Posted by denver > 2015-01-30 16:19 | Report Abuse

something is brewing.....

Posted by babu > 2015-01-30 16:23 | Report Abuse

where is the doctor ? I am feeling nauseous looking at the puncak price ..... Dr Hng33 please come to give a small injection here .

Posted by SinGor > 2015-01-30 16:29 | Report Abuse

Just a Cold. Brew Hor Yan Hor herba Tea. "Tahan" until 9 Feb

Posted by gskow > 2015-01-30 16:30 | Report Abuse

feel the price been controlled...something behind loh...

Posted by kahhoeng > 2015-01-30 16:30 | Report Abuse

fainted, just add some Puncak @ 2.64, wonder when will I be able to resist temptation to buy Puncak? Too concentrated in Puncak already, sigh!

Posted by kahhoeng > 2015-01-30 16:34 | Report Abuse

alas, babu, what else can you expect from hng33? He has offered his best knowledge about Puncak already, at least that's how I feel reading his writeup

Posted by sudahkena > 2015-01-30 16:34 | Report Abuse

Next week ... holiday on monday n Tuesday ... only 3 day to show..

Posted by titus > 2015-01-30 18:26 | Report Abuse

epf continue to acquire more.

Posted by kahhoeng > 2015-01-30 18:37 | Report Abuse

guess EPF adding position is the only consolation?

Posted by hng33 > 2015-01-30 19:06 | Report Abuse

Nothing to add anymore, just stay invested and hold till the completion date is confirm. In addition, Puncak upcoming Q4 result also serve as better judgement on its latest and actual net cash position after water assets disposal (circular figure is based on Puncak 2013 audited account, whereas, completion deal should based on 2014 account.

Furthermore, being one of the shortlisted tender and perhaps as goodwill offer by Fed gov to compensate Puncak for being corporate with Fed to surrender its water concession to State gov in exchange for Langat 2 project, shareholder also can expect Puncak tender result with odds favor to Puncak to secure construction and pipe laying water treatment plant under RAPID project in Pegerang and waste to energy incinerator concession in kepong.

Posted by rlch > 2015-01-30 19:09 | Report Abuse

Luckily I have sold all my Puncak shares. If drop further next week can reenter.

Posted by babu > 2015-01-31 08:14 | Report Abuse

hng33, thank you very much - I am consoled :) do have a relaxing and enjoyable long weekend holidays and let's see what happens on Wed onwards when the market reopens !

Posted by gskow > 2015-01-31 08:37 | Report Abuse

Sources say a new fight involving the ownership of water assets is brewing between Selangor and the BN controlled federal government.



Sources says the feud centres on the ownership of assets such as the Semenyih and Bukit Nanas dams as well as a large networks of pipes spanning thousands of kilometers which Pakatan Rakyat says came under its control when the Opposition coalition won the state in the 2008 general election. This notion however is being disputed by the federal government, which says these assets come under the control of Putrajaya.



Ownership of the dams could be a moot point. The Selangor’s unit Konsortoium ABASS Sdn Bhd has a 30 year in the privatization of the Sungai Semenyih Water Supply Scheme. Meanwhile Puncak Niaga which owns water treatment company Puncak Niaga Sdn Bhd (PNSB), controls the Bukit Nanas water treatment plant.



Some parties familiar with the water business says dams, like rivers are the source of water and thus are state assets. Pipes are also said to be owned by the state. Nevertheless it is likely that the federal government will have equally strong arguments for its case.



This dispute could derail the consolidation exercise.



The Selangor government was supposed to conclude its negotiations with Puncak by first week of Feb 2015 but the federal government via the Ministry of Energy, Gren Tech and Water), has informed the state that it needs an additional one month extension to conclude the deal as there is some dispute in terms of ownership of the assets.



It is not clear how the legal wrangling over these assets would adversely impact the consolidation of the water sector in Selangor.



If the dams, treatment plants, pipes and other assets in dispute are under the four concession holding, there could be a further delay in the exercise.



