A SWEET DEAL FOR TRICUBES, A POTENTIALLY BITTER PILL FOR 15,000 EMPLOYEES OF POS MALAYSIA. How is that so? Tricubes' 1Malaysia email, a government-sanctioned project, could result in Pos Malaysia's mail volumes reliant on government notices falling to levels that would trigger layoffs in the postal company. Sure, it's a sweet as honey deal for Tricubes: the distressed loss-making company even got the RM5.3 million to start up the project from the 100 percent government-owned Mavcap, which means Tricubes' risk at every level is borne by the taxpayer. For the postman, though, there will be sleepless nights.
The government has to do the right thing. It should ask Pos Malaysia, myeg and other financially-sound companies to submit fresh proposals for the 1Malaysia email project.
Remember, 15,000 angry mostly-Malay postmen could swing any election in the rural Malay heartland.
http://www.rockybru.com.my/2011/04/tricubes-or-pos-malaysias-15000.html
Saturday, April 30, 2011
Syed Mokhtar adds POS Malaysia to growing empire
UPDATED @ 06:58:00 AM 23-04-2011
By Lee Wei Lian
April 22, 2011
KUALA LUMPUR, April 22 — Tan Sri Syed Mokhtar Albukhary expanded his business empire today when it was announced that DRB-Hicom Bhd has won the bid to buy Khazanah Nasional’s 32.2 per cent stake in Pos Malaysia Berhad.
DRB Hicom is controlled by Syed Mokhtar who also controls a vast array of other businesses such as ports, including the nation’s second largest — the Port of Tanjung Pelepas — the nation’s largest independent power producer Malakoff Corp, water treatment plants, national rice supplier Bernas and the national gas distribution business via Gas Malaysia.
His flagship company MMC Corp is also involved in a joint venture with Gamuda to be the project manager for the KL MRT, touted as the nation’s largest ever construction project.
Khazanah’s managing director, Tan Sri Datuk Azman Haji Mokhtar, said in a media statement today that DRB-HICOM was chosen based on their overall bid, which offers not only a defined strategy but also an executable business plan and an acceptable offer price.
“Their proposed strategy and business plan in turn provides an effective platform for POS’s growth, if adopted by the Board of POS as a whole,” he said.
The divestment is made via a conditional offer with a price consideration of RM3.60 per share, or RM622.79 million.
Some analysts have expressed concern that Syed Mokhtar’s appetite for acquisitions make it appear as though he is “buying up the whole country.”
The Malaysian Insider also understands that Syed Mokhtar had earlier expressed interest in taking over more ports in the country, including in Kemaman, Penang, Kuantan, North Port and Tanjung Bruas.
Prior to winning the Pos Malaysia bid, Syed Mokhtar’s MMC Corp had also put in a failed bid for Plus Expressways Bhd which at the time, triggered concerns that the ownership of critical national infrastructure would be concentrated in the hands of a private businessman.
The tycoon’s growing empire, however, has come at a cost as his companies have racked up a total debt estimated at RM25 billion.
The debt levels have, however, been described by some analysts as still manageable due to the way they are structured.
DRB-Hicom’s offer price of RM3.60 per share is subject to the modification of the Special Rights Redeemable Preference Share in POS (“Special Share”) held by Minister of Finance Incorporated.
Khazanah said that the modification, among other things, includes the reservation to appoint up to two board members in POS and the removal of rights to appoint the Chairman and Managing Director of Pos and fix their respective remunerations such that these become matters for determination by the board of directors of Pos.
The conditional offer price is also subject to the variation in the use of 16 plots of identified lands owned by the Federal Lands Commissioner and leased to Pos.
The current terms of the lease allow for only postal services use, while the variation provides for the inclusion of commercial use, over and above the mandatory postal use.
Khazanah said that in the event the variation does not happen by 31 December 2011, DRB-Hicom will be refunded 10 sen per share, or RM17.30 million.
Khazanah said that the POS divestment is deemed a landmark divestment as it is Khazanah’s first divestment of its entire stake in a major GLC and that it had adopted a robust strategic divestment process, which involved an open bidding process and a merit-based and transparent selection procedure.
It added that it had appointed CIMB Investment Bank and McKinsey & Company as advisors for the transaction and revealed some details as to the tender process in its media statement.
