Posted by kahhoeng > 2015-03-10 17:19 | Report Abuse

feel relief with ongkili speaking out. Think he is causing panic saying waiting for state letter earlier, am I right?

Posted by kahhoeng > 2015-03-10 17:35 | Report Abuse

Great News!

http://www.themalaysianinsider.com/malaysia/article/selangor-open-to-land-lease-deal-with-putrajaya-says-azmin

Dialling down from its earlier stance following the lapse of the water deal, Selangor today said it is willing to discuss with Putrajaya over plans to lease state lands where the water pipes were located. "This is something we can discuss, we are open for discussion," Menteri Besar Mohamed Azmin Ali said at the Parliament lobby today after paying a courtesy call to Speaker Tan Sri Pandikar Amin Mulia this afternoon. The Gombak MP however insisted the agreement did not specifically mentioned the word "land", instead using "vague" provisions with terms such as "moveable" and "immovable assets". googletag.cmd.push(function() {googletag.display('div-gpt-ad-1400601790726-3');}); "Our discussions from day one only touched on assets for Pengurusan Aset Air Bhd (PAAB), there is nothing beyond that," he said. Earlier this morning, Azmin said the Selangor water deal tanked because Putrajaya wanted for free the land where the water pipes were located. He said the land was not part of the agreement signed between the state government and the Barisan Nasional federal government on September 12, 2014. The 26,000km of pipes were among the assets listed in the agreement. "The failure to continue with the master agreement was due to the federal government's refusal to respect the main agreement signed last September. "They want the land for free, the land does not belong to them. What was stated in the agreement and agreed upon by both sides was to handover the assets owned by the concessionaires. "If we agreed to that, the state government will lose its sovereignty on the land," he said at an earlier press conference at the Parliament lobby. Energy, Green Technology and Water Minister Datuk Seri Maximus Ongkili however said Putrajaya did not renege on the Selangor water deal by demanding free land as the provision was already inked in the master agreement. If need be, the federal government is willing to lease the land from Selangor, he added. "We will only lease it for 45 years, we are not permanently taking over the lands." The master agreement was signed by Azmin's predecessor Tan Sri Abdul Khalid Ibrahim last year, aimed at taking over operations of the RM30 billion Selangor water industry from four private companies and returning it to public ownership. The terms of the master agreement include state special-purpose vehicle Pengurusan Air Selangor Sdn Bhd (PASSB) acquiring Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), Puncak Niaga Sdn Bhd (PNSB), Konsortium Abass Sdn Bhd (Abass) and services licence-holder Konsortium Air Selangor Sdn Bhd. PAAB will pay RM1.68 billion to facilitate the concession acquisitions and in return, the Selangor government will turn over the water assets to PAAB for a period of 45 years. PAAB will lease water assets to PASSB, which will pay a fee to PAAB, at a rate that will be determined between the two parties and set out in the facility and lease agreements. Azmin yesterday announced that Selangor would not grant Putrajaya a third extension on the Selangor water restructuring deal, which lapsed yesterday, accusing the federal government of breaching the agreement terms. – March 10, 2015

Posted by kahhoeng > 2015-03-10 17:59 | Report Abuse

strange but notice the news is out 4:14 pm, why is Puncak still falling?

Posted by nnmm > 2015-03-10 18:14 | Report Abuse

coz news related to this deal is not concrete after so many rounds of delay. only can hope pray and guess from god of fortune

Posted by lcwin > 2015-03-10 18:21 | Report Abuse

We should see the whole picture in the eye of Puncak bos. Does the compensation benefit him? Yes he hold majority share as well as the loan stk issued to somebody likely in trust which upon conversion will paretake on the durian runtoh. He is a very strong man in ammo so what ever happens Fed Gov will make sure He is not screwed.
Wayang kulit between State and Fed is bound to happen with new MB in the pic. Both need to settle the issues. Fed Gov cronies have a lot to loose if Langat2 dosen't proceed smoothly. You know cost overrun and delay cost adds up.
I don't see any major problems to puncak but this shocks will likely be a good excuse to accumulate! I think the only problem could be after getting the restructuring money he start investing in overpriced assets to siphon off the cash etc.

