From ECM-Libra to E&O. The E & O deal has conjured images and senses of living things other than human.
First, Big Dog smells a rat.
Now blogger A Voice, a currency trader who was doing quite well when Nor Mohamed Yakcop was losing billions of ringgit buying and selling sterling, smells something fishy after reading this article on the deal in a Singapore newspaper.
There is no such thing as a deal involving the Who's Who in the Malaysian corporate rogue gallery, of course, but when The Accountant (which was what Big Dog did in his previous life) and the Currency Trader's nostrils start flaring, something must be rotten in Corporate Malaysia.
Big Dog, A Voice and I were among thousands at Sime Darby's Hari Raya Open Day in Bukit Kiara yesterday, a stone's throw away from a similar reception that was being thrown by Zarinah Anwar's Securities Commisison. We exchanged Aidil Fitri greetings with Sime Darby boss Bakke, who have been subjected to his share of bloggers' barbs and blows before this, with the intention of telling him what we thought about the whole thing.
But there wasn't enough time, so A Voice conveys the message in his latest posting, "Beware Bakke, there are no such things as permanent friends and permanent enemies".
Bro,
ReplyDeleteWill the SC, which is run by Zarinah Anwar, force Sime to make a General Offer or no? If there is a GO, her husband who is the Chairman and a shareholder of E&O stands to make a killing.
Sime paid RM2.30 per share when the market was RM1.45 - a premium of 60% (85 sen per share).
Kalimullah still holds abt 6% of E&O. His buddies hold another 14%. I think the buddies would include the Tan Sri NMY clan. (Bro, someone said that NMY is untouchable - too smart. I disagree. Melayu b*d*h, itu saja). In my reckoning if there is a General Offer, Sime must offer something even higher than RM2.30. Maybe Sime will offer RM2.50. Wow.
To buy 30% at RM2.30 per share, Sime paid RM766 million (with that 60% premium included). If there is a General Offer and Sime pays RM2.50, Kali and his friends' 20% stake will be worth about RM555.0 million.
Brother Rocky, this is the correct way to make money. People like you and me run around here and there, trying to make a living. These people dont even have to go to work. They can do this via sms from London, while scratching their balls.
If there is any consolation bro, this is called stealing. They are stealing public money. Sime is a public company in two ways - it is public listed and it is a GLC.
So what is the Top Dog doing bro? He certainly does not sleep with the 60 year old whale any more. He cant finger any one else. Does he have a finger in the pie?
All this publicity in the Blogs could have killed Zarinah's urgency to order Sime to make a General Offer. Or she might still do it.
NMY can always tell Sime to buy another three percent. When it hits 33%, a GO is mandatory. Kali may still get that house in Kensington.
HH
How come there's no mention of our Musang Hitam, Chairman of Sime Darby and all the big names in the Board. Are they not involved in the decision making. Surely it's not Bakke's decision alone.
ReplyDeleteI think the SC should apply the example in Kenmark's case. They had an injuction for the profits made from the dealings.
ReplyDeleteThey could take action in stopping the various parties from profiting in this transactions.
Let the SC freeze the profits while they argue in courts. Maybe that will bring back some respectability.
Zarinah could have retired with some glowing tribute for her work so far but now she will only be remembered her for this transaction and her husband's transgression.
What a waste!!
Bro, first, Sime Darby was restructured to be largest Plantation Group in the world. Sime Darby paid hundres of millions to CIMB for that assignment. Thus, I expected them to divest non plantation businesses over time. Its shocking that they are going deeper into property business with the E & O acquisition . Question: was the synergy drive consultancy meant to legalise hundreds of millions consultancy fees to CIMB?
ReplyDeleteSecond, E & O is another high finance game and BN could be behind the game. First was MAS corporate deal, next Sime Darby corporate deal, Telco deal coming, also the MAB deals, etc.
