The Kajang Move planned and orchestrated by Rafizi Ramli was a dangerous move, and I see the current attempts to put Wan Azizah to replace Khalid Ibrahim and a free hand to Selangor’s RM3 billion in Menteri Besar Incorporated as an extension to the original Kajang Move. You see and decide for yourselves and I hope the authorities would investigate:
PAS exco defends Khalid, but says money hard to come by from renegade MB
SHAH ALAM, Aug 20— A PAS state executive councillor today came out in defence of Tan Sri Khalid Ibrahim, calling him a responsible and competent mentri besar who always prioritised the interests of Selangor residents.
Dr Halimah Ali, who has served under Khalid as an exco for six years also said that the current crisis surrounding his position as MB as strictly a “political one” and had nothing to do with his ability to lead the state administration.
“Only one big problem with him. Nak minta duit susah (difficult to ask for fund allocation.)
“You have to have a workable plan and present your points. Only then he (Khalid) will approve,” she told reporters at a news conference here.
But Halimah stressed that this was a good quality, and that his decisions was done “for the people.”
When asked whether she agreed with Pakatan Rakyat’s collective move to replace him with Datuk Seri Dr Wan Azizah Wan Ismail, she said the issue between Khalid and PKR.
“He is approachable. From my experience, he does not make rash decisions especially involving big money.
“(But) whether he communicates with those who posed those questions, that is another thing,” she added, referring to PKR’s complaints that MB Khalid was uncooperative.
“We don’t want to be in this situation, PAS excos. We have to maintain, to ensure government servants not chaotic.
“We have to show the picture that the government is still running,” she said.
In the automotive industry, there is cycle in sale volume. Once there is New car launched, especially target for mass market and price competitively, the sale volume will surge significantly on that year, then sale gradually subside, until after 3 year, facelift of the car launched, sale at least record mildly improvement, then sale reach lowest toward the end of 5th year and the next new cycle commence , the brand new car launch again and cycle repeat. These scenario is apparent more outstanding for low to mid range car category, such as Honda City, Honda Jazz. The impact is less for more premium car segment such as Honda Civic, Honda CRV and Honda Accord.
Therefore, the new car launched and competitively pricing are both element to boost car sale volume. For Proton, the best seller is Proton Saga, but these saga edition already reach end of the cycle, due for new replacement to boost car volume. Here come with new GSC, new brand of Proton series, to be called Proton Iriz, is a hatchback edition of proton Saga, expect to launched either by end of these month, to coincide with 'First Merdeka' or early Sept to coincide with '2rd Mederka day', expect to price slight higher than Proton saga, depending on variant, price range 40-50k. The impact of Proton Iriz on Proton total sale volume will be very significant. It is follow by the real Proton Saga replacement, the sedan version of GSC next year. Therefore, it is highly expect Proton will turnaround after lunched of these Proton Iriz (GSC hatchback) and Proton Saga (GSC sedan), consecutively for 2014 and 2015.
PKR want splash to value 1x book value, that is RM 2.5bilion, but khalid insist the fair value for splash is only RM 250m based on equity invested and 12% return.
In Khalid calculation, it take only total equity invested and put in return of 12%, but exclude previous dividend paid out to reach splash fair value. at RM 250m.
But, splash chairman, PKR strong supported, on the hand, argue that all outstanding receivables in splash book value should take into account in the offer price, namely RM 2.25 billion due from syabas. Therefore, the take offer price must based on RM 250m (equity + 12% return) + RM 2.25 billion (outstanding receivable own by syabas) = RM 2.50 billion
2. Puncak Niaga Sdn Bhd
Puncak Niaga Sdn Bhd (PNSB) accept Khalid take over offer for its equity at RM 1.117 billion
In Khalid calculation, it take into account total equity invested and return of 12%, but exclude previous dividend paid out to reach PNSB fair value at RM 1.117 billion. These amount of equity offer is higer than splash RM 250m because of PNSB manage total of 28 water treatment plant throughout Selangor, Putrajaya and KL, therefore the initial investment for PNSB is much higher compare to splash just manage 2 water treatment plant.
PNSB also have outstanding receivable owing by Syabas, total amount RM 2.259 billion. If PNSB would insist that these outstanding amount must also make payable in the offer price just like Splash, the total offer equity for PNSB will amount to RM 1.117 billion (equity + 12% return) + RM 2.259 billion (outstanding receivable own by syabas) = RM 3.376 billion.
What wonder Khalid exclude all outstanding receivables owing by Syabas in its take offer price !!??
The reason Syabas owing all water treatment concession including splash, PNSB and Abbass is because State gov refuse to grant schedule water traffic hike back in 2009 when PR took over State gov, resulting Syabas unable to make full payment for water treated by these water concession, Splash/PNSB/Abbass. As per agreement in concession, the water traffic rate for treated water produce by water treatment should match with syabas water traffic rate from consumer.
