As an investment holding company, PNHB acted as the listing vehicle for Puncak Niaga (M) Sdn. Bhd. (PNSB), an Infrastructure Project Company (IPC). PNSB is the holder of two concessions awarded by the Selangor State Government in Malaysia.

The first is the Privatisation Cum Concession Agreement (PCCA) awarded on 22 September 1994, which allows PNSB to take over, operate, maintain, manage, rehabilitate and refurbish 27 existing water treatment plants (WTPs) formerly under the management of the Selangor Waterworks Department. The total production capacity for 27 WTPs is 907 million litres per day (MLD). PNSB had also been operating, maintaining and securing three (3) dams namely Sg Langat, Klang Gates and Tasik Subang Dams which supply raw water to four (4) WTPs In Selangor since 1995.

PNSB is responsible for the production of treated water up to the quality and quantity designated in its agreement with the State Government of Selangor.

The concession expires on 31 December 2020.