Puncak Niaga drops RM14bil suit against Selangor govt

PETALING JAYA: Puncak Niaga Holdings Bhd is discontinuing its RM14bil suit against the Selangor state government over an alleged forced takeover of the state’s water industry in March 2017.

In a filing with Bursa Malaysia, the company said the claim was initiated in October 2017, which had yet to proceed to trial at the Shah Alam High Court.

“The discontinuation of the claim will enable Puncak to reduce incurring more resources and further costs to pursue the matter in court.”

The company also said the discontinuation of the claim will allow Puncak to focus on the pursuit of its business objectives and strategies towards the long term sustainable growth of the group.