<div class=newsTextDataWrapInner><p>KUALA LUMPUR (June 20): Puncak Niaga Holdings Bhd's 98.65%-owned subsidiary in China, Sino Water Pte Ltd, is disposing of its loss-making unit for 350,000 renminbi or RM220,500.</p></div>

<div class=newsTextDataWrapInner><p>Sino Water is selling Xinnuo Water (Binzhou) Co Ltd to Binzhou Haifu Water Co Ltd, Puncak Niaga said in a Bursa Malaysia filing today.</p></div>

<div class=newsTextDataWrapInner><p>The disposal, it said, would limit Puncak Niaga's losses from the investment as the group plans to exit its businesses in China.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>It added that the cash consideration was determined on a willing buyer-willing seller basis after considering Binzhou Haifu's agreement to pay 11.9 million renminbi (RM7.5 million) for Xinnou to settle its outstanding RM7.2 million bank loan and other payables of RM316,867.</p></div>

<div class=newsTextDataWrapInner><p>It also considered the additional investment costs required to upgrade Xinnuo's existing wastewater treatment facilities, and the continuous losses it suffered, said Puncak Niaga.</p></div>

<div class=newsTextDataWrapInner><p>Today's announcement follows Sino Water's framework agreement to hive off Xinnuo signed with Binzhou Haifu in October last year.</p></div>

<div class=newsTextDataWrapInner><p>The proposed disposal is expected to be completed in the fourth quarter of this year.</p></div>

<div class=newsTextDataWrapInner><p>Puncak Niaga's share price closed down half sen or 0.54% at 93 sen for a market capitalisation of RM413.7 million.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


KUALA LUMPUR (June 20): Puncak Niaga Holdings Bhd's 98.65%-owned subsidiary in China, Sino Water Pte Ltd, is disposing of its loss-making unit for 350,000 renminbi or RM220,500.

Sino Water is selling Xinnuo Water (Binzhou) Co Ltd to Binzhou Haifu Water Co Ltd, Puncak Niaga said in a Bur...

Puncak Niaga's Chinese unit hives off loss-making firm for RM220,500

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<p>Nippon Steel Corp&nbsp;offered to give the US government a veto over any reduction in US Steel Corp’s production capacity in a proposal that marks a last-ditch effort to win President Joe Biden’s approval for its takeover of the iconic American company, according to a person familiar with the matter. Shares of US Steel surged by the most in a year.&nbsp;</p>


<p>The&nbsp;Inland Revenue Board (IRB) has provided a tax identification number (TIN) search service for taxation activities provided&nbsp;under the Income Tax Act (ACP) 1967.</p>

<p>According to the IRB, this is in line with the announcement by the government through Budget 2025.</p>


<p>The ban on covering one's face in public, which was passed in 2021, went into effect in Switzerland on Wednesday,&nbsp;reported <em>Sputnik/RIA Novosti</em>. </p>

<p>Violators of the ban could face a fine of 1,000 Swiss francs (US$1,100 or RM4,929.74).</p>


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