Hot Stocks KPS, Puncak climb on news water deal will be inked tomorrow

by **Cals** Thu 11 Sep 2014, 22:25

Hot Stocks KPS, Puncak climb on news water deal will be inked tomorrow

Business & Markets 2014

Written by Charlotte Chong of theedgemalaysia.com

Thursday, 11 September 2014 17:30

KUALA LUMPUR (Sept 11): Water-related counters like Kumpulan Perangsang Selangor Bhd (KPS) and Puncak Niaga Holdings Bhd climbed after Deputy Energy, Green Technology and Water Minister Datuk Seri Mahdzir Khalid said the Selangor water sector restructuring deal would be inked tomorrow.

At 4:11pm, KPS increased 11 sen or 6.15% to RM1.90, with some 3.08 million shares done. KPS holds stakes in two water concessionaires — Konsortium Abass (90.83%) and Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) (30%).

Puncak Niaga — which owns 70% of Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), rose 1.16% to RM3.49, with some one million shares done.

Meanwhile, water pipe manufacturer Engtex Group Bhd climbed one sen or 0.54% to RM1.87, with some 301,500 shares changing hands. However, Gamuda Bhd was traded unchanged at RM4.82, after climbing to an intraday high of RM4.84.

At 5pm, KPS closed at RM1.91, while Puncak Niaga settled at RM3.47. Engtex finished flat at RM1.86.

The federal government is expected to seal the final agreement to restructure the water industry with the Selangor government tomorrow, Mahdzir was quoted as saying yesterday, after opening the Asean Power Week conference and exhibition for the electric power generation industry.

Except for Splash, the three other concessionaires which have agreed to Selangor’s takeover offer, are Puncak Niaga and its 70%-owned subsidiary Syabas and Konsortium Abass.