Saw this Bernama story yesterday,
Govt Concern Over Maju Holdings' Bid To Take Over PLUS - Johari
This one is better, I think, as it quoted Datuk Jo the second finance minister instead of some don't know who analysts and obscure MPs.
excerpts;
The government is concerned over MAJU Holdings Sdn Bhd's proposal to buy PLUS Malaysia Bhd as it is afraid that the nation's strategic assets would fall into foreign entities if it is sold to another company.
Commenting on the issue, Second Finance Minister Datuk Seri Johari Abdul Ghani said there were similar proposals but they had been rejected.
"We do not know the source of the fund, if it is an offshore borrowing we are worried that these national assets would fall into foreign hands if the loan could not be paid," he told reporters on the sidelines of Fiesta Labur PNB 2017 here today.
So, the government is afraid that the nation's strategic assets would fall into foreign entity. Okay, that's reasonable.
But Datuk Jo, can we make our strategic assets not be too burdensome for us?
Try la not to let the toll be too expensive....and if possible put more lighting along the highway like what Abu Sahid said he would do.
Also, please keep the other strategic assets safe from foreign take over too. I mean the railways, ports, airports etc.
ORIGINAL POST
There are these stories by Bernama, which made me curious,
14.5 Mln Contributors May Lose Out If EPF Sells Plus
which was published five days ago, and
which was published yesterday.
The first one quoted some analysts without naming them and the other one quoted Sekijang MP Anuar Manap. Hmmmm....hardly authoritative, if you asked me.
I think Bernama could had done better with their stories if they were meant for PLUS to remain under the control of UEM/Khazanah and EPF instead of being taken over by Maju Holdings as proposed.
Nonetheless, this is also a story by Bernama a week ago as published by Malaysian Reserve, but it goes the other way around,
That one quoting the loud Tourism and Culture Minister DS Mohamed Nazri Aziz.
excerpts;
Mohamed Nazri, who is also an a Umno Supreme Council member, said the federal government had to fork out compensation of about RM900 million to avoid a toll increase, as this would burden highway users following the concession agreement signed by the previous leadership.
“We have to crack our heads every time we (the Cabinet members) discuss on raising the toll rate. If we do not allow the highway concessionaires to increase toll, the federal government will have to pay RM900 million.
“As such, I fully support such proposal because we will not have to pay the RM900 million and almost RM1 billion could be saved for the benefit of the public,” he told reporters after launching the Keretapi Sarong 2017 #SayangMalaysia programme in Kuala Lumpur.
Okay, Nazri seemed quite rationale on this one.
PLUS said they have not increased toll rates for the past 10 years, but if I understand Nazri correctly, that's because the government paid quite a lot of compensation for it not to do so.
Well, government's money is our money, so actually going by such logics, we are paying extra to PLUS even though it has not increased the toll rates.
Then there's this story a few days ago,
It was an interview with Maju Holdings boss Tan Sri Abu Sahid Mohamed.
excerpts,
“We haven’t discussed anything and they’re already saying no. Why are they so reluctant to meet me?” asked Abu Sahid when met by The Mole yesterday evening.
Insisting that his proposal was credible, Abu Sahid said it was drafted by renown international boutique investment bank, Evercore Partners.
He is also baffled by negative public feedback over the proposal, despite him guaranteeing a 20-year-long no toll hike for all highways under PLUS.
“Malaysians cry foul whenever toll rates are increased but when I told them I can guarantee a static toll rate for 20 years some also protest.
“It can be done. Evercore had done the maths and they told me that it is still profitable to operate the highways even if I do not raise the rates for 20 years,” stated Abu Sahid.
One concern echoed by the detractors is that it would deprive the 14.5 million EPF contributors a steady stream of dividend income.
Concurring that the contention may be valid, Abu Sahid however argued that the amount of annual dividend that EPF contributors has been getting from its RM400 million earnings from PLUS is only RM28 per contributor.
Abu Sahid said the proposal offers EPF and Khazanah a RM2 billion payment in cash each and that the amount paid to EPF will enable its contributors to enjoy a one-off RM142 dividend.
I have to admit that Abu Sahid's offer and explaination of the proposed deal seemed quite impressive.
I was also told by someone who knows about the offer that Maju Holdings even offered to instal lights throughout all the highway stretches.
And all this without a toll hike or compensation from the government for the next 20 years.
Imagine driving from the Tuas toll in Johor to Bukit Kayu Hitam toll in Kedah at night with the highway all lit up.
No more dark and lonely drive.
