Minority shareholders want money behind from auxiliary Syabas
PETALING JAYA: The annual general assembly (AGM) ofPuncak Niaga Holdings Bhdturned in to the rough event as people claiming to be minority shareholders of the association carried placards propelling the association to seek authorised movement to retrieve monies owned to it.
Speaking to the media after the three-hour enlarged AGM, executivechairman Tan Sri Rozali Ismailsaid shareholders had asked Puncak Niaga to take authorised movement opposite the 70%-owned subsidiary,Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), to claim an superb debt of RM1.09bil.
"All this while, you did not take any movement as Syabas is infancy owned by Puncak Niaga. But right away you will be deliberation the options which had been referred to by the shareholders," he said.
He pronounced the make the difference would be brought up in Puncak Niaga's house assembly subsequent week as well as would additionally be discussed with the group's lawyers.
"We apply oneself the ask from the minority shareholders who have been hoping to get their dividends, as well as this should be given care as well as you should take the subsequent march of action," he added.
Besides still owing an superb RM1.09bil to Puncak Niaga, Syabas additionally owes monies to two alternative water-treatment operators, namelySyarikat Pengeluar Air Sungai Selangor Sdn BhdandKonsortium Abass Sdn Bhd.
The debt was accumulated as the outcome from the non-revision of H2O price tag rates starting from Jan 2009, which resulted in Syabas suffering from acute cash-flow problems which affected the ability to make full remuneration for H2O purchases from the 3 water-treatment operators.
Syabas was set up to! underta ke the privatisatio! n of wat er-supply services in Selangor, Kuala Lumpur as well as Putrajaya. However, it is right away entangled in the stand-off over the transfer of the state's H2O assets which has been ongoing given 2008.
Puncak Niaga as well as Syabas have been partial of the scuffle in between the State as well as Federal Governments, with the State Government dire to buy over Syabas in the bid to restructure it, prior to permitting it to be federalised under the Water Services Industry Act 2006.
To recap, Puncak Niaga owns 70% of Syabas whilst 15% is held byKumpulan Darul Ehsan Bhdand the remaining 15% byKumpulan Perangsang Selangor Bhd. The Federal Government, through theMinister of Finance Inc, holds one golden share in Syabas.
In the annual report, Puncak Niaga pronounced the Government's decision to solidify the Syabas Capital Expenditure programme in Jul 2008 pending the restructuring in the H2O services zone in Selangor, Kuala Lumpur as well as Putrajaya had crippled the plans to refurbish, rehabilitate as well as raise H2O distribution infrastructure.
Rozali pronounced he hoped the deadlock could be resolved as shortly as probable by the applicable parties.
"We don't want to repeat the H2O predicament which happened in 1998. There is always the resolution for each problem. We need to speak as well as make certain which you can grasp the win-win solution. However, this is the formidable partial to achieve," he said.
He additionally pronounced the association would be presenting the few suggestions to the National Water Services Commission (SPAN) to plunge into the H2O predicament should it happened.
"We should know how to hoop this as well as help consumers if there is the enlarged draught. We will be assembly up with SPAN to discuss ways to solve this emanate upon the short-term as well as additionally the longer-term basis," he said.
Meanwhile, G. Parameswaran, who was representing the minority shar! eholders of Puncak Niaga, pronounced should the chairman as well as house of Puncak Niaga select to not take any movement opposite Syabas, the minority shareholders would instead sue Syabas to strengthen their rights.
"For this, you will proceed the alternative minority shareholders of Puncak Niaga as well as hoard their await to claim the house of Puncak Niaga to assemble an EGM to authorize the shareholders' resolution to empower Puncak Niaga to sue Syabas for the superb amount," he pronounced in the statement yesterday.
For the financial year ended Dec 31, 2011, Puncak Niaga available the net detriment of RM83.72mil upon income of RM2.59bil.
Read More @ Source More Barisan Nasional (BN) | Pakatan Rakyat (PR) | Sociopolitics Plus |
Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
No comments:
Post a Comment