This new wrangling has prompted some quarters to wonder if there would be changes to Puncak’s acceptance as the company’s controlling shareholder.



The new stalemate comes at a time when the state is looking to close a deal with the final concessionaire, SPLASH.



Also during the prior to the latest standoff, there has been very little pipe replacement undertaken, which in turn has resulted in non revenue water hitting 35% in Selangor.



This new development begs the question as to whether the federal and state governments will be able to end Klang Valley’s water shortage problem anytime soon and if the plans to replace the ageing pipelines in the state will be derailed.

Posted by kahhoeng > 2015-01-31 10:04 | Report Abuse

fainted, is it true that it will be dragged for another month?

Posted by LuvLuv > 2015-01-31 11:54 | Report Abuse

Continuing collecting PUNCAK will be a good plan.

Posted by sudahkena > 2015-01-31 12:51 | Report Abuse

So insider already know? Tht y have volume...big blok selling....

Posted by jolie2 > 2015-01-31 17:08 | Report Abuse

the state gov would not let the deal go thru easily without any new offer to splash.
The old deal broker by khalid previously is not balance . Puncak gain and splash loose. Very obvious case of no fair deal with the 0.1 x book value offer to splash. Even commented by all analyst that it is not fair.
Now the state gov only want to correct the wrong. Fair deal to everyone. Win-win for all parties.
i think this is healthy and right things to do by azmin and his gang.

Posted by kahhoeng > 2015-01-31 19:57 | Report Abuse

hope someone would write to Puncak seeking clarification

Posted by zckoo > 2015-02-01 10:53 | Report Abuse

Arr.....delay again?

Posted by sudahkena > 2015-02-01 12:36 | Report Abuse

If delay..share price continue drop.....??? Now I understand y it keep drop everyday...

Posted by kahhoeng > 2015-02-01 15:21 | Report Abuse

The pity part is that I have no idea about the issue n keep accumulating, sigh!

Posted by jolie2 > 2015-02-01 17:59 | Report Abuse

i have reminded earlier that water pipe asset is belong to state govt and syabas just used it for distribution only.
Therefore this deal is quite ambiguity and complex.
Not like splash and abbas which have their asset (the dam) that are quantifiable and straight-forward deal.
I'm not drunk or on-drugs when i write this comment.

Posted by kahhoeng > 2015-02-01 19:43 | Report Abuse

Jolie, your earlier comment is so much off compared to what's suggested in the edge

Posted by jolie2 > 2015-02-01 20:42 | Report Abuse

Sometime people don't want to draw the full picture for you all to see. You all have to dig ,guess and do more research further.

Posted by rlch > 2015-02-01 20:57 | Report Abuse

People talk here like Puncak is still water company. Why shareholders agree to water asset disposal in last month EGM?

Posted by CaoCao > 2015-02-02 01:19 | Report Abuse

Lets see if the management will react to this "report" or not on wednesday. The report for now lack clarification by the party involved and the extension date will ended in next 4 working days only. However the choice is yours whether to stay invest.

Posted by kahhoeng > 2015-02-02 08:01 | Report Abuse

jolie, you wrote some comment not worthy of consideration (which is misleading) to 'warn' people in expectation others would dig further (not to mention they would be able to dig or not). Then not happy with others' reply on your comment?!? How about not commenting at all and won't feel unhappy at all? Real strange

caocao, guess either a Puncak/state government/federal government clarification, I will have no choice but to keep waiting. The cash of at least 3.55 (which I hope is at least 3.70) per share is too tempting to me

Posted by sudahkena > 2015-02-02 09:26 | Report Abuse

What are the effect water pipe asset belong to puncak or state... just sell and puncak still get 1.555b....

Posted by jolie2 > 2015-02-02 09:33 | Report Abuse

kali puts rm 10.2 billion price tag valuation on the pipes which is much higher than rm 1.0 billion they were value when Perbadanan Urus Air Selangor (PUAS) was privatised and taken over by Syabas.

Probably , the Fed would not want to pay so much (since revenue drop) and claim now the pipe belongs to them and not the state.

