Tuesday July 27, 2010
NEW DELHI: Fortis Healthcare, in accepting Khazanah Nasional Bhd’s offer yesterday, said it would use the S$116.7mil profit on its Parkway stake to look for other opportunities.
“At the end of the day, you have to take an economic call. You can’t take an emotional call on the assets you want to own,” Fortis managing director Shivinder Singh told reporters in New Delhi.
Shares in Fortis had surged more than 6% in Mumbai just ahead of Khazanah’s confirmation.
The billionaire Singh brothers Shivinder and Malvinder, heirs to Ranbaxy Laboratories which was built by their grandfather and they later sold to Japan’s Daiichi Sankyo, have ambitions to build their healthcare business in a series of deals.
Malvinder said Singapore would be the company’s hub for international expansion.
Parkway shares were suspended yesterday pending the announcement by Khazanah and closed at S$3.88 on Friday. The price of S$3.95 would be the highest for its shares since October 2007.
“This is a good price for investors to cash out,” said Lynette Tan, an analyst at DMG & Partners in Singapore, referring to the offer price.
“The change in ownership won’t make much difference to Parkway’s future growth strategy or operations because Khazanah was already a large shareholder,” Tan said.
Nomura Securities said that the deal valued Parkway at 31 times 2010 earnings against peer Raffles Medical’s 22 times.
Yogesh Sareen, chief financial officer of Fortis, said the company would be debt-free following the sale of its stake in Parkway and would have free cash reserves of nine billion rupees post-Parkway deal.
“The cash will not be kept lying. We will look for acquisition opportunities in South-East Asia and the Middle East,” he said. — Reuters
http://biz.thestar.com.my/news/story.asp?file=/2010/7/27/business/6739109&sec=business
Monday, July 26, 2010
Game changer in battle for Parkway
Tuesday July 27, 2010
By ANITA GABRIEL
anita@thestar.com.my
Khazanah raises bid while India’s Fortis bows out
PETALING JAYA: In a highly anticipated tit-for-tat move to wrest control of Singapore-listed Parkway Holdings Ltd, Khazanah Nasional Bhd yesterday sweetened its offer for the healthcare provider to a voluntary general offer (VGO) of S$3.95 cash per share – 4.5% higher than its original partial offer of S$3.78 a share.
The exercise worth about S$3.5bil pips Fortis Healthcare Ltd of India’s counter offer (to Khazanah’s original bid) of S$3.80 per share for Parkway shares made on July 1.
“If our voluntary general offer is successful, then we will be able to achieve the vision we outlined when we launched our partial offer – to create Asia’s premier regional healthcare platform,” said Ahmad Shahizam Mohd Shariff, director of Integrated Healthcare Holdings Ltd (IHHL), a wholly owned Khazanah company undertaking the exercise.
Khazanah revealed the much improved offer on the day its original partial offer came to a close yesterday. The only condition attached to the VGO to succeed is receiving sufficient acceptances which will result in IHHL holding more than 50% of Parkway shares in issue. As of yesterday, IHHL and parties acting in concert with it held some 23.9% interest in the healthcare group.
Since March this year, Khazanah and Fortis Group, owned by India’s billionaire Singh brothers – Malvinder and Shivinder Mohan Singh – have been locked in a heated battle for control of Parkway.
Marking an end to the clash that was played out across the causeway for months and almost sealing the deal for Khazanah, Fortis announced yesterday that it has come to a “mutual undertaking” to tender its entire stake of 24.9% in Parkway to Khazanah under the VGO.
“The undertaking from Fortis has changed the dynamics of this battle. It’s now more or less a done deal for Khazanah. The danger of this bidding war getting out of hand is no longer there and the outcome is more conclusive and clear for other shareholders,” an analyst said.
Under the agreement between both parties, which is believed was inked over the weekend, Fortis has agreed that Malvinder, Shivinder, Sunil Godhwani and Balinder Singh Dhillon – all four were appointed to the board of Parkway shortly after Fortis’ entry into Parkway in March – will resign from the board as well as other committees of Parkway. In line with that, Fortis has also withdrawn its voluntary general offer for Parkway shares with immediate effect.
The offer price of S$3.95 a share represents a price/earnings of 39 times Parkway’s FY09 earnings and 25 times prospective earnings, compared with the peer average on the Singapore stock exchange of 23 and 18 times respectively, which brings up another question: Could Khazanah be over-paying for this asset?
