letter dated June 6, 2014.
"KDEB has replied to Puncak Niaga today accepting the offer," it said.
The secretariat said the two parties had agreed to the terms and conditions of the takeover which would cost a net cash consideration of RM1.55 billion.
It said the Selangor government was told that the Board of Directors of Puncak Niaga had made an announcement to Bursa Malaysia at the end of trading session today to certify the agreement in principle to accept the takeover offer.
"This takeover offer is subject to the approval being obtained from Puncak Niaga's shareholders at an extraordinary general meeting to be convened by the company in the near future," he said.
According to the statememt, the receipt of this takeover offer followed the appeal made by Puncak Niaga to Energy, Green Technology and Water Minister Maximus Ongkili on May 15, 2014, to postpone the enforcement of Section 114 of the Water Services Industry Act 2006.
- Bernama
In a statement today, the Selangor Menteri Besar's Office Press secretariat said Puncak Niaga's decision to accept the offers was conveyed to the wholly-owned unit of state government-owned Kumpulan Darul Ehsan Bhd (KDEB) in a letter dated June 6, 2014.
"KDEB has replied to Puncak Niaga today accepting the offer," it said.
The secretariat said the two parties had agreed to the terms and conditions of the takeover which would cost a net cash consideration of RM1.55 billion.
It said the Selangor government was told that the Board of Directors of Puncak Niaga had made an announcement to Bursa Malaysia at the end of trading session today to certify the agreement in principle to accept the takeover offer.
"This takeover offer is subject to the approval being obtained from Puncak Niaga's shareholders at an extraordinary general meeting to be convened by the company in the near future," he said.
According to the statememt, the receipt of this takeover offer followed the appeal made by Puncak Niaga to Energy, Green Technology and Water Minister Maximus Ongkili on May 15, 2014, to postpone the enforcement of Section 114 of the Water Services Industry Act 2006.
- Bernama
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