No more pontianak highway hitch hiker stories to worry about.
Okay, I know, some of you may think it's all ridiculous and Abu Sahid was only bullshitting about this.
But really, could someone care to explain why this cannot be done.
I mean, could someone from Khazanah, UEM or EPF officially rebut Abu Sahid's offer.
Explain to us why all that can't be done without the public having to pay more when they use the highways.
Personally, I do prefer for the highways to be under government's control like how it is now, but I also would like to know why the rakyat could not get a better deal for the highways as offered by Abu Sahid and his company.
Okay, I met Abu Sahid once and he did seems to be a bit eccentric and quite loud just like Nazri who supported his offer.
That's probably because he's from Muar.
Muar people tend to be like that.
The rest of us other Johoreans tend to see Muarians to be like that.
Don't know why though.
They are just "different".
But still, the offer he made does sounds quite good.
If it's for the good of rakyat and country, I think we should at least discuss about it.
If it turned out to be just bullshit, then we should be properly told why is that so.
It's only fair, I think.
So, how about it Khazanah, UEM, EPF? Can explain? You all can offer us rakyat a better deal or not?
"I have to admit that Abu Sahid's offer and explaination of the proposed deal seemed quite impressive."
ReplyDeleteYou are a fucking idiot.
Annie @ 25 September 2017 at 14:55
Delete//Why?//
Heheheheh!!
I'll bet the Anon didn't expect that :)
Gladiator
Annie,
ReplyDeleteWhat I want yo know is how could Abu Sahid make improvements, hold tolls static for 20 years and still make a profit while EPF and Khazanah keep needing RM900mil top-ups?
Gladiator
That's what I'm asking here.
DeleteAnnie,
ReplyDeleteI think this happened before, if I am not mistaken Syed Mokhtar Bukhary made the same offer in 2010. Static toll forever but it was rejected.
Opposition did brought up this issue but no changes.
We are paying nearly RM50 from KL to Kayu Hitam. That is a lot of money.
Maybe the Pakatan Government will make some changes for Rakyat didahulukan.
By the way, I think we need to get the right figure on the PLUS contribution to EPF... is it true Rm400 million.
I read that PLUS revenue per year is more than 3 billion.
Annie,
ReplyDeleteBy looking into his eyes, you might not want to believe, but Abu Sahid or Pak Abu as some people would prefer to call him, is a very focus man.
He might quote investment banker's words as he likes, but this man has gotten his calculations done before coming out into the limelight.
This is going to lead to another big project: 1MDB.
:-)
PLUS on land, OK.
ReplyDeleteUp in the sky - Bugis Confusion!
AIRPLANES FOR MAS
25 Sep 2017
1. Flight International is a very reliable magazine specialising on aviation.
2. In its 15-21 August 2017 issue it carried a report on Malaysia Airlines’ decision to buy A350-900 Airbus aircrafts to replace its A380 Airbus aircrafts.
3. According to Izham Ismail, MAS Chief Operating Officer, there will be major benefits from the aircraft switch.
4. In the reports in Flight International, the carrier MAS is scheduled to take six A350-900s from Air Lease, with the first two arriving by year end.
5. Now we hear reports that Najib has told Trump, the President of the United States, that he would buy 58 Boeing aircrafts worth USD 10 billion. The purchase includes a number of Boeing 787 Dreamliner, a competitor against Airbus A350-900.
6. Is MAS going to buy Airbus A350-900 or Boeing 787 Dreamliner or both.
7. Was there a decision made by MAS to buy the 58 Boeings or was this a personal decision by Najib as a bribe to get a photo opportunity with Trump.
8. Under the new European CEO MAS is said to be recovering. Is it in the plan of MAS to buy 58 +6 new aircrafts. Where are these planes going to fly to? Must be a lot of new destinations.
9. Although there were reports that MAS had agreed to the purchase of these huge number of aircrafts it doesn’t speak well of the management to suddenly expand its routes. Or is MAS trying to please the P.M. at the expense of commercial wisdom.
10. MAS cannot even get rid of the six A380’s which are hardly being
used.
11. All these will affect MAS’ bottom line. Are we going to see another round of failures of the national airlines?
CHEDET.CC
Bugis pirate, please answer:
Boeing or Airbus?
Or Flying Hippo?
