PUNCAK NIAGA MANAGEMENT MUST CONSULT MINORITY SHAREHOLDERS BEFORE DIPOSING OF COMPANY, ASSETS

12 Jul 2013 11:19

KUALA LUMPUR, July 4 (Bernama) -- Puncak Niaga Holdings Bhd's management is not authorised to proceed, transact or undertake any form of disposal or sale of the companies or assets without shareholders approval.

Its Minority Shareholders Watchdog Group Chairman Muhammad Imran Abdullah said any form of offer price from the valuation of the share price, assets and liabilities of Puncak Niaga (M) Sdn Bhd and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) must be tabled at the general meeting.

"We are entitled to and request that the management of Puncak Niaga Holdings to be more transparent in the disclosure of material information on the matter of the proposed takeover by the Selangor state government," he said.

Speaking at a media conference today, Muhammad Imran said Puncak Niaga Holdings Executive Chairman Tan Sri Rozali Ismail, who has the biggest share in the company, must refer to shareholders before disposing of his shares.

Meanwhile, he expressed hope that any offer by the Selangor state government or any proposal to acquire the shares of the company must be fair and acceptable to all shareholders of Puncak Niaga Holdings.

He believed the Selangor state government should adopt a 'willing buyer, willing seller' principle when making an offer on the proposal to acquire Puncak Niaga Holdings' companies.

"This is because some of us have been long-term shareholders of the company which is involved in the development of the Selangor water industry for more than 15 years," Muhammad Imran said.

-- BERNAMA

NHIZ MI NN