Posted by hng33 > 2015-03-10 18:23 | Report Abuse

Putrajaya wants to stick to original master water agreement, says Ongkili

By Cynthia Blemin / theedgemarkets.com | March 10, 2015 : 4:25 PM MYT
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KUALA LUMPUR: The Federal government wants to stand by the original master agreement for the Selangor water industry consolidation which lapsed yesterday.

Energy, Green Technology and Water Minister Datuk Seri Dr Maximus Ongkili said, "I have not given up the opportunity to conclude and settle the water issue."

"I am just worried that maybe it is not the technicality that is governing their (the state government) decision but the politics of it," he said to reporters at the parliament lobby when asked to respond to Selangor Menteri Besar Mohamed Azmin's decision to let the master agreement lapsed through no further extension.

Ongkili also disputed Mohamed Azmin's claims that the federal government did not intend to honour the master water agreement that was signed on Sept 12, last year.

"....they (Selangor government) did not read properly because the definition of assets is land which includes actual land," he said.

He said the Federal government did not contravene the terms of the master agreement but it was Selangor that failed to adhere to several conditions precedent to the master water agreement.

Ongkili also noted that the land where the water assets are on can be returned back to the state after the 45-year lease is up..................

Posted by hng33 > 2015-03-10 18:25 | Report Abuse

kahhoeng

Now we know who is playing polities, shout politic word like kedaulatan tanah; rampas tanah; kedaulatan tanah is top priority no 1 in state government; won't give land to Putrajaya for free; surrendering the state's "sovereignty" to Putrajaya bla bla.....

If State and Fed have misunderstanding and conflict over term like did not specifically mentioned the word "land", instead using "vague" provisions with terms such as "moveable" and "immovable assets, then MB should raise it and resolved it via leasing to Fed for 45 year, if possible lower part of the lease fee payable by state on future water supply to Fed on leaseback agreement. All water assets including water treatment plant, land, pipe after lease to Fed will have to eventually return back to state after lease expire in 45 year later, it is nothing to do with state's "sovereignty"

http://www.themalaysianinsider.com/malaysia/article/land-part-of-master-agreement-in-selangor-water-deal-says-putrajaya

vs.

http://www.themalaysianinsider.com/malaysia/article/selangor-open-to-land-lease-deal-with-putrajaya-says-azmin

Posted by annchua > 2015-03-10 18:39 | Report Abuse

i see hopes is there...

Posted by rlch > 2015-03-10 18:47 | Report Abuse

Retailers may have no say due to their limited shares. Why Tabung Haji and EPF also keep quiet and let share price keep dropping?

Posted by kahhoeng > 2015-03-10 19:10 | Report Abuse

hng33, can only hope deal getting done soon. Frankly, got panic this afternoon seeing it falling more than yesterday as I earlier thought that yesterday should have the most decline given news. Still, thanks to your analysis. BTW, real brave of you to keep on buying this morning, I really chicken out by this stupid Selangor MB news. Saw this just now,

http://www.themalaysianinsider.com/malaysia/article/speaker-to-consider-request-for-anwar-to-attend-parliament-says-pkr

Fearing a water crisis, groups representing the water and consumer groups have told Putrajaya and Selangor to stop the politics over the state's water restructuring deal and ensure that ratepayers have access to continuous and safe drinking water supply.

Hopefully Selangor consumers' anger will speed things up this time.

