Selangor deal gets fourth extension

PETALING JAYA: Puncak Niaga Holdings Bhd (PNHB) has given Selangor state's unit Pengurusan Air Selangor Sdn Bhd (Air Selangor) a fourth extension to fulfill the conditions necessary to see the takeover of the federal government of its first Selangor water asset.
The deal signed on Nov 11, 2014 is yet to be completed as the state and federal government fight it out on details regarding land ownership.
In a filing with Bursa Malaysia yesterday, PNHB said yesterday its directors mutually agreed to a one-month extension to May 11, 2015.
PNHB said both the company and Air Selangor had mutually agreed to a further extension until May 11 for the fulfillment of the conditions precedent stated in the conditional sale and purchase agreement dated Nov 11 last year.
The agreement was for Air Selangor to takeover PNHB's wholly-owned unit Puncak Niaga (M) Sdn Bhd and 70%-owned subsidiary Syarikat Bekalan Air Selangor (Syabas) for RM1.55 billion.