Posted by kahhoeng > 2015-02-02 10:52 | Report Abuse

its hard to imagine that possibility, jolie. I can't dispute the edge's suggestion though, given its no longer Puncak's fight, more like a fight between state and federal, which is crucial in influencing deals between state and federal in the future. More so when BN no longer have full control of states affair.

While having concern on how long the deal will be dragged further, still believe that it will be completed soon to avoid further delay in Langat 2 from federal's perspective or huge legal cost from water tariff not being raised from state's perspective

Posted by kahhoeng > 2015-02-02 13:54 | Report Abuse

The more i think about the report in edge, the more confuse i am. Out of curiosity, shouldn't those issues raised in the edge been addressed prior to initiating takeover of private water companies?

Posted by SinGor > 2015-02-02 14:01 | Report Abuse

Puncak suddenly given chance to bid for Langat 2 project is stepping on someone tail.
Pipings usage and valuations(discrepancy) have been known for sometimes. Why bring this
issue up so suddenly? Ownership is just a piece of paper ( can be challenge in courts).
Whether the Fed is willing pay Selangor Gov is a foregone conclusion--No way

Posted by sudahkena > 2015-02-02 20:24 | Report Abuse

Let see on Wednesday. ... if market green... but puncak price drop..maybe ve problem. .. but I think on fed side.. no prob..

Posted by sudahkena > 2015-02-04 08:46 | Report Abuse

http://www.thestar.com.my/Business/Business-News/2015/02/04/CIMB-Research-expects-Selangor-water-assets-issue-to-be-resolved/?style=biz

Posted by hng33 > 2015-02-04 09:00 | Report Abuse

CIMB Research expects Selangor water assets issue to be resolved

KUALA LUMPUR: CIMB Equities Research advises investors to remain invested in Puncak Niaga, mainly due to the special dividends appeal, which translates to 38% in dividend yield (RM1 a share).

It said on Wednesday the dividend is likely to be paid out in 2H15, assuming that the deal involving the ownership of water assets is completed by 2Q15.

“Timing of the resumption of Splash's deal could be clearer from March 2015. We continue to expect all parties to agree on an alternative valuation that approximates 1.0 times book value (BV), which should range between RM2.5bil to RM2.8bil,” said the research house.

CIMB Research was commenting on a news report about the new issues involving the ownership of water assets are brewing between opposition-led Selangor and Barisan Nasional-controlled federal government.

The news report also said the assets include major dams and pipe networks. Also, the state government argues that all water-related assets should belong to the state. The report concluded this development could derail/delay Selangor’s water restructuring exercise.

“This news is a negative surprise but we are not too concerned about the potential impact on the progress of water restructuring in the state at this juncture.

“Findings from our recent channel checks still justify a more optimistic stance on the progress of water takeovers.

“Takeover negotiations regarding Puncak's RM1.6bil water asset divestment deal is still on the table, with the latest indications from management pointing to a likely conclusion within February 2015, pending several conditions precedents (CPs) on the part of the state government.

“As for renegotiations on Splash (40%-owned by Gamuda), we continue to be hopeful that talks would resume in March/April 2015 pending the completion of Puncak's deal.

“Our view is that the ultimate ownership of physical water assets will be sorted out separately following the takeover deals,” it said.

Posted by singkaulan > 2015-02-04 09:27 | Report Abuse

better sell now...i think going to holland soon..

Posted by annchua > 2015-02-04 09:43 | Report Abuse

singkaulan...why you say so? any supporting info?

Posted by sudahkena > 2015-02-04 09:54 | Report Abuse

Selling pressure. ... even oil up... what a sigh?

Posted by kahhoeng > 2015-02-04 10:42 | Report Abuse

at least epf is buying, a bit of consolation? hope epf will keep on buying til its holding reach 10%

Posted by hng33 > 2015-02-04 11:18 | Report Abuse

It is highly unlikely the deal is cancel, as all parties will be loser,

1. State gov is the biggest loser, lost golden chance to regain back control and manage state water assets. State also unable to reduce NRW and continue facing water shortage.