Posted by SinGor > 2015-03-10 19:15 | Report Abuse

This is a selloff. Another DRB fiasco (borrow from CaoCoa) Everybody buys because of RM1
dividend and when the deal is off--Dividend is GONE!!!! Next round maybe Rozali gets
different offer and RM1 dividend might not in place so sell now.( Quote from Ah Pek in
restaurant)

Posted by SinGor > 2015-03-10 19:20 | Report Abuse

If this is another DRB fiasco, EPF & TBH might joined hand to push the price down further
before accumulating as much as their heart desire

Posted by CaoCao > 2015-03-10 19:59 | Report Abuse

what i mean "drb version2 " is FOR ME after selling drb at a loss and straight away buy puncak and meet with the same situation ( at loss again and AGAIN have to wait for a suitable price to sell) is really frustrated. But the cause of decline is different nonetheless i'm confident puncak will rise again

Posted by hng33 > 2015-03-10 20:12 | Report Abuse

On behalf of PNHB, Hong Leong Investment Bank Berhad wishes to announce that as at to date, PNHB has yet to receive either a written request from Pengurusan Air Selangor Sdn Bhd (formerly known as Temasek Tiasa Sdn Bhd) (“Air Selangor”) for a further extension of time for the fulfilment of the conditions precedent stated in the conditional sale and purchase agreement dated 11 November 2014 (“SPA”) or a notice to rescind the SPA.

As at the date of this announcement, all conditions precedent under the SPA which are to be fulfilled by PNHB have been met.

The Board of Directors of PNHB will convene a meeting soonest to deliberate on the impact of any further delay of the Proposed Disposals on the daily operations of Puncak Niaga (M) Sdn Bhd (“PNSB”) and Syarikat Bekalan Air Selangor Sdn Bhd (“SYABAS”) after taking into consideration the views and recommendations of the Management of PNSB and SYABAS, and decide on the next course of action to be taken by PNHB. Thereafter, an announcement will be made by the Company in due course.


Remark: All conditions precedent under the SPA which are to be fulfilled by PNHB have been met.

But, why Air selangor being a buyer cannot even issue a official latter to reply to Puncak on what he shouting today in the public.......totally dishonor SPA at all, and in-respectful to listing status of Puncak and shareholder as a whole. MB, Azmi today political shows is just wan to play politic, gain publicity in front of all MP in the Parliament. But, what Azmi stance firm on state have no choice but to allow deal to lapse now become willing to negotiate with Fed gov on land leasing again.

Posted by kahhoeng > 2015-03-10 20:26 | Report Abuse

hng33, that's what we call politicians, no statesmen... Only knows f**king populist agenda and playing politics after things gone wrong! Glad to see the Selangor consumers group showing muscle

Posted by jayawin > 2015-03-10 20:27 | Report Abuse

See u tomorrow at 2.40

Posted by hng33 > 2015-03-10 20:52 | Report Abuse

Consumer groups slam Putrajaya, Selangor for delaying water agreement

Published: 10 March 2015 6:05 PM

Fearing a water crisis, groups representing the water and consumer groups have told Putrajaya and Selangor to stop the politics over the state's water restructuring deal and ensure that ratepayers have access to continuous and safe drinking water supply.

"We are tired of all this nonsense," three groups said in a joint statement today, following Selangor's announcement yesterday that the restructuring deal was off because Putrajaya had wanted to take over land in the state for water pipes.

The groups are the Water and Energy Consumer Association (Wecam), the Federation Of Malaysian Consumer Associations (Fomca) and Forum Air Malaysia.

"Both governments have been working relentlessly for seven years in order to complete the water industry restructuring plan in Selangor and now we are back to square one.

"This basic right (to continuous and safe drinking water) should not be treated as a bargaining chip for political mileage with the expense of the people in Selangor and Kuala Lumpur," they said.

The groups also questioned why Putrajaya had kept asking for an extension to complete the water deal.

The master agreement on the restructuring deal signed by former menteri besar Tan Sri Abdul Khalid Ibrahim in September last year was to have been finalised on January 12 this year, but was postponed to February 9 and given a third extension to March 9, yesterday.

Azmin earlier today said had Selangor agreed to the deal, it would mean giving up the state's sovereignty over its land, as Putrajaya had asked for the land for water pipes to be given over for free. Azmin said this request had not been part of the master agreement.

But this afternoon, Azmin appeared to soften, saying that Selangor was open to discussing plans for Putrajaya to lease the land.

