Puncak Niaga spent RM11m on directors in 2007
Let’s take a quick look at Puncak Niaga, one of the main water concessionaires in Selangor.
You can see that the firm is making huge profits. (Profits for 2006 were higher as there was a gain arising from the partial disposal of a subsidiary of RM206m in 2006.)
The group had close to a billion ringgit in deposits, cash, and bank balances as at 31 December 2007 and a net current asset ratio of 1.2. In other words, very liquid.
Syabas, which is 70 per cent owned by Puncak Niaga, also received a government grant of RM250 million (that’s our money) “solely for the purpose of financing the costs and expenditure of the non-revenue water” to reduce unaccountable water loss.
