Posted by Superb99 > 2015-02-10 17:24 | Report Abuse

really no news...weird

Posted by soon9913 > 2015-02-10 18:15 | Report Abuse

EPF is buying..

Posted by 8u29song > 2015-02-10 18:20 | Report Abuse

sangkut........

Posted by gskow > 2015-02-10 18:22 | Report Abuse

We refer to the announcements dated 11 November 2014, 16 December 2014, 7 January 2015, 13 January 2015 and 14 January 2015 in relation to the Proposed Disposals.

On behalf of the Board of Directors of PNHB, Hong Leong Investment Bank Berhad wishes to announce that upon the written request of Pengurusan Air Selangor Sdn Bhd (formerly known as Temasek Tiasa Sdn Bhd) (“Air Selangor”), the Company and Air Selangor had mutually agreed to a second extension until 9 March 2015 for the fulfillment of the conditions precedent stated in the conditional sale and purchase agreement dated 11 November 2014 (“SPA”). Under the SPA, the conditions precedent are to be fulfilled on 12 January 2015. The Company had earlier mutually agreed to an extension until 9 February 2015 for the fulfillment of conditions precedent in the SPA.

This announcement is dated 10 February 2015.

Posted by Don New > 2015-02-10 18:24 | Report Abuse

Delay again????

Posted by kahhoeng > 2015-02-10 18:27 | Report Abuse

fainted! luckily EPF has been buying

Posted by annchua > 2015-02-10 18:29 | Report Abuse

delay month after month...kaosai

Posted by hng33 > 2015-02-10 18:34 | Report Abuse

Again, these second extension is request by Air Selangor until 9 Mar. In the meantime, it also offer opportunity for another giant institutional fund EPF to follow previous LTH to accumulate Puncak at current depress price.

Posted by sudahkena > 2015-02-10 19:01 | Report Abuse

Very frustrated. ...

Posted by CaoCao > 2015-02-10 19:27 | Report Abuse

at least this confirm 1 thing.............. singkaulan really is singkalan ( although his timing is really impressive)

Posted by kahhoeng > 2015-02-10 21:32 | Report Abuse

with EPF increases its holding in Puncak, lets hope the market has less shares to be sold at this absurd cheap level

Posted by hng33 > 2015-02-10 21:43 | Report Abuse

Agreed, since LTH can't increase Puncak stake due to non shariah compliance issue, new comer EPF accumulation at current depress price at least can absorb weak minority share.

However, the important thing is that despite further extension until 9 Mar, Puncak still can recognized water business earning pending to new business venture. With gradually improvement in global crude oil (US 61) and palm oil (RM 2300), Puncak venture into plantation and oil and gas business should well received later.

Posted by hng33 > 2015-02-10 21:44 | Report Abuse

There are only two condition precedent yet to fulfill and its all relate to both Fed and state gov

1. Water asset transfer between the state gov and fed gov

(Remark: water transfer between two gov raise issue in relate to ultimate ownership of these water asset, leaseback agreement between two gov)


2. Consent from the unit kerjasama Awan Swasta, Prima Miniter Department on the sale of syabas

(Remark: the consent is needed due to Fed gov hold 1 Golden share in Syabas)

Both of these condition precedent are NONE of Puncak business. Therefore, Puncak have today issue media press to emphasize on both of these gov to corporate to resolve these 2 matter IMMEDIATELY.


Remark: With Anwar case settle already, both state and fed gov now can concentrate on water issue back and expedite to resolve these 2 matter, hopefully before 9 Mar, which in fact is very easy to resolve. The leaseback agreement is just between two gov affair, it can just negotiate separately without need to interfere Puncak take over, and consent from Prime minister department for its syabas golden share is just a joke, a political card. With Anwar case settle ultimately, no more Anwar on the bargain table, thing can just move very fast to resolve the last 2 condition.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1873409

Posted by kahhoeng > 2015-02-10 21:52 | Report Abuse

hng33, hehe... I still prefer Puncak selling off everything, water business in China to BJCorp for example and distribute all cash to all shareholders equally. Its the fastest way to small holders like us to collect the most

Posted by hng33 > 2015-02-10 22:13 | Report Abuse

kahhoeng

Disagreed, instead of sell off all remain business, the better and faster way should be privatize via selective capital repayment. However, i still prefer Puncak remain listed.