Some 26,000 km of pipes are among the assets listed in the agreement, which will see Selangor taking over the operations of the state's water industry from four private companies through a state special purpose vehicle called Pengurusan Air Selangor Sdn Bhd.

"We are demanding both the state and federal government to stop pointing fingers and return to the negotiation table as soon as possible and complete the restructuring of the water industry in Selangor by this year," said the three groups.

"Time is running short as the water levels at the dams are dropping again and if the Langat 2 Water Treatment Plant is not completed on time, water crisis will become the new norm in the richest and most modern state in Malaysia in the near future."

Meanwhile, the Selangor Barisan Nasional opposition said Azmin, as a new menteri besar, did not understand land issues.

Selangor Umno liaison chairman Datuk Seri Noh Omar said "any project will involve land transfers" and Azmin, who had only been menteri besar for just under six months, should not compromise the people's interest by rejecting the water restructuring agreement.

"We want to remind him not to play politics on issues that affect the people," Noh, the Tanjong Karang MP, told reporters in Parliament today.

He said that under the Pakatan Rakyat Selangor government, the state had seen a drop in foreign direct investment from RM9 billion in 2008 to RM3.2 billion in 2014.

Job opportunities in the state have also dropped by half from 30,000 to 15,000 in the same period, Noh added. – March 10, 2015.

Posted by Winwin8888 > 2015-03-10 22:39 | Report Abuse

Sudah games over..........tomorrow i ting rm 2.3 mati lah......."..

Posted by zckoo > 2015-03-10 23:50 | Report Abuse

Walao....tml will drop again ar.....cham a...

Posted by iamnat > 2015-03-11 02:20 | Report Abuse

Immovable and movable objects are standard in legal term. It's not vagues as azmin put it. I think he and his people just never do their homework properly. Funny that he even say it out that it's vague, don't they have lawyers to advice him ?

Posted by rlch > 2015-03-11 03:10 | Report Abuse

Syabas: Parts of Klang Valley to experience water supply disruption March 16
http://www.thestar.com.my/News/Nation/2015/03/10/water-disruption-klang-vly-Mar-16/

Posted by SinGor > 2015-03-11 08:42 | Report Abuse

EveryOne in Azmin & Co hold a law degree. "Land Grab" is just a pretext to kill the master
plan which is heavily biased (advantage to Fed). Today going fishing--"No eye See"

Posted by CaoCao > 2015-03-11 08:44 | Report Abuse

http://www.thestar.com.my/News/Nation/2015/03/11/Please-end-political-games-and-let-taps-flow-say-netizens/
http://www.thestar.com.my/News/Nation/2015/03/11/Fierce-debate-rages-on-water-deal-Ongkili-and-Azmin-douse-each-other-over-RM96bil-agreement-delay/

Posted by hng33 > 2015-03-11 09:00 | Report Abuse

iamnat

Azmi is try to play politic here, its meaningless if State agree to transfer pipe to Fed without include the land involve.......pipe is lay underground or some on surface of the land, how can state lease to pipe without land itself....just like you lease a shoplot, but the landlord insist that you only rent the building without the land.... if you want to go into the shoptlot, you need to pay another rent for the land in which the shoplot is build, what a nonsense conflict.....In reality, pipe and land involve either pipe lay underground of the land or surface of the land must lump lease together, and return back to state after lease is expire.

Now that according to the news...Azmin later said the state was open to discussions with federal authorities after Dr Ongkili assured that the land would only be leased to the Federal Government for 45 years instead of an outright transfer for an indefinite period. Instead of resolve this simplest thing, Azmi shout to proect to protect kedaulatan tanah...!!?? What a bloody nonsense, Ongkili already say earlier that pipe and land involve is lump together is part of the lease asset under master agreement, will all return back (pipe and land involve) after the lease 45 year later.

Posted by titus > 2015-03-11 09:08 | Report Abuse

seeing selling pressure now. Going to be another DRBhicom???