Najis Tong Rosak pulled a fast one, laaaaaa......there was NO DEAL for Boeing, only some crappy MOU......more anti climax like pelacur tua Mat Tyson crawling back to Umgnok.....hee hee, what a failure to spin
DeleteDah terlalu ramai pengkianat dalam umno.agaknya kepimpinan malaysia ni dari pengkianat bangsa dan negara.takkan kita masih tido lagi.pru14 harap kita ubah kepimpinan je lah.umno bejuang untuk perut mereka sahaja....
DeleteBpeing or Airbus ?
DeleteIf the existing fleet consists of Airbus then it is Airbus
(1)able to reduce down time for the plane
(2)able to reduce spare parts stock holding cost
Maintenance of plane will be a breeze
Fadzireen
Rakyat sekarang tidak lah mewah macam dulu,sekarang
DeleteWang dah sukar didapati dan
Nilai pon dsh kurang,harga durian pon naik mendadak,tak
Mampu nak beli,pada suatu ketika dulu memang banyak
Jualan durian yang dijual,buah
Nya tidak baik dsn banyak juga
Pe ipuan,dgn kuasa allah musim
Durian memang berlambak,hinggi
Menggunong didepan rumah tuan punya dusun,tiba pula bulan puasa,memang tak laku,
Sekarang timbul pula durian
Musang king,kucing tidur,yang
Terbaiknya zaman kini,bagi orang2 miskin tengok saja lah,
Hingga tiada dipasaran sekarang,bagi mereka yang mampu,mudah saja untok
Mendapatnya.
Prof musang king melancap
Yo Malaysian banks, maybe it's time to get rid of MEPS
ReplyDeleteJho low
ReplyDeleteSikalang ni musim jual jual maa aa , apa saja bolih jual kasi habit maa aa .
Lakyat kena ledha maa aa , lakyat apa tau ?.
Hutang sulah manyak. Keliling-pinggang. Gadai harta-pusaka Lakyat maa... mau bayar-hutang. Bukan sendili punya hutang. Rakyat hutang ma.
DeleteAnnie,
ReplyDeleteSebenarnya soal bayaran konsesi buat masa ni sama seperti keluar poket kiri, masuk poket kanan. Kerajaan bayar konsesi kepada GLC.Konsesi adalah pendapatan kepada GLC , GLC bayar cukai korporat dan Khazanah pun tiap tiap tahun bagi dividen kepada kerajaaan. Masalahnya kerajaan bang#### tak tahu uruskan soal kewangan.
Logik tak proposal Maju? Bagi saya logik sebab semasa peringkat permulaan PLUS, perkiraan "traffic volume" mungkin sangat rendah. Pada mula projek berlaku banyak kritikan dan ada yang menggangap projek gajah putih. Masih ingat tahun 80an , bila Tun M vs Tengku Razaliegh ,isu PLUS modal team B hentam Tun M. So kalau nak telus buka cara pengiraan konsesi yang dibuat 30 tahun dulu. Berapa andaian "traffic volume" pada masa tersebut. Kalau boleh tubuh RCI menyiasat hal konsesi lebuhraya.Kalau kerajaan nak kaji penjanjian berdasarkan traffic volume pun dah boleh, cuma nak atau tak nak.
Faktor kedua logik PLUS is cash business, bila dapat cash kita boleh roll lagi to get more income.
Isu konsesi sekadar nak hentam Tun, alasan perjanjian pemerintah terdahalu. Masa pembinaan PLUS memeang UEM or Renong tu private entity,zaman Tun juga UEM dah jadi GLC semasa krisis kewangan 1999.
Sudah la tu Nazri,bukan semua orang bang###.
The world is much more than a Malaysiakini article
ReplyDeleteohhh im sooooo enlightened
jho low
I didn't know that Tan Sri Abu Sahid is a Muarian.I thought he is from Kedah or somewhere up north.If he is indeed a Muarian it makes me proud as I am a Muarian too.
ReplyDeleteI think a person's track record is a good source of reference.TS Abu Sahid took over Perwaja,a troubles company an he failed to turn around the company.
His comoany Maju Holdings control MEX (Maju expressway).I would suggest that he promise not to raise MEX toll for the next 20 years.If he can do so.
It is just like the opposition politicians who promise to limit the Prime Minister post to two terms if they come into power but fail to promise the same limit for the post of Chief Minister of Penang and MB of Selangor.
Masa belum dapat janji macam-macam.Dah dapat nanti belum tentu janji ditepati.The concern about the government bail out is very real.
Prof Kangkung
As I wrote, maybe it's just bullshit but I'm still interested to know why it is so. Is it so impossible not to increase the toll rates? As for the bailout risk, how about the RM900 million compensation paid now to not increase the toll rates? Just attacking Abu Sahid is not good enough. The public deserve to know whether toll increase is really necessary.