If Puncak indeed able to secure waste to energy incinerator concession, it will be very timely for Puncak to fill up the earning vacuum left after water concession disposal. Since these incinerator concession is private funding, compared to other bidder like UEM, DRB and MRCB all have very high gearing, Puncak is flush with net cash, capable to fund entire cost RM 800m to build Incinerator.

Posted by kahhoeng > 2015-02-10 22:48 | Report Abuse

hng33, it will be new business to Puncak, there is no certainty that it would be able to excel in it. Not to mention that Puncak board is thinking about plantation, which is currently has a huge price tack on the land itself. If Puncak is able to land a few more water/waste treatment plants businesses around the world, it may not have the home field advantage it is currently enjoying. I guess given doubts, Puncak share price will most likely traded below its NTA for some time until it has proven itself it can excel in other fields or when its not enjoying the home field advantage. For these, I kind of prefer Puncak selling off everything and distributing the money

Posted by hng33 > 2015-02-11 08:57 | Report Abuse

Puncak warns delays in sale of water assets to Selangor could affect services

KUALA LUMPUR: The sale of the water assets by Puncak Niaga Holdings Bhd to the Selangor government has been extended by a month, with the listed company warning that delays in the completion of the deal could affect the level of services.

In a statement to Bursa Malaysia yesterday, the company stated that the reason was because capital and operating expenditure in relation to the water supply system could not be implemented, as these had been put on hold by the Government, pending the completion of the consolidation.

Puncak Niaga said its board of directors had agreed with Pengurusan Air Selangor Sdn Bhd (Air Selangor) to extend the completion of the deal by another month until March 9, 2015.

On Nov 11 last year, Puncak Niaga and Air Selangor had entered into an agreement, whereby the former would sell its wholly owned subsidiary, Puncak Niaga Sdn Bhd, and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) for RM1.56bil.

Puncak Niaga holds the concession for water-treatment plants in Selangor, while Syabas is the distributor of water in Selangor, Kuala Lumpur and Putrajaya.

Puncak Niaga stated that the extension of the deal was because of two issues that were pending. They are in relation to the transfer of the water assets between Selangor and the Federal Government, and the consent from Unit Kerjasama Awam Swasta of the Prime Minister’s Department on the sale of Syabas.

There were reports two weeks ago that there have been disputes involving the ownership of water assets between both the Selangor and federal governments.

The ownership of the Semenyih and Bukit Nanas dams, as well as a large network of pipes in the state, are being disputed by the Federal Government, which claims that these assets come under the control of Putrajaya.

As these assets are in Selangor, the state government that is controlled by Pakatan Rakyat has already staked its claim on the two dams and the water pipes.

Puncak Niaga said the deal that was signed with the full support and consent of the Federal Government was that the Selangor government would restructure the water industry in both Selangor and the Federal Territories of Kuala Lumpur and Putrajaya.

It also said the agreement was signed with the intention of the state government consolidating and managing the water assets, and for the Federal Government to expedite the construction of the Langat 2 water-treatment plant and distribution system.

The Puncak Niaga board has urged both the Selangor and federal governments to work closely to resolve the pending issues in the interest of the consumer.

Meanwhile, earlier this year, Selangor Mentri Besar Mohamed Azmin Ali had stated that there was no need for Puncak Niaga to request for an extension, as plenty of time had been given to the water concessionaire to conclude the agreement.

Posted by LuvLuv > 2015-02-11 09:05 | Report Abuse

Dear Members

Why frustrated and Fainted?we should be happy to that and continue to accumulate as I am expecting that should be a revision in price tag.Cheers

Posted by annchua > 2015-02-11 09:08 | Report Abuse

they can delay sesuka hati...then what is the meaning to completion date commited? later at march...say delay another month lagi....crazy

Posted by hng33 > 2015-02-11 09:20 | Report Abuse

Previously, it is intention of state gov to consolidate water, thus wan to force take over water concession. State exchange deal with Fed gov for langat 2 approval, to jointly force water concession to surrender their concession.

But, now water concession already accept and willing to surrender their concession, then, both these state and fed gov turning, delay to resolve their own affair for water assets transfer and delay to give consent.....presumably wan to capitalize on Anwar case.....Nonetheless, then Anwar case fully settle now yesterday already.... I think both gov will back to resolve these last 2 matter as soon as possible to end these episode.

