Water Restructuring: Puncak Niaga Urged to be Transparent, Explain to the Minority

SHAH ALAM, 26 Apr: Puncak Niaga Holdings Bhd has been urged to be transparent to all shareholders, including the minority group, in the concession company regarding matters concerning the water industry restructuring that will be implemented in Selangor.

The Secretary of the Puncak Niaga Minority Shareholders Watchdog Group (PNMSWG), Ang Chin Hann, said that so far, over 100 minority shareholders in the company still do not know the status or returns to be received.

In fact, he said, the all minority shareholders have not been informed on the total asset and equity owned by the company.

“The Executive Chairman of Puncak Niaga Holdings Bhd, Tan Sri Rozali Ismail, and members of the board of directors need to inform the latest updates to all shareholders.

“This includes the minority shareholders so that they can make wise judgement and decisions at the Annual General Meeting,” he said.

He said this at a press conference at the PNMSWG office in Glenmarie, Shah Alam, today.

Ang said that the members of the Board of Directors have been cautioned to consider and examine the offer made by the Selangor Government and find the best solution to be submitted to shareholders in the matter involving the acquisition of the concessionaire.

“PNHB should protect the rights of shareholders, and all dealings with the federal and state governments should be made from a business perspective bearing in mind we are a public listed company,” he said.

In the meantime, Ang also urged the company to appoint a professional legal body and an independent financial adviser who can give impartial views on this matter.

“Puncak Niaga Sdn Bhd (PNSB) and the Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) now have to bear high loan interests, thus harming shareholders.

“We are investors and shareholders who have long supported the company, we should be compensated fairly,” he said.

Putrajaya will use Section 114 of the Water Services Industry Act (WSIA) after a series of negotiations between the Selangor Government and water concessionaires failed to reach consensus.