Khazanah said that a total of 48 parties were approached to submit their respective proposals, out of which 10 parties expressed their interest to participate and were prequalified.
Four parties submitted binding bids whereby bidders submitted their bids in separate envelopes containing the strategy, the business plan and the offer price.
An independent evaluation panel comprising five senior professionals from the public and private sectors with extensive postal and corporate experience then evaluated all the bidders’ proposal on the basis of anonymity, where the bidders’ names were coded.
Two companies were then shortlisted and DRB-Hicom was unanimously selected by the Khazanah board based on a composite score — with strategy given a 60 per cent weightage and pricing 40 per cent.
http://www.themalaysianinsider.com/business/article/syed-mokhtars-drb-hicom-wins-pos-malaysia-bid/
By Lee Wei Lian
April 22, 2011
KUALA LUMPUR, April 22 — Tan Sri Syed Mokhtar Albukhary expanded his business empire today when it was announced that DRB-Hicom Bhd has won the bid to buy Khazanah Nasional’s 32.2 per cent stake in Pos Malaysia Berhad.
DRB Hicom is controlled by Syed Mokhtar who also controls a vast array of other businesses such as ports, including the nation’s second largest — the Port of Tanjung Pelepas — the nation’s largest independent power producer Malakoff Corp, water treatment plants, national rice supplier Bernas and the national gas distribution business via Gas Malaysia.
His flagship company MMC Corp is also involved in a joint venture with Gamuda to be the project manager for the KL MRT, touted as the nation’s largest ever construction project.
Khazanah’s managing director, Tan Sri Datuk Azman Haji Mokhtar, said in a media statement today that DRB-HICOM was chosen based on their overall bid, which offers not only a defined strategy but also an executable business plan and an acceptable offer price.
“Their proposed strategy and business plan in turn provides an effective platform for POS’s growth, if adopted by the Board of POS as a whole,” he said.
The divestment is made via a conditional offer with a price consideration of RM3.60 per share, or RM622.79 million.
Some analysts have expressed concern that Syed Mokhtar’s appetite for acquisitions make it appear as though he is “buying up the whole country.”
The Malaysian Insider also understands that Syed Mokhtar had earlier expressed interest in taking over more ports in the country, including in Kemaman, Penang, Kuantan, North Port and Tanjung Bruas.
Prior to winning the Pos Malaysia bid, Syed Mokhtar’s MMC Corp had also put in a failed bid for Plus Expressways Bhd which at the time, triggered concerns that the ownership of critical national infrastructure would be concentrated in the hands of a private businessman.
The tycoon’s growing empire, however, has come at a cost as his companies have racked up a total debt estimated at RM25 billion.
The debt levels have, however, been described by some analysts as still manageable due to the way they are structured.
DRB-Hicom’s offer price of RM3.60 per share is subject to the modification of the Special Rights Redeemable Preference Share in POS (“Special Share”) held by Minister of Finance Incorporated.
Khazanah said that the modification, among other things, includes the reservation to appoint up to two board members in POS and the removal of rights to appoint the Chairman and Managing Director of Pos and fix their respective remunerations such that these become matters for determination by the board of directors of Pos.
The conditional offer price is also subject to the variation in the use of 16 plots of identified lands owned by the Federal Lands Commissioner and leased to Pos.
The current terms of the lease allow for only postal services use, while the variation provides for the inclusion of commercial use, over and above the mandatory postal use.
Khazanah said that in the event the variation does not happen by 31 December 2011, DRB-Hicom will be refunded 10 sen per share, or RM17.30 million.
Khazanah said that the POS divestment is deemed a landmark divestment as it is Khazanah’s first divestment of its entire stake in a major GLC and that it had adopted a robust strategic divestment process, which involved an open bidding process and a merit-based and transparent selection procedure.
It added that it had appointed CIMB Investment Bank and McKinsey & Company as advisors for the transaction and revealed some details as to the tender process in its media statement.
Khazanah said that a total of 48 parties were approached to submit their respective proposals, out of which 10 parties expressed their interest to participate and were prequalified.
Four parties submitted binding bids whereby bidders submitted their bids in separate envelopes containing the strategy, the business plan and the offer price.
An independent evaluation panel comprising five senior professionals from the public and private sectors with extensive postal and corporate experience then evaluated all the bidders’ proposal on the basis of anonymity, where the bidders’ names were coded.