Posted by rlch > 2015-02-11 09:22 | Report Abuse

Delay and no need anything extra? Time is money.

Posted by SinGor > 2015-02-11 09:35 | Report Abuse

The Fed Dept rarely relinquish the "Golden Vote" policy. It is in All GLC. Even in Syabas
which is Umno friendly. Now the negotiating Table is been hijacked by Fed and States Dept,
with politicans taking jabs at each others from the ring side. This is a 4 parties fight.
How it is going to end? Are there more problems cropping out?
People who know the problems has told me the best solution/fast solution is thru the
political doors ( sweep everythings under the carpet and closed the doors). By the way, you
will be surprised if I told you Banks also practise this method

Posted by Superb99 > 2015-02-11 09:35 | Report Abuse

speechless...wait wait wait will do..no dividend announcement before CNY...how to huat...

Posted by jolie2 > 2015-02-11 09:41 | Report Abuse

i think they will close the puncak deal together with kps (splash). Cannot close the water re-structuring partially.
End-up difficult for Air Syabas to work on the next step further.

Splash deal will be announced soon together with closure of puncak deal.

Posted by sudahkena > 2015-02-11 10:01 | Report Abuse

Fed no money.......

Posted by SinGor > 2015-02-11 10:11 | Report Abuse

Fed has money. Billions under Najib's control which can be dispose at any moment. This what
DAP & PKR are trying to reduce from Prime Minister Dept in 2015 budget.

Posted by kahhoeng > 2015-02-11 10:17 | Report Abuse

I don't think they need splash to close the deal. it would seems to me company owning the water network is the most crucial, the rest comes down to pricing and 'connection?'

Posted by CaoCao > 2015-02-11 10:38 | Report Abuse

my personal view is the price oledi factor in the delay as the edge oledi reporting it first hand however minor selling pressure might happen in the short term pending more clear picture of the reason for delay and the next step by the fed and state gov.

Posted by annchua > 2015-02-11 10:44 | Report Abuse

agree with CaoCao...

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

Water is essential life goods. With Puncak pointing out only two remain condition yet to fulfill are solely due to water assets transfer between state and fed and require consent from Prime minister department. With that, i think it is unavoidable for both of these gov to response quickly to address these two matter. After all, if there is any water shortage, rakyat blame will be on state gov and fed gov.

Therefore, the clear indication from Puncak to show the delay is solely due to 2 remain unresolved matter and are responsibilities of both State and Fed gov, thing should be move faster now to seal the deal as both gov can't afford to lose rakyat support on water matter. After all, if reporter raise question in regard to water issue, both prime minster and menteri besar now must answer to rakayt, and expect the only answer will be both will expedite to resolve the remain 2 matter as quick as possible.

Posted by kahhoeng > 2015-02-11 11:12 | Report Abuse

guess the best weapon to push the water deal is another water crisis and rationing, sigh!

Posted by CaoCao > 2015-02-11 11:37 | Report Abuse

I think pkr really in the difficult situation here... if follow the agreement then azmi & kps will be the ultimate loser here. If scrap the agreement then might be slap with a court case by fed gov (except if they can approved the langat as token) and the case of the tariff compensation will continue with the lucrative water business still in the hand of puncak etc. if up the $ for kps then might have to do it for other also and might be viewing suspiciously by the public ( and don't forget, khalid will be watching this closely). The acquisition by private company is not possible in this case so delay might be the best choice here although there is a time frame for it. A difficult crossroad that must be taken in some point and will test azmin skill. However i might be thinking/guessing too much here as state gov might oledi have a decision and only a small disagreement cause the delay. i still hav around half of my investment in puncak and i do hope all ends very well for puncak.. cheers..

Posted by SinGor > 2015-02-11 11:53 | Report Abuse

Water Restructuring cannot resolve water shortage. Water shortage/too much is caused
by El Nino and El Nina which repeat itself every 2 -7 years. Puncak should be proactive
in dealing with water distribution and control its uses (squarely on Puncak shoulder).
In order to shoulder this burden Puncak should be receiving New tariff but as we all know
Selangor Gov is dragging its feet. At the end, ppl of selangor suffer. So this restructuring is basically for Selangor to wrestle back the distribution and Control of water resources. Whether Selangor Gov can resolve water crisis is another problem. B'cos Langat 2 completion is 3-4 years away ( maybe will not daylight for a long time)

Posted by hng33 > 2015-02-11 12:05 | Report Abuse

If state gov refuse to corporate and cause delay to acquire Puncak, then, Puncak can use these as excuse to terminate the deal with state gov. State will definitely is a loser, on the other hand, Puncak if able retain its lucrative concession, it could able to consistent and steady record EPS 50-60sen pa throughout its entire concession.