High finance is the new format for BN's funding. More GLC acquisition deals will surface. Its more lucrative than making money from "procurement mark-up"- cleaner, faster and more lucrative. Question: Not true? If so, we hope Najib do something about this.
This bloody Najib is afraid to sack Zarinah Anwar as he is afraid to keep his fat clown wife in check..
ReplyDeleteNo amount of ETP programs thrown out from Putrajaya that can hide the cowardliness I observe about Najib Razak.
So damn angry with my PM...
Just as well comment moderation is enabled. The people's anger against Najib and UMNNO will ensure a typhoon in the next election.
ReplyDeleteThe Malays have put their MB into jail. No one bat an eyelid when Khir Toyo was charged. One good thing about the Malays, they respect the laws.
The deputy PM has been jailed. A Tun has been charged. Will another Tun be charged?
So will Najib be the first PM to be jailed? These UMNO leaders must stop. The Malays are more sophisticated now.
No amount of grinning from
Hishamuddin will apppease the Malays.
It seems the manifesto for a winnable party in the next election would be...
1. To charge Najib and brother for plundering Malay trust funds.
Have you wondered the shareholder benefit with Bakke payaing nearly a billion ringgit to chinese property companies? Why are the shareholders of Sime Darby quiet while bloggers and the public get heated up?
If only the Malay bloggers realised that they owned Sime Darby then they would be doubly angry. For Sime Darby is owned by the millions of small Malay ASB owners. Thus Sime Darby is a good choice to steal Malay money as it is not owned by the Government.
Azman Mokhtar the bastard happily said Khazanah does not own any Sime Darby share. Then why is Sime Darby called a Government Owned Company? It is not. It is owned by Malay trust fund
companies PNB dan Permodalan Bumiputera and EPF. But with million of unknown Malay owners nobody really is looking into their interest.
Yes Sime Darby is malay owned if not how does stupid Musa Hitam can be the chairman? Bakke another no good Malay the CEO?
To protect Malay interests ASB owners must formed an interest group. Hamad Kama Piah is not able to look after their interest.
PNB has more than 60 billion cash! From Malays savers.
So before these are lost ASB owners must act and not depend on UMNO.
That is why Nazir Razak unasked came up with his stupid plan to eliminate Guthrie another company owned by Malays so that he can get RM600 million fees.
That is why Tengku Zafrul unasked will buy Mahathir sons oil and gas company at inflated price worth billions.
Bapa dia punya company!
The truth is that ASB and PNB with its billions is now the target of unscrupulus Malays.
So..to be continued....
Of course, the fact that E&O is a "Chinese" company adds fuel to the fire or insult to injury!
ReplyDeleteOf course, the presence of Wan Azmi Wan Hamzah (one of the Daim boys, if memory serves me right) in the whole kaboodle is conveniently forgotten in the rush to find scapegoats!
And you might as well tell the foreign minority shareholders in Sime to go take a flying leap because they don't matter in the grand scheme of things, Sime being a "Malay" company and all.
The recent Economist article about Penang recovering it's mojo must have made a lot of people extremely upset.
And E&O started off in Penang....
"Amok" is a word associated with the Malays when pushed to the brink. I hope the powers that be understand the word amok and what it could do to their political masters, for their greed has overpowered whatever common sense they may have.
ReplyDeleteThe modern form of amok for the Malays would be to vote against a political party that they think do not listen or look after their interest and vote for another rival party come what may.
"Amok", eh?
ReplyDeleteWell, we all know what happens to "Amok-ers", don't we?
They get to be put in the loony bin!
Look carefully at Wan Azmi face...he has slant eyes, puffed up face and piggy nose..
ReplyDeletehe qualify as a chinky..
When these type of malays curi from his fellow malays he will use the chinese or the chinese used him to have some malay respectability.
Any which way it will be 800 million divided by 3 mah.. you make i make..hehe
wanazmy
ReplyDeleteYet, in spite of Wan Azmi's facial characteristics, he was one of "Daim's boys", wasn't he?
Go figure!