Two companies were then shortlisted and DRB-Hicom was unanimously selected by the Khazanah board based on a composite score — with strategy given a 60 per cent weightage and pricing 40 per cent.
http://www.themalaysianinsider.com/business/article/syed-mokhtars-drb-hicom-wins-pos-malaysia-bid/
FOMCA: Lupus pegangan GLC secara adil
KUALA LUMPUR 31 Mac - Gabungan Persatuan Pengguna Malaysia (FOMCA) berharap langkah kerajaan melepaskan pegangannya dalam syarikat milik kerajaan (GLC) dapat dilakukan secara telus dan adil.
Setiausaha Agungnya, Muhammad Shaani Abdullah berkata, langkah itu perlu dilakukan secara kompetitif agar apabila syarikat itu diswastakan, ia dapat diurus dengan baik dan menjamin kos tidak melambung naik.
Sambil menyambut baik langkah tersebut, beliau berkata, konsesi harus diberikan kepada mereka yang benar-benar layak dan berupaya serta tidak diberikan kepada satu syarikat sahaja.
"Telus dan tanpa rasuah. Itu perlu dalam senarai atas jika mahu menswastakan syarikat milik kerajaan.
"Melalui cara itu, barulah pelaburan memberi makna dan faedah kepada rakyat. Jika tidak, ia hanya akan menguntungkan sebelah pihak," katanya ketika dihubungi Utusan Malaysia di sini hari ini.
Beliau berkata demikian sebagai mengulas hasrat kerajaan melupuskan pegangan Khazanah Nasional Bhd. (Khazanah) dalam beberapa entiti antaranya Tenaga Nasional Bhd. (TNB), Pos Malaysia dan Malaysia Airports Holdings Bhd. seperti yang dinyatakan Perdana Menteri, Datuk Seri Najib Tun Razak ketika menyampaikan ucaptama pada persidangan Invest Malaysia 2010, semalam.
Muhammad Shaani berkata, kemudahan dan perkhidmatan juga harus dikawalselia oleh kerajaan bagi menjamin keuntungan tanpa mengenepikan kepentingan rakyat.
Menurutnya, konsep penswastaan harus diterjemahkan kepada pengguna tanpa meningkatkan kos serta memberi bebanan.
"Tujuan penswastaan adalah untuk meraih dana kepada kerajaan dan meningkatkan kecekapan operasi syarikat. Tetapi janganlah apabila sudah diswastakan, cawangan ditutup dan sebagainya. Ini tidak boleh berlaku.
"Ini amanah rakyat. Mereka harus mendapat yang terbaik. Jangan ulangi kesilapan lalu apabila kerajaan menswastakan beberapa syarikat miliknya sebelum ini," ujarnya.
Sementara itu Setiausaha Agung Kesatuan Pekerja Malaysia Airlines System (MASEU), Mustafar Maarof meminta kerajaan tidak tergesa-gesa melepaskan pegangan dalam GLC semata-mata untuk menarik minat pelabur asing.
Malah beliau berharap Khazanah melakukan kajian terperinci dan berbincang dengan pemegang saham sebelum membuat sebarang keputusan.
"Khazanah harus ingat bahawa mereka bukan sahaja sayap pelaburan tetapi juga bertanggungjawab terhadap keselamatan negara.
"Justeru perlu banyak kajian dan penyelidikan berasingan dilakukan sebelum membuat keputusan bagi setiap syarikat berasingan," katanya dalam kenyataan yang dikeluarkan di sini hari ini.
Mustafar berkata, penilaian terhadap langkah itu juga perlu dilakukan kerana GLC seperti Pos Malaysia, TNB, Telekom, Malaysia Airport dan Malaysia Airlines, setiap satunya memiliki struktur perniagaan dan spesifikasi kerja yang berbeza.
Melepaskan salah satu daripadanya kata Mustafar, akan menyebabkan kekeliruan antara pemegang saham khususnya dalam mengendalikan pengurusan.
"Contoh yang terbaik adalah industri penerbangan kerana industri ini antara yang awal menghadapi masalah apabila krisis ekonomi dunia berlaku tetapi apabila ekonomi pulih, industri ini menjadi industri terakhir untuk menjadi pemain utama," jelasnya.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0401&pub=Utusan_Malaysia&sec=Dalam_Negeri&pg=dn_15.htm
Setiausaha Agungnya, Muhammad Shaani Abdullah berkata, langkah itu perlu dilakukan secara kompetitif agar apabila syarikat itu diswastakan, ia dapat diurus dengan baik dan menjamin kos tidak melambung naik.