DeleteWell.ideally speaking he should show all the numbers for us to see and analyze.If you read this guy's interview with the Malaysian Insight portal he quotes even a simple number wrongly
DeleteProf Kangkung
Saying Abu Sahid is bad still doesn't answer my questions. Can we have better highways with no extra costs? Are the toll rates really need to be so expensive?
DeleteAnnie, the real question is then can he or any operator operates the highway such that all future costs (road repairs, r&r maintenance, electricity, manpower costs) be covered by present toll & r&r revenues? Logic will tell u that at some point toll has to rise unless volume of cars rise in tandem to cover rise in salary & inflation. Tapi kalau volume of cars rise w/out expansion of the facilities, jem time cuti panjang akan jadi status quo.
DeleteAnon 1223
DeleteFully agree with you
Prof Kangkung
TS Abu Sahid did not recover Perwaja and sell it to others. He may be having the same motive as well or perhaps doing it on someone behalf .
DeletePanBorneo hiway will be toll free. So why can't NS hiway be free also?
ReplyDeletePanBorneo hiway will be toll free?
DeleteHee hee.......for first year?
Prepare for another "Janji Dicapati" thanks to Najis........
UMNO ni kalau tk merompak x sah...
DeleteKepala penyamun
Pengikut perompak...
Bapa pembangunan penyamun..
To me... OSTB's catchphrase below, best describe the environment in which the gomen go about their duties ...'Rakyat di Dahulukan'.
ReplyDelete"When you see that trading is done, not by consent, but by compulsion.
When you see that, in order to produce, you need to obtain permission from men who produce nothing.
When you see that money is flowing to those who deal, not in goods, but favors.
When you see that men get richer by graft and pull, than by work, and your law don't protect you against them, but protect them against you.
When you see corruption being rewarded and honesty becoming a self-sacrifice... You may know that your society is doomed."
Prof Kangkung,
ReplyDelete//.ideally speaking he should show all the numbers for us to see and analyze//
There is no need for Abu Sahid to disclose any details to the public - this is a commercial deal by his company.
He is answerable only to his shareholders.
It's much like 1MDB.
We will never know what 1MDB has been up to because they say they are a company answerable only to their shareholders.
Gladiator
Vote for UMNO
DeleteIf any of you dare betray me I'll have you executed
I'm law and I'm outside law
Watch your back
Jho low
Jangan salahkan UMNO.Kita yg dah termakan gula2 mereka.Diberi bantuan tak seberapa dan dibalas dgn mengundi dan memertabatkan penyamun,penyagak dan pembunuh.Masih salahkan UMNO ke atau salah kita kerana bodoh mengundi mereka.Jangan salahkan Cina dan India bila penganiayaan datang dari kita anak2 melayu sendiri.
ReplyDeleteSaya bukan nak apa, tapi mahu mengetengahkan sikap orang saya yg terlalu takut dimomok2kan dgn penghidupan bersama rakyat berbilang bangsa.In syaa Allah melayu tetap maju.!
BN is desperate in every way so much so that almost every of their MPs are spouting nonsense on a daily basis.
ReplyDeleteJibby sees the rakyat as his personal ATM machine. everything he wants to syiok and showoff and sapu, we end up paying for it.
ReplyDeletelike my son when he was a toddler. he wanted to buy an expensive silly toy, i said we have no more money. he said "go to the ATM and get lah!"
senang, senang......
Siapa luluskan Oktoberfest tahun lepas?
ReplyDeleteKenapa Utusan & Friends of BN membisu?
Cikgu sayur
Jumlah dari 2012 sehingga suku ke-2 2017: RUGI RM237.1 juta
ReplyDeleteBeratus-ratus juta Utusan rugi, tapi tahun demi tahun "diselamatkan" UMNO. Agaknya duit tu dari mana?
Skandal 1MDB, GST, hapuskan subsidi, rasuah, harga minyak naik, harga barang naik, kos sara hidup menggila, inflasi tertinggi, kos pengangkutan awam naik, tol naik, bajet pendidikan dipotong, hutang negara melonjak... INI SEMUA BERITA PALSU.
