Business

Thursday March 7, 2013

Puncak Niaga unable to decide on offer


KUALA LUMPUR: Puncak Niaga Holdings Bhd held a special board of directors meeting yesterday to deliberate on the offers made by Kumpulan Darul Ehsan Bhd (KDEB) to acquire its stakes in two water assets, but was unable to reach a final decision.

In a filing with Bursa Malaysia, Puncak Niaga said that after full deliberation and after considering the advice of its adviser – Hong Leong Investment Bank Bhd – on the matter, the company was unable to reach a final decision to even consider giving approval in principle to KDEB’s offers.

This was in view of the incomplete and inconclusive nature of the offers from KDEB as well as the position taken by Pengurusan Aset Air Bhd (PAAB).

On Monday, Puncak Niaga said PAAB declined to comment on the consolidation of the various entities in Selangor or appraise the valuation principles as prescribed by KDEB in its offer letters.

Meanwhile, Kumpulan Perangsang Selangor Bhd (KPS) announced that it has accepted in principle the indicative terms and conditions of the offers from KDEB to acquire its 90.83% stake in Titisan Modal (M) Sdn Bhd and 30% stake in Syarikat Pengeluar Air Selangor Holdings Bhd. — Bernama

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