Puncak shares up after RM1.55b sale of water rights, plants

Kuala Lumpur

THE shares of Puncak Niaga Holdings rose 4.4 per cent to RM3.60 apiece on Wednesday after the Selangor water concessionaire sold its concession and water treatment plants to the state government for RM1.55 billion (S$601 million).

The transaction marks the first of a complicated restructuring that will see the Federal government funding the state to take over all four water concessionaires for over RM9 billion.

Syarikat Bekalan Air Selangor (Syabas), Konsortium Abas, a…