ReplyDeleteContoh BERITA BENAR,
"Harga barang akan turun kerana GST" Ahmad Maslan
"saya gembira ringgit jatuh" Nazri Aziz
"Malaysia antara negara terbersih rasuah" Shahidan Kassim
"Selasa Saman WSJ" Najib Razak
"Elak makan ayam kalau harga naik" Hasan Malek
Malaysia darul kelakar
Annie the issue is that if the highways are awarded to the private sector and due to underpricing the private sectors ends up mismanaging and under maintaining the highway then it is not good for the public. The private sector may have underestimated the costs of running the highway. The public may have to endure poorly managed roads and eventually the private sector company may have to be bailed out with the government taking over again.
ReplyDeleteSo the government has to be careful even though there is a low offer out there.
Those are several "may" there. Isn't it better if the government or PLUS could officially tell us why we simply can't have better highways without paying more expensive tolls? Give us the exact details and let it be put on record.
DeletePlus is a cash cow to be milked only by mo1 or BN so they wont tell you (silence is golden meh) sigh
DeleteCome daily collection of toll they are fine and dandy
ReplyDeletePrepaid(touch n go) and hard cash at toll exit
Come maintenance due to act of nature/wear and tear/prediocal resurfacing thats when toothache starts
This will killed the golden goose
Fadzireen
Annie, off topic: I'm not a fan of the johor Royal house but I applaud Sultan Johor's bold & decisive action to clamp down on the Muslim only launderette. M'sia ni dah terlalu Islamic sgt dah...what next? Samak duit & Muslim only duit?
ReplyDeleteMuslim-only gas-cylinder too.
DeleteLooks like 1Malaysia NegaraKu is going down the longkang.
Kah kah kah
DeleteBetul betul betul
Apa nak jadi la Malaysia ni
Segala muslim only ni ?
Apa benda nya ni ?
Kalau nak idup macam arqam, jangan nak mintak orang lain ikut. ie berbagai undang2 menghukum.
Betul bagi pilihan,
Tapi pelik dan bengkeng.
Undang2 sivil ni dah cukup boleh mentenramkan banyak negara. Tak ada masalah. Jadi dalam satu negara Malaysia yang warganegara nya berbilang keturunan dan latarbelakang budaya, buat apa ada nya muslim only, chinese only ? What about the other rakyat Malaysia yang non-Muslim ?
We got to begin to be Malaysians.
Berhenti la kelahi politik ni.
Tak bawa faedah. Dah lama sangat dah. Kita dah boring dah.
Even if EPF or UEM are forces to sell their shares in PLUS to MAJU Holding.I can confirm that your EPF dividend rates will not increase to 6.7%-7%. in next 1 or 3 years from their last year at 5.7% the lowest for the past 7 years.
ReplyDeleteAnonymous @ 27 September 2017 at 12:36,
ReplyDelete//I can confirm that your EPF dividend rates will not increase to 6.7%-7%.//
I have a feeling that EPF can easily increase their dividend rates if not for the fact that a lot of their money is being used for crackpot schemes dreamt up by various powers-to-be.
Just my gut feel.
Gladiator
If Abu Sahid's contention that he can offer static toll rates for 20 yrs, what so great about that. PLUS can't ? Yes, there is compensation to be paid by the federal govt but EPF and Khazanah will benefit, a case of leaving the left pocket to deposit into the right, certainly not someone else pocket. When there is a steady stream of income for EPF and Khazanah why sell? We have had so many cases of govt assets being sold whilst profitable, nationalise when in trouble. Abu Sahid promised not to increase toll for 20 yrs. What if the govt of the day for whatever reasons decide to lower all toll rates in the country? Abu Sahid could still levy the current toll rates because he promises not to increase, never had he promises to reduce, did he?
ReplyDeleteBodyshop vacancies
ReplyDeleteChinese only
Anonymous @ 27 September 2017 at 20:29,
ReplyDelete//PLUS can't ?//
Apparently, PLUS can't!!
It keeps needing RM900mil top-ups from the government, i.e. RM900mil of the rakyat's money!!
Presumably when Abu Sahid takes over, there will be no more RM900mil top-ups BUT he says he can still make a profit.
//When there is a steady stream of income for EPF and Khazanah why sell?//
Firstly, that steady stream of money is the rakyat's money.
Secondly, why is that top-up needed when Abu Sahid says he can make a profit from PLUS?
Thirdly, where does the top-up go after EPF and Khazanah have got it?
//certainly not someone else pocket//
Look at my third question.
//We have had so many cases of govt assets being sold whilst profitable, nationalise when in trouble.//
Well, in this case, PLUS is supposedly a loss-making asset which someone wants to buy off the govt.
//Abu Sahid could still levy the current toll rates because he promises not to increase, never had he promises to reduce//
True.