Syabas suppose to make earning for its distribution service charge from differential sum between water rate payable to treated water and water rate charge to consumer. However, since state gov refuse to grant water traffic rate for Syabas to charge consumer, therefore syabas also unable to make full payment for treated water produce by water treatment concession. Thus, currently Syabas only able to make proportional 40% to all water treatment concession, resulting these water treatment concession incur current cumulative outstanding receivables owing by Syabas.
Syabas in return make legal claim against State gov for its refusal to grant water traffic hike as per concession agreement, the amount claim so far already reach RM 3.783 billion.
Khalid insist that all these outstanding receivables must settle through arbitration proceeding later. These outstanding amount cannot take into account in the current offer price, and water concession must accept the take over in order to enter into arbitration later, in which state gov hope that these huge amount of outstanding receivables from all water concession can be sorted out under its full control after its take over them, avoiding legal course. It is expected that after state take over all water concession, all their legal case could settle out of court.
What wonder Khalid exclude all outstanding receivables owing by Syabas in its take offer price !!??
The reason Syabas owing all water treatment concession including splash, PNSB and Abbass is because State gov refuse to grant schedule water traffic hike back in 2009 when PR took over State gov, resulting Syabas unable to make full payment for water treated by these water concession, Splash/PNSB/Abbass. As per agreement in concession, the water traffic rate for treated water produce by water treatment concession should in proportion with syabas water traffic rate charge to consumer.
Syabas suppose to make earning for its distribution service charge from these differential sum between water rate payable to treated water and water rate charge to consumer. However, since state gov refuse to grant water traffic rate for Syabas to charge consumer, therefore syabas also unable to make full payment for treated water produce by water treatment concession. Thus, currently Syabas only able to make proportional 40% to all water treatment concession, resulting these water treatment concession incur current cumulative outstanding receivables owing by Syabas.
Syabas in return make legal claim against State gov for its refusal to grant water traffic hike as per concession agreement, the amount claim so far already reach RM 3.783 billion.
Khalid insist that all these outstanding receivables must settle through arbitration proceeding later. These outstanding amount cannot take into account in the current offer price, and water concession must accept the take over in order to enter into arbitration later, in which state gov hope that these huge amount of outstanding receivables from all water concession can be sorted out under its full control after its take over them, avoiding legal course. It is expected that after state take over all water concession, all their legal case could settle out of court.
6 comments:
Kajang’s Dangerous Move
The Kajang Move planned and orchestrated by Rafizi Ramli was a dangerous move, and I see the current attempts to put Wan Azizah to replace Khalid Ibrahim and a free hand to Selangor’s RM3 billion in Menteri Besar Incorporated as an extension to the original Kajang Move. You see and decide for yourselves and I hope the authorities would investigate:
http://seademon.wordpress.com/2014/08/20/kajangs-dangerous-move/
PAS exco defends Khalid, but says money hard to come by from renegade MB
SHAH ALAM, Aug 20— A PAS state executive councillor today came out in defence of Tan Sri Khalid Ibrahim, calling him a responsible and competent mentri besar who always prioritised the interests of Selangor residents.
Dr Halimah Ali, who has served under Khalid as an exco for six years also said that the current crisis surrounding his position as MB as strictly a “political one” and had nothing to do with his ability to lead the state administration.
“Only one big problem with him. Nak minta duit susah (difficult to ask for fund allocation.)
“You have to have a workable plan and present your points. Only then he (Khalid) will approve,” she told reporters at a news conference here.
But Halimah stressed that this was a good quality, and that his decisions was done “for the people.”
When asked whether she agreed with Pakatan Rakyat’s collective move to replace him with Datuk Seri Dr Wan Azizah Wan Ismail, she said the issue between Khalid and PKR.
“He is approachable. From my experience, he does not make rash decisions especially involving big money.
“(But) whether he communicates with those who posed those questions, that is another thing,” she added, referring to PKR’s complaints that MB Khalid was uncooperative.
“We don’t want to be in this situation, PAS excos. We have to maintain, to ensure government servants not chaotic.
“We have to show the picture that the government is still running,” she said.
In the automotive industry, there is cycle in sale volume. Once there is New car launched, especially target for mass market and price competitively, the sale volume will surge significantly on that year, then sale gradually subside, until after 3 year, facelift of the car launched, sale at least record mildly improvement, then sale reach lowest toward the end of 5th year and the next new cycle commence , the brand new car launch again and cycle repeat. These scenario is apparent more outstanding for low to mid range car category, such as Honda City, Honda Jazz. The impact is less for more premium car segment such as Honda Civic, Honda CRV and Honda Accord.