Sambil menyambut baik langkah tersebut, beliau berkata, konsesi harus diberikan kepada mereka yang benar-benar layak dan berupaya serta tidak diberikan kepada satu syarikat sahaja.
"Telus dan tanpa rasuah. Itu perlu dalam senarai atas jika mahu menswastakan syarikat milik kerajaan.
"Melalui cara itu, barulah pelaburan memberi makna dan faedah kepada rakyat. Jika tidak, ia hanya akan menguntungkan sebelah pihak," katanya ketika dihubungi Utusan Malaysia di sini hari ini.
Beliau berkata demikian sebagai mengulas hasrat kerajaan melupuskan pegangan Khazanah Nasional Bhd. (Khazanah) dalam beberapa entiti antaranya Tenaga Nasional Bhd. (TNB), Pos Malaysia dan Malaysia Airports Holdings Bhd. seperti yang dinyatakan Perdana Menteri, Datuk Seri Najib Tun Razak ketika menyampaikan ucaptama pada persidangan Invest Malaysia 2010, semalam.
Muhammad Shaani berkata, kemudahan dan perkhidmatan juga harus dikawalselia oleh kerajaan bagi menjamin keuntungan tanpa mengenepikan kepentingan rakyat.
Menurutnya, konsep penswastaan harus diterjemahkan kepada pengguna tanpa meningkatkan kos serta memberi bebanan.
"Tujuan penswastaan adalah untuk meraih dana kepada kerajaan dan meningkatkan kecekapan operasi syarikat. Tetapi janganlah apabila sudah diswastakan, cawangan ditutup dan sebagainya. Ini tidak boleh berlaku.
"Ini amanah rakyat. Mereka harus mendapat yang terbaik. Jangan ulangi kesilapan lalu apabila kerajaan menswastakan beberapa syarikat miliknya sebelum ini," ujarnya.
Sementara itu Setiausaha Agung Kesatuan Pekerja Malaysia Airlines System (MASEU), Mustafar Maarof meminta kerajaan tidak tergesa-gesa melepaskan pegangan dalam GLC semata-mata untuk menarik minat pelabur asing.
Malah beliau berharap Khazanah melakukan kajian terperinci dan berbincang dengan pemegang saham sebelum membuat sebarang keputusan.
"Khazanah harus ingat bahawa mereka bukan sahaja sayap pelaburan tetapi juga bertanggungjawab terhadap keselamatan negara.
"Justeru perlu banyak kajian dan penyelidikan berasingan dilakukan sebelum membuat keputusan bagi setiap syarikat berasingan," katanya dalam kenyataan yang dikeluarkan di sini hari ini.
Mustafar berkata, penilaian terhadap langkah itu juga perlu dilakukan kerana GLC seperti Pos Malaysia, TNB, Telekom, Malaysia Airport dan Malaysia Airlines, setiap satunya memiliki struktur perniagaan dan spesifikasi kerja yang berbeza.
Melepaskan salah satu daripadanya kata Mustafar, akan menyebabkan kekeliruan antara pemegang saham khususnya dalam mengendalikan pengurusan.
"Contoh yang terbaik adalah industri penerbangan kerana industri ini antara yang awal menghadapi masalah apabila krisis ekonomi dunia berlaku tetapi apabila ekonomi pulih, industri ini menjadi industri terakhir untuk menjadi pemain utama," jelasnya.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0401&pub=Utusan_Malaysia&sec=Dalam_Negeri&pg=dn_15.htm
Workers still paid peanuts
Patrick Lee
| April 29, 2011
Private sector salaries are tagged to government-linked companies but they won't see an increase in minimum wages as the GLC workers are also poorly paid.
PETALING JAYA: Government-linked companies make billions of dollars but the workers still get peanuts.
Take the case of Tenaga Nasional Bhd (TNB). Its chief executive officer (CEO) Che Khalib Mohamad Noh received an annual salary of RM600,000 in 2007, according to the company’s annual report.But the minimum wage for TNB employees is only RM750.
TNB Junior Officers Union (TNBJOU) president Mohd Roszeli Majid said if the mighty GLCs do not increase their minimum wages, what hope is there for the private sector.