2. Fed gov is second loser, incur project overhang cost lost for Langat 2 project.

3. Puncak shareholder is third loser, unable to get windfall of special dividend at least RM 1/share

4. Puncak itself is least affected. Puncak can continue lucrative water concession business as water treatment business commanding one of the highest profit margin more than 60%.

The argument now is ownership of the water assets !? I think State gov must follow other state practice, transfer all the state water asset to Fed gov, in return, Fed gov pay equity cash to concession and assume all assets and liabilities on behalf of state gov and then fed gov leaseback these water asset to state gov under 45 year agreement in order for state to have full control over maintenance and operation. During these leaseback period, state gov pay lease fee to fed gov for 45 year, in which after leaseback agreement lapse after 45 year, then only state gov own full control all state water asset.

Posted by Dylan1027 > 2015-02-04 11:30 | Report Abuse

y sudd all the bad news for puncak. I tot all things have come to the ending stage and sudd so many ad hoc..

Posted by hng33 > 2015-02-04 11:38 | Report Abuse

It seem more like political game again, with Anwar case to be settle 1 day after last day to seal the agreement on 9 Fed. Some under table deal may be ongoing.......

Posted by kahhoeng > 2015-02-04 12:41 | Report Abuse

Hng33, if sale didn't go through, it will be bad for puncak, given that state disagree with tariff increase. Climb give mixed idea, while suggesting deal close before Feb 15, it mentioned a dividend 2h 2015

Posted by Tinojuan > 2015-02-04 12:44 | Report Abuse

can the government ask arnandas krisnan for help buy the business

Posted by LuvLuv > 2015-02-04 12:49 | Report Abuse

Go or not go through is not a matter as a shareholders for Puncak as we are bagging our golden eggs on hand now.Puncak water assets should push Puncak back to PE 8-10 as per normal valuation.Current unclear picture is indeed good for us to grabs more Puncak instead.Cheers.

Posted by kahhoeng > 2015-02-04 12:49 | Report Abuse

Another issue that bother me, sources at both edge n cimb offer material non public information that should not be published except by puncak or government. But guess its not uncommon in Malaysia boleh land

Posted by SinGor > 2015-02-04 12:53 | Report Abuse

I agree with you--kahhoeng. That is main reason Puncak wants to dispose water asset.
Remember Sugar UNDER price control when Robert Kwok controls sugar production.
When Felda takes over, sugar price increase in less than one year after decades in price
control list

Posted by sudahkena > 2015-02-04 12:59 | Report Abuse

4 day.. while main issue - pipe asset still blur... can it complete b4 this monday? If not... the price will down?

Posted by SinGor > 2015-02-04 15:19 | Report Abuse

Two weeks ago I have a "warong Teh Tarik session with PKR politicians about Elevated Highway
in Ampang area And some how I directed the attention to Puncak deal. My conclusion is
9 Feb will be a day that come and go with no news.( unless a annoucement is make on 6 Feb)
Umno is trying to show everythings are up and running But PKR is blowing Water Bubble and
pushing papers around Office. Anyway Pipes and Dam ownership are Old issue - recycled
to pressure PKR to expedite land approval for Langat 2. PKR is waiting for Anwar's decision
And Splash New evaluation. Furthermore PKR is tanking on 6 Elevated Highways that cost
16.13 Billion. So Puncak deal is a small compare to others.

Posted by kahhoeng > 2015-02-04 15:38 | Report Abuse

hng33, thanks, though with the disposal deal hanging, I sincerely doubt Selangor state is willing to endorse the terms as stipulated in the deal. I have always thought, or wished, that the deal will proceed accordingly, and doubted any attempt to sabotage. Its too pricey to have the deal cut as all issues will complicate matters more than before any MOU is signed. My anger of late has more to do with (1) lack of clarity from Puncak, from announcement to assuage investors to share buy back to offer support and (2) material non-public rumors that flies around after price drop without any action from security commission. Guess our Vision 2020 is nothing but BOLEH land dream.