Therefore, the new car launched and competitively pricing are both element to boost car sale volume. For Proton, the best seller is Proton Saga, but these saga edition already reach end of the cycle, due for new replacement to boost car volume. Here come with new GSC, new brand of Proton series, to be called Proton Iriz, is a hatchback edition of proton Saga, expect to launched either by end of these month, to coincide with 'First Merdeka' or early Sept to coincide with '2rd Mederka day', expect to price slight higher than Proton saga, depending on variant, price range 40-50k. The impact of Proton Iriz on Proton total sale volume will be very significant. It is follow by the real Proton Saga replacement, the sedan version of GSC next year. Therefore, it is highly expect Proton will turnaround after lunched of these Proton Iriz (GSC hatchback) and Proton Saga (GSC sedan), consecutively for 2014 and 2015.
1. Splash
PKR want splash to value 1x book value, that is RM 2.5bilion, but khalid insist the fair value for splash is only RM 250m based on equity invested and 12% return.
In Khalid calculation, it take only total equity invested and put in return of 12%, but exclude previous dividend paid out to reach splash fair value. at RM 250m.
But, splash chairman, PKR strong supported, on the hand, argue that all outstanding receivables in splash book value should take into account in the offer price, namely RM 2.25 billion due from syabas. Therefore, the take offer price must based on RM 250m (equity + 12% return) + RM 2.25 billion (outstanding receivable own by syabas) = RM 2.50 billion
2. Puncak Niaga Sdn Bhd
Puncak Niaga Sdn Bhd (PNSB) accept Khalid take over offer for its equity at RM 1.117 billion
In Khalid calculation, it take into account total equity invested and return of 12%, but exclude previous dividend paid out to reach PNSB fair value at RM 1.117 billion. These amount of equity offer is higer than splash RM 250m because of PNSB manage total of 28 water treatment plant throughout Selangor, Putrajaya and KL, therefore the initial investment for PNSB is much higher compare to splash just manage 2 water treatment plant.
PNSB also have outstanding receivable owing by Syabas, total amount RM 2.259 billion. If PNSB would insist that these outstanding amount must also make payable in the offer price just like Splash, the total offer equity for PNSB will amount to RM 1.117 billion (equity + 12% return) + RM 2.259 billion (outstanding receivable own by syabas) = RM 3.376 billion.
What wonder Khalid exclude all outstanding receivables owing by Syabas in its take offer price !!??
The reason Syabas owing all water treatment concession including splash, PNSB and Abbass is because State gov refuse to grant schedule water traffic hike back in 2009 when PR took over State gov, resulting Syabas unable to make full payment for water treated by these water concession, Splash/PNSB/Abbass. As per agreement in concession, the water traffic rate for treated water produce by water treatment should match with syabas water traffic rate from consumer.
Syabas suppose to make earning for its distribution service charge from differential sum between water rate payable to treated water and water rate charge to consumer. However, since state gov refuse to grant water traffic rate for Syabas to charge consumer, therefore syabas also unable to make full payment for treated water produce by water treatment concession. Thus, currently Syabas only able to make proportional 40% to all water treatment concession, resulting these water treatment concession incur current cumulative outstanding receivables owing by Syabas.
Syabas in return make legal claim against State gov for its refusal to grant water traffic hike as per concession agreement, the amount claim so far already reach RM 3.783 billion.
Khalid insist that all these outstanding receivables must settle through arbitration proceeding later. These outstanding amount cannot take into account in the current offer price, and water concession must accept the take over in order to enter into arbitration later, in which state gov hope that these huge amount of outstanding receivables from all water concession can be sorted out under its full control after its take over them, avoiding legal course. It is expected that after state take over all water concession, all their legal case could settle out of court.
What wonder Khalid exclude all outstanding receivables owing by Syabas in its take offer price !!??
The reason Syabas owing all water treatment concession including splash, PNSB and Abbass is because State gov refuse to grant schedule water traffic hike back in 2009 when PR took over State gov, resulting Syabas unable to make full payment for water treated by these water concession, Splash/PNSB/Abbass. As per agreement in concession, the water traffic rate for treated water produce by water treatment concession should in proportion with syabas water traffic rate charge to consumer.
Syabas suppose to make earning for its distribution service charge from these differential sum between water rate payable to treated water and water rate charge to consumer. However, since state gov refuse to grant water traffic rate for Syabas to charge consumer, therefore syabas also unable to make full payment for treated water produce by water treatment concession. Thus, currently Syabas only able to make proportional 40% to all water treatment concession, resulting these water treatment concession incur current cumulative outstanding receivables owing by Syabas.
Syabas in return make legal claim against State gov for its refusal to grant water traffic hike as per concession agreement, the amount claim so far already reach RM 3.783 billion.
Khalid insist that all these outstanding receivables must settle through arbitration proceeding later. These outstanding amount cannot take into account in the current offer price, and water concession must accept the take over in order to enter into arbitration later, in which state gov hope that these huge amount of outstanding receivables from all water concession can be sorted out under its full control after its take over them, avoiding legal course. It is expected that after state take over all water concession, all their legal case could settle out of court.
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