He said that despite seeing billions of ringgit in investments, GLCs were still paying their workers a pittance.
“In Pos Malaysia, the minimum wage is RM635 a month. For TNB, it is RM750. Petronas is RM1,050, and Telekom Malaysia is RM800,” Roszeli told a Pakatan Rakyat-hosted minimum wage roundtable session at the PJ City Council. “The government keeps on talking about becoming a high-income nation. GLCs are earning billions of ringgit, but what about the workers?” he asked.
Roszeli, who is also a Malaysian Trades Union Congress (MTUC) vice-president, said that GLC salaries were lower than government agency wages. “Compared to the government now, the lowest salary is RM852 a month. But you get housing, allowance, Cola (cost of living allowance) and public service allowance which comes up to (an additional) RM595 a month,” he said.
Slow move
Roszeli added that it was unfair for workers’ wages to remain stagnant when GLCs were out to maximise profits.
“During the privatisation of TNB in 1990, we (the workers) agreed with the government on one condition: staff salaries after privatisation must be 12.5% higher than that of the government sector,” he said.
Workers’ salaries, however, saw little change over the years. He revealed that TNB’s collective agreements in 2004 and 2007 saw a mere salary increase of 3% and 4% respectively.
Roszeli said that TNBJOU was asking for a 25% raise this time around. “We are asking for RM1,000 salary and a Cola of RM300,” he said. However, he said that TNB heads had yet to agree with its workers over this demand. Roszeli also argued that GLC workers were not making decent wages, especially with the RM720 government-set poverty line. Roszeli also expressed disappointment with the government’s slow move to introduce a nationwide minimum wage.
“I don’t know when they can implement one. I guess this is part and parcel of the rhetoric by the politicians,” he said.
http://www.freemalaysiatoday.com/2011/04/29/workers-still-paid-peanuts/
| April 29, 2011
Private sector salaries are tagged to government-linked companies but they won't see an increase in minimum wages as the GLC workers are also poorly paid.
PETALING JAYA: Government-linked companies make billions of dollars but the workers still get peanuts.
Take the case of Tenaga Nasional Bhd (TNB). Its chief executive officer (CEO) Che Khalib Mohamad Noh received an annual salary of RM600,000 in 2007, according to the company’s annual report.But the minimum wage for TNB employees is only RM750.
TNB Junior Officers Union (TNBJOU) president Mohd Roszeli Majid said if the mighty GLCs do not increase their minimum wages, what hope is there for the private sector.
He said that despite seeing billions of ringgit in investments, GLCs were still paying their workers a pittance.
“In Pos Malaysia, the minimum wage is RM635 a month. For TNB, it is RM750. Petronas is RM1,050, and Telekom Malaysia is RM800,” Roszeli told a Pakatan Rakyat-hosted minimum wage roundtable session at the PJ City Council. “The government keeps on talking about becoming a high-income nation. GLCs are earning billions of ringgit, but what about the workers?” he asked.
Roszeli, who is also a Malaysian Trades Union Congress (MTUC) vice-president, said that GLC salaries were lower than government agency wages. “Compared to the government now, the lowest salary is RM852 a month. But you get housing, allowance, Cola (cost of living allowance) and public service allowance which comes up to (an additional) RM595 a month,” he said.
Slow move
Roszeli added that it was unfair for workers’ wages to remain stagnant when GLCs were out to maximise profits.
“During the privatisation of TNB in 1990, we (the workers) agreed with the government on one condition: staff salaries after privatisation must be 12.5% higher than that of the government sector,” he said.
Workers’ salaries, however, saw little change over the years. He revealed that TNB’s collective agreements in 2004 and 2007 saw a mere salary increase of 3% and 4% respectively.
Roszeli said that TNBJOU was asking for a 25% raise this time around. “We are asking for RM1,000 salary and a Cola of RM300,” he said. However, he said that TNB heads had yet to agree with its workers over this demand. Roszeli also argued that GLC workers were not making decent wages, especially with the RM720 government-set poverty line. Roszeli also expressed disappointment with the government’s slow move to introduce a nationwide minimum wage.
“I don’t know when they can implement one. I guess this is part and parcel of the rhetoric by the politicians,” he said.
http://www.freemalaysiatoday.com/2011/04/29/workers-still-paid-peanuts/
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