But we do not know what his funding arrangements are, so we do not know whether he can, in fact, also lower tolls and still make a profit.
Gladiator
Gladiator, for a cash cow like PLUS funding is not much of a problem based on its cash flow analysis. The funding itch is whether it will be denominated in ringgit or other currencies. If in ringgit Tabung Haji, KWAP and the regulars will be at their mercy. Perhaps a new player will come in ( Socso ???). If in USD the funding cost will escalate double whammy from foreign exchange rate and rising interest rate. Given it is a private borrower like Maju, the lenders may want a govt guarantee for added security. Then our contingent liability will bloat further. PLUS might as well ride its storm rather than opt for quick fix lest the rakyat will suffer.
ReplyDeleteAnonymous @ 28 September 2017 at 10:44,
ReplyDelete//The funding itch is whether it will be denominated in ringgit or other currencies//
Thks for the insight on possible funding models.
I can understand the problems with USD-denominated funding.
But I am a bit puzzled why MYR-denominated funding would cause lenders like Tabung Haji, KWAP, etc to be at the mercy of Abu Sahid.
I thought it would be great to have funding in MYR because those local lenders will have a rock-solid creditor in Abu Sahid who cannot cabut anywhere.
And for Abu Sahid, it would be great to have local lenders because of the stabilty factor AND he would be contributing to the domestic economy.
I'll try to figure it out somehow - maybe you meant that if Abu Sahid goes down, the local lenders get a haircut.
//Given it is a private borrower like Maju, the lenders may want a govt guarantee for added security//
Hm.... maybe this is Abu Sahid's secret to the deal - a government guarantee.
//PLUS might as well ride its storm rather than opt for quick fix lest the rakyat will suffer.//
And therein lies the problem!!
Is there any storm for PLUS to ride out?
KWSP and Khazanah keep needing a top-up BUT Abu Sahid says he can turn a profit!!
Who is telling porky pies?
If Abu Sahid is getting a govt guarantee, then OK lah, everything is as it should be - PLUS is REALLY losing money but it is being constantly bailed out by the govt.
So, selling it to Abu Sahid makes no difference - if he can get a govt guarantee, the govt will still bail out PLUS and Abu Sahid will still make a profit.
Manyak cantik lorrr..
Gladiator
Anonymous @ 27 September 2017 at 22:36,
ReplyDelete//Bodyshop vacancies...Chinese only//
Your innocence and naivety is sooooo cute :)
I have done some NGO work in this area and I have friends who also work with human trafficking.
I can assure you that in "bodyshops", you will find Cina, India, Melayu dan lain2.
All genders, all races and all religions work at bodyshops.
So, if you are jealous because you think that only the Chinese work at "bodyshops", you can now rest easy because even YOU can get a job in a "bodyshop" - if you want to :)
Gladiator
EPF is stupid to accept the offer.If EPF is getting a dividend of RM28/contrubutor and the value of the investment offered to EPF is RM142 that means EPF is getting about 20percent return on the investment while other investments bring less than 10percent.I think Anny needs tuitions in mathematics.
ReplyDeleteAnnie,
ReplyDeleteCuba dapatkan Laporan Kewangan terbaru PLUS dalam internet tapi tak dapat.Laporan keuntungan PLUS pada tahun 2009 dipetik dari Utusan Online
KUALA LUMPUR 23 Feb. - PLUS Expressways Bhd. (PLUS), penyedia perkhidmatan operasi lebuh raya mencatatkan keuntungan sebelum cukai tinggi sebanyak RM1.62 bilion bagi tahun yang berakhir pada 31 Disember 2009, meningkat 7.1 peratus daripada RM1.516 bilion pada 2008.
Tapi pada 2014 kenyataan Menteri yang dipetik dari BH Online
KUALA LUMPUR: Jumlah keuntungan selepas cukai pemegang konsesi Lebuhraya Utara-Selatan, PLUS Expressway Berhad bagi tahun kewangan berakhir 31 Disember 2014 ialah sebanyak RM8.4 juta, Dewan Rakyat diberitahu hari ini.
Sukar nak percaya cakap Menteri,keuntungan boleh turun from 1B ke 8.4M
Rasanya ubtung PLUS sekarang melebihi 1B . Persoalan samada keuntungan 1B termasuk pendapatan konsesi?
Kenyataan UEM yang dipetik dari Buletin UEM pada tahun 2011.