Posted by hng33 > 2015-03-11 09:09 | Report Abuse

Bought more Puncak at 2.48-2.49

Posted by sttb123 > 2015-03-11 09:26 | Report Abuse

PUNCAK IS STILL STRONG IN FUNDAMENTAL WHY WANT TO SELL? KEEP FOR LONG TERM LAH !!!!!

Posted by kahhoeng > 2015-03-11 09:27 | Report Abuse

hng33, I think anything can happen to the land in 45 years, too hard to assume. Think Azmin is showing off that he is protector of Selangor while BN/Khalid not. Otherwise, they could have compromised earlier like Ongkili suggestion to lease land for 45 years! BN vs PR, shit vs stinky garbage. Wonder if shareholders like us can sue for compensation or not?

Posted by kahhoeng > 2015-03-11 09:29 | Report Abuse

btw, hope the selloff done today and some recovery going forward until a deal is closed between fed and state, hopefully within 3 months now, sigh

Posted by kahhoeng > 2015-03-11 09:41 | Report Abuse

yes yes yes, finally someone comes in to buy, relief at last

Posted by hng33 > 2015-03-11 09:43 | Report Abuse

kahhoeng

It is very simple to resolve, if there is misunderstanding or different interpretation, just resolve it, like,

if state worry about 'land grab', just state it clearly in the agreement that all land involve is strictly use only for water infrastructure, or

if want fed gov to pay lease fee for such land, just input in agreement,or

if want to land only to lease for 45 year, then just say it

.....instead of without discussion at all, allow agreement to lapse, only later

find out that land is actual is lump together with pipe or other water assets in master agreement already,

only later find out that the land if insist by state, fed can lease it from state,

only later find out that the land is lease for 45year to be return back to state, together with all water asset infrastructure after leaseback 45year.........

what kind of MB.......just to show off in front of all MP attend in the Parliament yesterday.

Posted by kahhoeng > 2015-03-11 09:48 | Report Abuse

hng33, yes, that's what I intend to say, BN vs PR, shit vs stinky garbage. I have a friend used to be supporters of DAP for years until last election when he decided not to vote. He doesn't see a point of voting anymore. Well, I still do, telling him that could use some stinky garbage after so many years of shit, then, that garbage is giving me a throw up, sigh!

Posted by hng33 > 2015-03-11 09:56 | Report Abuse

kahhoeng

I don't care about the political fighting between PR vs BN, be a corruption like 1MDB or political case Anwar, or kitalawan slogan.....but if the political fighting involve water.....This is basic right for human to continuous have safe, clean, adequate water supply. then, it should not be treated as a bargaining chip for political mileage with the expense of the total population of 7.5 million people live in Selangor, Putrajaya and Kuala Lumpur,

Posted by kahhoeng > 2015-03-11 10:15 | Report Abuse

hng33, frankly, given that I am from Penang, Selangor water deal doesn't infuriate me that much, my huge paper loss on Puncak is...

Posted by hng33 > 2015-03-11 10:25 | Report Abuse

kahhoeng

3 year ago, I live in Selangor (enjoy free water, but its worthless, if no enough water supply), vote in Selangor, but now i stay in JB due to expansion of my retail and trading business in JB. But, I still retain my house in KL, shop in Selangor, all will affect if Selangor face water shortage

Even now, Johor also face some water shortage, and have to rationing water in some area like Kluang. Negeri Sembilan also today sign water agreement to get supply from Melaka

http://www.thestar.com.my/News/Nation/2015/03/11/Malacca-signs-deal-to-sell-treated-water-to-Negri/

Posted by kahhoeng > 2015-03-11 10:32 | Report Abuse

hng33, our water is too cheap, yet expensive water is not good politically correct. What a dilemma, so we ended up letting the politicians screw us up

Posted by hng33 > 2015-03-11 10:45 | Report Abuse

kahhoeng

If there is option, water is the essential item i most willing to pay. It worthiest of money to pay high quality, clean and adequate supply of water. Free water but low quality water (due to contamination of dirt from leakage pipe underground) will just fluctuate consumer....many need to install high expensive water filter system, change filter cartilage cost is more higher than to pay cheap, low quality water

