Puncak Niaga Holdings Bhd (PNHB) executive chairman Rozali Ismail's RM33.4 million remuneration package may have raised the many eyebrows, but a group of minority shareholders feels he is well worth it.

NONE"It was tabled at the PNHB's annual general meeting, we approved it," said Muhammad Imran Abdullah (right), chairman of the Puncak Niaga Minority Shareholders Watchdog Group.

"You must understand, this man is the founder of the company which started 20 years ago. For all his contributions, the shareholders have agreed to the payment," he said at a press conference today.

He added he personally felt Rozali deserved it and claimed that those who raised the issue were non-shareholders.

DAP Klang parliamentarian Charles Santiago has described the PNHB decision as 'unethical and irresponsible', given the fact that water is for the public good.

When asked for his comment on this, he answered "we are only concerned with our dividends and returns", and refused to prolong the issue, saying that it was a done deal.

The group, which formed last Friday, has vowed to safeguard its interest in view of the Selangor state government's attempt to acquire PNHB's two subsidiaries - Puncak Niaga (M) Sdn Bhd (PNSB) and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas).

The minority shareholders have over 20 percent stake in PNHB. So far 130 shareholders have joined the group.

Imran also said the minority shareholders felt PNSB and Syabas had performed well.

"We are pleased with them overall. As shareholders, what we want are just returns and dividends. As long as we get it, we are happy," he said.