Tiada pampasan - Untuk mengurangkan beban kewangan Kerajaan, UEM Group dan KWSP telah bersetuju untuk mengenepikan pampasan tertunggak PEB berjumlah RM2.9 bilion dan juga pampasan kepada PEB untuk pembekuan kenaikan tol selama lima tahun yang dianggarkan berjumlah kira-kira RM3.6 bilion.
PLUS still survive with good profit without concession and no toll increase.
Anonymous @ 28 September 2017 at 18:13,
ReplyDelete//that means EPF is getting about 20percent return on the investment//
I note that the 20% return you mentioned applies only to this one transaction.
I think you have divided RM28 by RM142, right?
I am not sure if that is the correct way to determine the ROI which EPF derives from PLUS BUT I am no economist nor am I an expert on such matters.
Perhaps you are more familiar with the financial world than I am.
The suggestion here is that EPF does not make 20% return all the time on PLUS, or does it?
I would have thought that EPF would determine its ROI from PLUS based on the book value of the asset rather than what someone is prepared to pay for it, which is what seems to be the case with the 20% figure put forward.
I hasten to add that I have no idea what the book value of PLUS is.
EPF and Khazanah are constantly crying poor and needing regular RM900mil top-ups.
So, it appears that PLUS is "losing" money somehow, according to EPF and Khazanah.
The question still remains- how does Abu Sahid expect to make a profit when EPF and Khazanah keep telling the govt they can't?
Anonymous @ 28 September 2017 at 10:44 has suggested govt guarantees for Abu Sahid's loans, so that could be one way how he intends to make a profit.
Gladiator
"Try la not to let the toll be too expensive...."
ReplyDeletePlus hiway hari2 ada kemalangan, saya cadangkan org2 yg didapati bersalah menyebabkan kemalangan didenda membayar sebahgian jumlah kerosakan untuk mengurangkan kos kepada Plus.
Kerosakan perabut jalan yang disebabkan kemalangan, sudah termasuk dalam perlindungan insurance. Jadinya, PLUS langsung tidak 'terbeban', dari segi keWANGan, akibat kerosakan kemalangan yang berpunca dari penguna lebuhraya yang dikonsasikan kepada mereka oleh Kerajaan atau Rakyat.
DeleteGladiator
ReplyDeleteIf the return on investment based on the offered price of Maju is 20%,the return on the book value will be much higher since PLUS is a profitable company.
Money trumped all (incl religion), cash is king MO1 sure support this comment muakakaka
ReplyDelete"Also, please keep the other strategic assets safe from foreign take over too. I mean the railways, ports, airports etc."
ReplyDeleteThat's a nice update, Annie. That 'airport' you mentioned, must be TUDM's at Sg.Besi. If you had included IPP, it would be nicer.
Wondering with president bawang (without tok guru) & Bandit Nasional MO1 toying with PAS, how PAS can 'win' GE14 (sure PAS will lose)???
ReplyDeleteAnonymous @ 29 September 2017 at 11:19,
ReplyDeleteFirstly, I just want you to know that I am treating this as mere idle conversation between you and me.
So, you need to excuse me if I show any ignorance in such financial matters.
OK, here goes.
//If the return on investment based on the offered price of Maju is 20%,the return on the book value will be much higher since PLUS is a profitable company.//
According to some of the links above, the total offer price is about RM4billion.
PLUS generates about RM400million for EPF and RM400million for Khazanah.
Thus the offer price of RM4billion is 5X earnings of RM800million.
From the perspective of the shareholders in EPF and Khazanah, I am not sure if the RM800million could be called an ROI on the offer price but like I said, I am no finance expert.
BUT again from the perspective of EPF and Khazanah, I think the RM800million could be called ROI on the book value.
The book value being the original investment cost less depreciation.
I could be wrong in the definition of ROI, OK? But I tend to think of ROI in those terms.
So, if your statement that the return would be higher on book value is true - I think you are suggesting that the book value is LESS than RM4billion.
I have zero idea what the book value of PLUS is, so maybe someone can provide a link of some sort here.
Now for the last bit where you say that PLUS is a profitable company.
If PLUS is profitable, why are EPF and Khazanah crying poor and asking the govt to pump in RM900million every now and then?
Gladiator
Pantat kau gladiator
DeleteHey anon 1953
DeleteIf you can't provide some intelectual discussion, just keep your mouth shut
Prof kangkung
Annie,
ReplyDelete//It was reported that MAJU Holdings Sdn Bhd made a bid of more than RM36 billion to take over PLUS Malaysia Bhd.// - From Bernama.
Aaahh... that seems more like it.