State will lose opportunity to regain control over operation and maintenance of Selangor from nothing at all to secure at least 90% water treatment plant and 45% treated water capacity (PNSB control 28 water treatment plant out of total 32 and command nearly half of treated water) and all distribution pipe throughout entire Selangor, Putrajaya and KL.

Posted by SinGor > 2015-02-11 13:20 | Report Abuse

I don't see the Azmin & Co actually see themselve as loser. I see the people of Selangor and me as the real loser. First time in office already spending like a prince. From what I heard the
2 precedent are unsurmountable obstacles. If the Selangor State don't back down, the deal
drag on.

Posted by hng33 > 2015-02-11 13:37 | Report Abuse

With current State water facing risk of shortage due to many mega development surround klang valley, Langat 2 has become necessary instead of optional to state gov. The longer it drag, the faster state gov losing bargain power to acquire Puncak. Without Puncak, state will continue losing power over to regain and manage state treated water and distribution, which itself is worth billion business opportunity for the state to operate, maintain and replace pipe throughout entire state, Putrajaya and KL area. Will Azmi, PKR or PR as a whole afford to lose such rare opportunity and can them afford to lose rakyat due to potential water shortage !?

On the other hand, from the total take over price above RM 6 bil, including equity RM 1.56b + liabilities above RM 4.5 bil, it clearly show that Puncak current financial status and NTA of RM 4.75 is strongly back by solid, real assets and all its outstanding receivable and borrowing is recognized and realizable. Therefore, if Puncak able to retain these lucrative water business, Puncak can continue steady deliver EPS 50-60sen pa, or just trade PE <5x based on current depress price.

Posted by annchua > 2015-02-11 13:57 | Report Abuse

that means...even with or without the deal, Puncak is still a worth buy!

Posted by smartly > 2015-02-11 14:00 | Report Abuse

Epf always act on opposite way. Buy high sell low. Epf now buying mean the current price is very high.. :p

Posted by hng33 > 2015-02-11 14:36 | Report Abuse

annchua

Based on Puncak financial result, its cumulative last 3 quarter water assets revenue record RM 585m, profit before tax record RM 315m, implying Puncak water business command impressive gross profit margin of 54%. Such high and lucrative water business model just can't find in any other business.

If Puncak disposed off its water assets, no doubt turn Puncak into net cash position and shareholder reward with RM 1/share special dividend, but Puncak future rely on its ability to secure another highly profitable business. But if compared to water concession business, plantation maybe only able command 10% gross profit margin, oil and gas could just slight above 12%, or even if secure waste to energy incinerator concession, gross profit margin could be just 15% only.

Posted by SinGor > 2015-02-11 14:41 | Report Abuse

If I owned Puncak. I will NOT disposed the water asset that contribute 50% of the company
profit margin And jumped into palm oil and O&G industry. It takes 3 years for palm to produce
fruits and you need a factory to produce oil and transport the refined oil to other factories. And worst of All your margins are capped by international price. Has Rozali completely lost his
business bearing? No I don't think so. There is something he is Not telling shareholders about
puncak water asset. I am so sure. CEO actually take Company private to protect lucrative
earnings. Why share profit with others When you can have it ALL( I am so capitalistic)

Posted by hng33 > 2015-02-11 14:49 | Report Abuse

It is State gov force to take over Puncak and other water concession, which all of them refuse and drag from 2008 until now. State original offer also increase in tandem from RM 5.6 Bil in 2008 until RM 9.65 bil. But, all water concession remain refuse to accept (except KPS which is 60% own by state gov), cited that offer still below their intrinsic value.

It is only until last year, when Khalid be state MB exchange deal with Fed gov for Langat 2 approval, then only State joint effort with Fed + Wasia combine effort to force to take over water concession in the state.

