Friday, January 10, 2014

Breaking News - Puncak Niaga/KPS

Puncak Niaga has been notified by KDEB that there will be no further discussions on the proposal to purchase the equities of PNSB and SYABAS for the foreseeable future. This means that all previous offers made by the Selangor government to Puncak Niaga and Gamuda Bhd may have to come to an end.

The statement comes after the Selangor state and federal government decided to evoke Section 114 of the Water Services Industry Act 2006 (WASIA).

The section reads; The minister may … direct the National Water Services Commission to assume control of the whole of property, business and affairs of a licensee and carry on the whole of the licensee’s business and affaris.

The state government has agreed to give full cooperation to the federal government to use Section 114 … which, among others, stipulate the National Water Services Commission (SPAN) appoint two administrators on behalf of the water concessionaires to handle the restructuring of the water services industry of the state.

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