Announcements

Federal and Selangor government to conclude water deal on Tuesday 6 September 2015 @ 9:25 PM KUALA LUMPUR: The Federal and Selangor state government will conclude their water deal negotiation tomorrow. In statement the Energy, Green Technology and Water ministry said this will see the deal inked at a ceremony in Shah Alam. It will see four agreements under the restructuring of Selangor’s water services industry sealed between Pengurusan Aset Air Berhad (PAAB) and Pengurusan Air Selangor Sdn. Bhd. (Air Selangor). “ The four agreements are the Facilities Agreement, Lease Agreement, Rights of Use Agreement and Settlement Agreement, which are Condition Precedents to effect the Master Agreement for the restructuring exercise, “ it said in a statement today. At the same event, Energy, Green Technology and Water Minister Datuk Seri Panglima Dr Maximus Ongkili will hand over to Selangor Menteri Besar Mohamed Azmin Ali the Facilities and Service Licenses issued to Air Selangor. “This is the final Condition Precedent to the Master Agreement that needs to be fulfilled by the Federal Government,” it said. The statement from the ministry said that with the conclusion of the agreements and handing over of the licenses, the critical Condition Precedents would be completed and fulfilled. This means the Master Agreement will take effect from Sept. 9, 2015, it added. “With the Master Agreement in effect, Air Selangor can now hand over the required land titles with value of up to RM2 billion to PAAB in order for PAAB to provide the necessary funds for Air Selangor to take over the Selangor water concessionaires,” it said.

Read More : http://www.nst.com.my/news/2015/09/federal-and-selangor-government-conclude-water-deal-tuesday