When Desi looked at this business news item this moUrning, he shook his head. THINKING ALLOWED, THINKING LOUDER THAN USUAL -- you mean to say with UMNO's entry into a listed company, any problems with the Government would be smoothened and solved promto? Are you telling the whole wide world -- yes, www! -- that's how Malaysian BIG business is done?
Okay, we know that UMNO is the BIG brother in Malaysian politics, but you wat to push this factor of its intrusion onto the business radar screens of international investors.
Okay, maybe the BIG business boys are trying to be as transparent and forthright as possible.
Or maybe Malaysians have a weird SENse of humour.
I hope The Prime Minister looked into Raja Petra's expose of Sabah Chief Minister Musa Aman's shenanigans in his current visit to the once pristine state oft-forgotten by Federal leaders. Sarawak too -- who did not get any of that RM600million generous handout at the last UMNO GEneral Assembly because UMNO does not have any branches in Sarawak. Poor cousins indeed. IF I were a Sarawkian, I think I'm an orphan if that's how the allocation of Federal development funds are being parcelled out.
Maybe UMMNO should re-register itself as a Company instead of a political party?
Then I think Desi will fill up a membership form. I think I'd like to be a guest at Sabah House -- or is there one or cashed out?
From www.nst.com.my, the online edition of the New Straits Times:
February 14 2007
Umno set to surface in PECD
THE United Malays National Organisation (Umno) is set to emerge as a substantial shareholder in construction firm PECD Bhd, a source said.
Umno will buy 25 per cent of PECD, a loss-making firm with a RM1.4 billion order book, a move that could help the company settle its disputes with government-related bodies.
"Umno will buy the shares from existing shareholders, and an announcement could be made as early as today," said the source.
The existing major shareholders of PECD include Tan Sri Mohd Razali Abdul Rahman, Nik Sufian Mohd Zain and Datuk Othman Hashim with a collective 32.18 per cent, its 2005 annual report showed.
Peremba PJ Holdings Sdn Bhd also holds another 26.11 per cent.
PECD shares closed 3 per cent down to 32.5 sen yesterday. A quarter of the company would cost some RM24.4 million based on the closing price.
PECD swung to a third-quarter net loss of RM34.4 million as at September 30 2006 versus a net profit of RM6.3 million in the same period a year earlier.
The loss was due mainly to slow progress of works from ongoing projects, reversal of profits recognised from certain completed projects and non-recognition of profits from its Sudan marine terminal project.
Umno is likely to lend support to PECD's effort to resolve differences with state oil and gas firm Petroliam Nasional Bhd (Petronas) and state-owned property developer Putrajaya Holdings (PJH).
PECD is claiming some US$200 million (RM700 million) in cost overruns for a project to build a marine terminal in Sudan. The project, to build oil storage tanks and fuel tanks among others, was awarded by a group of oil companies led by Petronas.
PECD is also claiming RM178 million from PJH after the latter issued a termination notice for PECD to stop work on a government quarters project in Putrajaya.
DESI: The highlights (THUS BOLDED) are Desi's, not done by the NST or at the instruction of UMNO or any Barisan Nasional component parties.
6 comments:
Hmmmm, why I still have a feeling they will screw up prime time. And all because of some "bright" idea of getting rich scheme on over-borrowing.
Perhaps I should borrow money from bank to buy golds, NOW!
Not many understand PECD and it's connection with UMNO historically
moo_t:
I share some of your isgivings, but Pak Lah has gone back to Passebale in my ratings which I had about three mnonths ago downgraded to Below Par.
If he acts on Musa Aman's case, he would redeem himself after the Zakaria Mat Deros fiaisco, because Musa is a real "sharK" comapred with the Selangor minnow.
I ENJOY sharks' fin, BTW!:) Environmentalists hear can flame me, but I used my own hardearned money, K!
maverick:
as bloggers we can only try to initiate THINKING.
we ca't lead the horse to water, and FORCE IT TO MINUM< can we?
Maybe Pak Lah can, God fearing leader in whom I trust again--60%!:)
PS to moo_t:
How is thy progress in getting that 20million for Desi's cyberhome? I am IMPatient to receive thy claim of 30%!:)
desi :
No luck. The banker close the call after MSee-Ai LLS son non-collateral 200mils default become NPL bubbles. Do you have connection with any of those generous businessman that borrow money to SIL?
;)
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