Abu Sahid is offering RM36billion of which RM2billion in cash to each of EPF and Khazanah.
//if it is an offshore borrowing we are worried that these national assets would fall into foreign hands if the loan could not be paid//
How is this different from ECRL which is being funded by loans?
How is it different if foreign companies make "investments" in national assets like Bandar Malaysia?
Etc etc.
Gladiator
In the Mole today: "http://mole.my/maju-holdings-banking-on-its-track-record/"
ReplyDelete"KUALA LUMPUR – September 29, 2017: Maju Holdings is confident its good track record will convince the government not to worry over its bid to take over PLUS Expressways Berhad.
Hence it claims to have the capability to manage PLUS better than its parent company, UEM Group.
“If Maju has no idea how to run a highway, why is it our cost ratio at MEX (Maju Expressway) is among the lowest?” asked Maju advisor to group executive chairman Datuk Rashid Ghazali."
Piirah, nak compare PLUS highway dgn MEX. MEX tu sepelaung je panjangnya berbanding PLUS, tak ada R&R, tak ada rumput nak potong & tak perlu unit peronda untuk buat pantauan. Kalau Maju Holdings betul2 nak tunjuk 'terror', sila ambil alih LPT dulu sebagai percubaan.
Apa track record Abu Sahid ni yg dikatakan berjaya sgt? Diberi Perwaja, gagal; buat mall Maju Junction, hidup segan mati tak mahu. Last2 jual kat Tabung Haji dgn harga yg mahal (bailout?).
Anonymous @ 29 September 2017 at 19:53,
ReplyDelete//Pantat kau gladiator //
Alamak!!
What did I say which upset you?
It's OK, you can tell me, I won't bite you back - I promise yer :)
I am just curious, OK?
Gladiator
calling 19:53... calling 19:53...
Deletedisappeared da... kahkahkah
hit one liner nd run...
kahkahkah...
jgn tarik bnyak ganja sebulum comment... nanti nmpk mcm idiot.. kakakaka...
No doubt investment brings in business, but the ones to benefit most are rich businessmen. On the contrary, ordinary folks would bear the brunt of price increases, both on essentials and properties.
ReplyDeleteThe price of Musang King durian has skyrocketed to RM88 per kg. At such a price, it is beyond most Malaysians.
Moreover, this would have a ripple effect on even ordinary durians, putting them out of reach especially for poor families. This is only one item thus far affected by the Chinese investments.
In Australia, the impact is particularly felt by parents with infants. The Chinese are snapping up infant formula milk and sending them back to China, denying the locals of much-needed milk.
In time to come, if the Chinese arrive in huge numbers, which is inevitable in view of their investments, even ikan kembung would be priced out of the poor’s reach.
space rocket scientist
DeleteManyak betut maa aa , lulu ikan kembong semua olang mampu beli maa aa , tapi sikalang kaya punya olang punya makan maa aa .
Musang king ? , mau tengok pon tatak lapat maa aa , mau makan hai yaa manya jauh lor rr , Wa halap Wa lapat mimpi itu makan musang king lea aa .
Tapi Wa sutak ledha maa aa , apa bolih buat , nasib sutak ini macam maa aa ,kalau bolih Wa pon mau jadi kaya maa aa ,bilih lasa itu musang king .
dulu masa nak buat lebuhraya utara selatan pun ramai yang kritik Tun M.nak buat putrajaya,KLIA pun ramai yg kritik Tun M.Now the very same people atau mungkin anak cucuc dia puji Tun M.
ReplyDeleteThats what I call hypocrisy at the highest level
Jho low
This is just sick, what a stupid fool he is. Najib is nothing but a false prophet, and this is an act to make people think he is such a good person lol What kind of person wears the finest cloth, drinks the finest wines, eats the finest food, lives in a palace, and declares himself to be a religious person, while all over the world perople starve to death or suffer other horrific lives. Yeah he really is a good person ha ha
ReplyDeleteHye annie,
ReplyDeleteWake up, september end already.
Bye
Annie. Moving on. Saya marah. Yes. Saya getting emotional. No need Guantanamo for torture and death. Just stay in beautiful. Peaceful. Great. Saya boleh. Malaysia. Just join the Universiti Pertahanan. The Navy. The sekolah asrama yang tidak di pantau.
ReplyDeleteI am feeling very. Very depressed. And I can't imagine how much in pain the families of the poor navy men who died while in detention.
As reported here:
http://www.thestar.com.my/news/nation/2017/10/01/trio-remanded-seven-days-over-deaths-of-navy-men/