Posted by kahhoeng > 2015-03-11 10:51 | Report Abuse

hng33, yes, share the same feeling. How much do I miss the years where I can just drink from the tap

Posted by hng33 > 2015-03-11 10:56 | Report Abuse

'can just drink from the tap'.... :D)

Posted by smartly > 2015-03-11 11:02 | Report Abuse

hard for us to speculate. i better stay out this.
delete this in my watch list. source for other counter better. :P

Posted by hng33 > 2015-03-11 11:13 | Report Abuse

smartly

Its free market, everyone have right to buy/sell, respect your decision

Posted by stkoay > 2015-03-11 11:16 | Report Abuse

http://klse.i3investor.com/blogs/cimbresearchklse/72457.jsp

Posted by smartly > 2015-03-11 11:19 | Report Abuse

wish u best hng33 but careful with your fund you draw from. biz fund should remain as biz fund.

Posted by Superb99 > 2015-03-11 11:21 | Report Abuse

welcome stkoay, expert for ksl...

Posted by hng33 > 2015-03-11 11:27 | Report Abuse

smartly

Thanks, i've have enough buffer, just need to halt expansion of my business currently, but all exiting business will be run as usual. In fact, already treat Puncak as long term investment asset, to complement my real business, now become dual core business entity.

Posted by smartly > 2015-03-11 11:49 | Report Abuse

Given the lack of details on the issue of asset transfer between the two governments, the near-term outlook for Puncak has turned less attractive. New information regarding the pr ogress of Puncak's sale and purchase agreement (SPA) suggests potential delays in securing the RM1.6bn cash offer from the state. Puncak remains keen to sell its water assets and may announce an extension to the deal but the outlook from here on hinges on the state and federal governments' move. If this is resolved within the next 2-3 months, Puncak's water deal and the bumper RM1/share (37% yield) special dividend could still be realised within this year (towards end-2015). We anticipate a likely overhang on the share price and cut our target price as we raise our SOP discount from 20% to 40% due to the emergence of delay and political risks.

Posted by hng33 > 2015-03-11 11:59 | Report Abuse

That why need holding power, contra/short term player need to be more careful and long term investor need to be patience.

Posted by Dreamhouse > 2015-03-11 13:22 | Report Abuse

hng33,

i copy from Investalk.

Puncak这种股，profit要赚要亏，很容易在账目上作手脚。
Depreciation的高低，就对profit影响很大了。
所以这支股，别用PE来评估，那是陷阱。

And

puncak的业绩不错是因为syabas的亏损没有算进去，虽然puncak拥有syabas70%,但是却是用share of results来share syabas 的results的，不过由于syabas年年亏损，已经超过puncak放进去syabas的成本了，所以puncak不再share syabas的loss. Syabas每年都在亏损，因为欠其他water operators的利息太高，唯一能依靠的是希望它能打赢tariff compensation的court case,虽然赢面高，但是预测也要2016年才能解决，而且这还是要在州政府不上诉的前提下。

Just for sharing only, dont take it too seriously. Hope can heard your personal opinion.

Thank you hng33.

Posted by Superb99 > 2015-03-11 14:22 | Report Abuse

few weeks ago was the called off of merger for CIMB-RHB-MBSB, now is puncak...all our hard earned money is slowly eaten by liar...all are Oscar actors...this counter impacted by too many factors, this is not as simple as we think. I agreed with hng33 that on paper itself, puncak's fundamental is strong but how clean is the accounts, we have no idea...I just wonder how come the NAV worth RM5 but only sold at 2.5....there must be reasons behind...I am a victim too, I gave up counters like VS industry, TASCO, media, YTLPOWR to buy this puncak but get negative return till now...sigh...

Posted by nnmm > 2015-03-11 14:37 | Report Abuse

superb...ya lo...all those so-called sifu who recommend based on the RM1 dividend now disappeared. haiz...hard earn money leh...