SHAH ALAM: Puncak Niaga Holdings Berhad (PNHB) will be voting on the Selangor state government's plan to takeover PNHB in an extraordinary general meeting (EGM) on Wednesday.
PNHB chief operating officer Datuk Syed Danial Syed Ariffin said the matter will be tabled during the meeting to seek the mandate, that is at least 75 per cent approval, from the company's shareholders on the move.
Syed Danial, also Puncak Niaga (M) Sdn Bhd (PNSB) managing director, said a sales and purchase agreement (SPA) between the state government and PNHB was signed on Nov 11 last year, involving both its subsidiaries PNSB and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), and the shareholders' green light was one of the conditional approvals before the SPA is able to proceed.
"Before proceeding with the sales and purchase agreement, we must get endorsement from the stakeholders.
"It must be tabled and they must vote on it. It is one of the last hurdles," he said after attending "PNSB's 20 years of excellence" programme and exhibition at Wisma Rozali, Section 13, here.
The EGM will be held at 10am in Concorde Hotel Shah Alam and it is expected that majority of the shareholders will vote in favour of the state government's takeover as Puncak Niaga Group executive chairman Tan Sri Rozali Ismail had earlier given his undertaking to support the entire transaction as a major shareholder of PNHB.