It's Khazanah!
Khazanah Nasional Bhd. has effectively come in to rescue Singapore's Parkway Holdings Ltd. from a political dilemma, yet leaving untouched the latter's operational and management responsibilities over Pantai Holdings Berhad.
It was announced today that Khazanah, the investment arm of MoF, will form a joint venture with Parkway on a 51:49 basis to own the 31% majority stake currently owned by Parkway in Pantai Holdings.
Under the agreement, Khazanah would buy Parkway's existing shares in Pantai at RM2.65 each. Pantai last traded at RM2.51 a share.
Subsequently, Khazanah and Parkway will transfer all of their shares Pantai Holdings, which controls two strategic government concessions namely Fomema and Pantai Medivest, to the joint venture named Pantai Irama Ventures Sdn Bhd (formerly known as Magna Cahaya Sdn Bhd).
The transaction, hitherto subject to Malaysian regulatory approvals but when completed, will trigger a mandatory cash offer for all the outstanding shares of Pantai at a price of RM2.65 per share.
Khazanah currently has a 6.6% stake in Pantai, while Parkway owns about 29%, according to Khazanah spokesman Ahmad Shahizam Shariff.
Earlier, it was reported by the media that, on August 21, about 4.3%of Pantai shares changed hands in off- market trades, valued at RM50.8 million.
Biz reporters have questions
Meanwhile, A Kadir Jasin has an early observation which he left in Rocky's Bru.
AKJ asked: "No matter what, the Government must answer why the sale of Pantai last December was approved by the Ministry of Finance and the enforecement agencies of the security industry in the first place."
"It is interesting to know which is the chosen party that Khazanah will ultimately hand over the equity to," said Rocky's Bru.
Read how the two former business journalists communicated on the topic.
By A Kadir Jasin In Rocky's Bru:
Saudara Rocky,Berikut reaksi awal saya kepada perkembangan terbaru ini.
Baguslah kalau Kerjaan, melalui Khazanah Nasional Berhad, berusaha menguasai kembali Fomema dan Pantai Medivest dengan melakukan MGO ke atas Pantai Holding Berhad.
Namun Kerajaan wajib menjawab mengapa penjualan Disember lalu diluluskan oleh Kementerian Kewangan dan agensi-agensi penguatkuasaan industri sekuriti?
Ia perlu juga menjelaskan sama ada harga pembelian berpatutan dan adakah wajar wang rakyat digunakan untuk menebus kesilapan pihak berkuasa?
Bukankah ada menteri-menteri kanan berkata kepada media massa mereka tidak tahu menahu mengenai penjualan itu?
Adakah wajar dan berasas jika Parkway yang dulu memiliki kira-kira 30 peratus saham Pantai Holdings kini memiliki 49 peratus di dalam Special Vehicle bernama Pantai Irama Ventures Sdn Bhd?
Apakah implikasi urus niaga ini terhadap dasar pemilikan saham oleh pemodal asing?
Buat masa ini, kalau tidak silap saya, sudah pun membuat keuntungan lumayan daripada pemilikan yang tak sampai 10 bulan.
Terima kasih.
7:27 PM
Comments
This decision is going to give more fuel to the opposition political parties! Consider:
1.Profits from
the government concessions will still be significantly going to foreign interests.
2. How can the valuation (2.65) be higher than what Parkway bought it 1 year ago(2.25)? Somebody in Khazanah have not done their sums properly!
3. FIC and the other regulatory bodies have never come on record to say that permission was given 1 year ago. Please stand up and be counted!
Posted by: oneashburn![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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August 28, 2006 11:38 PM
oneashbum, betul kata saudara, ini bahan yang cukup muai untuk pihak pembangkang. isu pantai saja boleh goncang parlimen yang akan datang.
tapi yang saya pelik, kenapa diorang senyap aje?
kit siang tak paham ke atau memang masih sayang kat singapura dan kawan lama lee kuan yew?
kita tahu lah dap dan pap sepupu, tapi dalam hal-hal kepentingan dan kedaulatan negara, kit siang elok tahu di mana bumi yang dipijak.
sekian.
p.s. oh ya, kadir jasin dan rocky's bru bersama jeff ooi dan beberapa pemblog lain seharusnya diberi pingat sebab mendedahkan isu pantai, kerana berani balun walaupun perdana menteri sendiri pada mulanya menyangkal ada syarikat msia yg dikuasai singapura. pemblog2 ini diherdik, dituduh, dikecam tapi mereka buat bodoh, malah mereka herdik balik, tuduh balik, dan kecam balik. kalian semua wira negara!
Posted by: lubok melayu![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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August 29, 2006 10:01 AM
PAC harus persoalkan niat khazanah dalam bidang perniagaan dalaman. jikalau Temasek menjadi dorongan, kita harus ingat bahawa disingapura, tiada perniaga yang boleh bertanding dengan perniagaan kerajaan (GLC).
Inilah yang dihebohkan oleh air asia mengenai saingan bersama MAS.
Siapakah yang sebenarnya yang membuat keputusan pembelian dan pengurusan Khazanah? Dan adakah rakyat berhak meminta maklumat keputusan perniagaan daripada khazanah? Jikalau PM sendiri tidak menegetahui mengenai urusan perniagaan Khazanah, habis siapa perlu kita persoalkan mengenai keputusan yang telah dibuat? Saya harap pihak MP (members of parliament) tujukan soalaan ini bukan sahaja kepada pihak kastam, tetapi juga pada pihak pengurusan Khazanah.
Posted by: sydput![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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August 29, 2006 10:41 AM