Posted by SinGor > 2015-02-11 15:30 | Report Abuse

If the state and Fed Gov joint hand to take over water asset, why the Fed is throwing in 2
precedent that State Gov say it is insurmountable obstacles that required 2 months to
ponder on the demand. I find this rather amusing. Strange wayang Kulit

Posted by hng33 > 2015-02-11 15:57 | Report Abuse

State and Fed gov can joint effort to take over on condition that state agreed to grant langat 2 approval, Fed gov agree to takeover all water concession on behalf of state gov, then leaseback to state gov for 45 year for it to have control on water operation and maintenance. In return, State gov during leaseback period need to payback fed gov with lease fee for 45 year, then all water asset only can be own back by state gov.

The take over offer from Puncak is not an issue now. The issue now is matter of leaseback agreement which involve water asset transfer between state and fed gov, which each gov claim to have ownership over certain dam and pipe asset after leaseback period. Anther matter link to these leaseback agreement is that consent from prime minister department over syabas, in which fed gov hold 1 golden share, therefore, Fed gov may unwilling to return all pipe, especially pipe surround Putrajaya and KL area to state gov even after 45 year lapse of leaseback period.

But, all these matter is long dispute between two gov, but it definitely can be resolved separately between state and fed gov, without interfere Puncak deal. After all, it is claim between two gov over long 45 year leaseback agreement that involve certain ultimate water asset ownership after lapse in leaseback period.

Posted by SinGor > 2015-02-11 16:54 | Report Abuse

Most the pipings inside Putrajaya can last more than 45 years and only some around KL.
Most piping inside Selangor are off very questionable quality. When i told one piping
contractor that Selangor piping worth billion he laughed and shaked so hard that my beer nearly
topple over. So after 45 years, Selangor is the actual " water fish"

Posted by hng33 > 2015-02-11 17:17 | Report Abuse

No actually, the main reason state wan to take over water concession aside wan to control lucrative operation and maintenance of treated water, its other intention is to carry massive pipe replacement throughout state.

Through take over from concession, State wan itself to capitalize on lucrative water treatment business (profit margin >50%) and channel to fund billion worth of pipe replacement project to reduce non revenue water. Don't tell rakyat that only UMMO have crony to benefit from gov project, PKR or PR as a whole also surround by their own crony and awaiting eagerly to benefit these billion business pipe replacement opportunity.

The main dispute is that it is logical for state to wan to gain control pipe under state territory, but same to fed gov, wan to take opportunity from syabas take over to regain back control from state over water pipe in federal territory (KL, Putrajaya)

Bear in mind, under the exchange deal, state is greatest winner as all funding and assume liabilities is provide by Fed gov, and state from nothing at all can regain back operation and maintenance from concession via leaseback. Therefore, state is clear winner from nothing to regain control water asset operation and maintenance under these water restructuring.

Fed gov also at the same time benefit to some extent. As overdue Langat 2 can be continue, avoid default and project award can benefit its own crony. Although Fed need to folk out RM 9.65 bil (RM 2 bil cash to State to take over concession equity + RM 7.65 bil to assume all concession liabilities and asset), but fed can get payback via lease fee over 45 year leaseback, to be paid by state gov.

Posted by SinGor > 2015-02-11 17:30 | Report Abuse

Liabilities part I understand. But funding for pipes replacement is rather hard to figure out.
1) Water rate same as Singapore water rate ( fund needed for pipe replacement)
2) Borrow money from Fed again (running deficit budget already)

Posted by hng33 > 2015-02-11 18:06 | Report Abuse

Of course, profit derive from water treatment plant alone is no enough to fund massive piping replacement throughout entire state. Therefore, water traffic hike is inevitable, collect more money from rakyat, schedule to increase in 3 year time to match when expensive langat 2 is ready. The water traffic hike if no mistake in accord to former MB, Khalid was 15% hike for every 3 year throughout entire leaseback of 45year period

Posted by kahhoeng > 2015-02-11 18:52 | Report Abuse

seems like EPF still accumulates Puncak shares with good support today

Posted by Roger123 > 2015-02-12 09:17 | Report Abuse

puncak is gone ler

Posted by titus > 2015-02-12 09:49 | Report Abuse

puncak with or without the deal is undervalue. No deal, they retain the goose and continue lay golden egg. With deal, big pay check. If the deal is call off, it won't suprise me the price rebound. Like those rightly mentioned here. Where to get a busiess paying 40-50% margin? and they are in the business of living necessity.