“Khazanah has its own threshold. This offer price falls within that. Furthermore, Khazanah has been in Parkway for a while and so it understands the numbers quite well. It would have been more costly and less certain if Fortis had held out.
“This has now become a significant business in Khazanah’s portfolio,” an observer said.
Not many appeared surprised by Fortis’ move to accept Khazanah’s offer although some had expected it to hold out for more. After all, Fortis is bowing out of the fight for Parkway with a handsome gain of over S$110mil over its investment.
“This is not pure profit though as there are other costs that Fortis has to fork out, like financing cost, commitment fees and so forth. But still, it’s a lucrative investment,” an analyst said.
Based on Fortis’ entry level for the original purchase of the 23.86% stake and subsequent market purchases of Parkway shares, a Fortis spokesperson said the exit price represented an annualised ROI (return on investment) of 35% for Fortis.
“Our decision to exit our investments took into account the interest of all stakeholders of Fortis. It was made after careful assessment in light of other growth opportunities available to us across the region and globally,” Fortis chairman Malvinder, who is also Parkway chairman, said in a statement yesterday.
“We hope to re-invest the value unlocked from this experience to the advantage of our stakeholders, and to support our vision to become a global healthcare provider.
“We are long-term players in the healthcare business and we understand this business,” he said, adding that the group would study the secondary listing of Fortis on the Singapore exchange.
The closing date for Khazanah’s VGO is Aug 16, 2010. Khazanah said it intended to maintain the present listing status of Parkway.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/27/business/6737497&sec=business
By ANITA GABRIEL
anita@thestar.com.my
Khazanah raises bid while India’s Fortis bows out
PETALING JAYA: In a highly anticipated tit-for-tat move to wrest control of Singapore-listed Parkway Holdings Ltd, Khazanah Nasional Bhd yesterday sweetened its offer for the healthcare provider to a voluntary general offer (VGO) of S$3.95 cash per share – 4.5% higher than its original partial offer of S$3.78 a share.
The exercise worth about S$3.5bil pips Fortis Healthcare Ltd of India’s counter offer (to Khazanah’s original bid) of S$3.80 per share for Parkway shares made on July 1.
“If our voluntary general offer is successful, then we will be able to achieve the vision we outlined when we launched our partial offer – to create Asia’s premier regional healthcare platform,” said Ahmad Shahizam Mohd Shariff, director of Integrated Healthcare Holdings Ltd (IHHL), a wholly owned Khazanah company undertaking the exercise.
Khazanah revealed the much improved offer on the day its original partial offer came to a close yesterday. The only condition attached to the VGO to succeed is receiving sufficient acceptances which will result in IHHL holding more than 50% of Parkway shares in issue. As of yesterday, IHHL and parties acting in concert with it held some 23.9% interest in the healthcare group.
Since March this year, Khazanah and Fortis Group, owned by India’s billionaire Singh brothers – Malvinder and Shivinder Mohan Singh – have been locked in a heated battle for control of Parkway.
Marking an end to the clash that was played out across the causeway for months and almost sealing the deal for Khazanah, Fortis announced yesterday that it has come to a “mutual undertaking” to tender its entire stake of 24.9% in Parkway to Khazanah under the VGO.
“The undertaking from Fortis has changed the dynamics of this battle. It’s now more or less a done deal for Khazanah. The danger of this bidding war getting out of hand is no longer there and the outcome is more conclusive and clear for other shareholders,” an analyst said.
Under the agreement between both parties, which is believed was inked over the weekend, Fortis has agreed that Malvinder, Shivinder, Sunil Godhwani and Balinder Singh Dhillon – all four were appointed to the board of Parkway shortly after Fortis’ entry into Parkway in March – will resign from the board as well as other committees of Parkway. In line with that, Fortis has also withdrawn its voluntary general offer for Parkway shares with immediate effect.
The offer price of S$3.95 a share represents a price/earnings of 39 times Parkway’s FY09 earnings and 25 times prospective earnings, compared with the peer average on the Singapore stock exchange of 23 and 18 times respectively, which brings up another question: Could Khazanah be over-paying for this asset?
“Khazanah has its own threshold. This offer price falls within that. Furthermore, Khazanah has been in Parkway for a while and so it understands the numbers quite well. It would have been more costly and less certain if Fortis had held out.
“This has now become a significant business in Khazanah’s portfolio,” an observer said.
Not many appeared surprised by Fortis’ move to accept Khazanah’s offer although some had expected it to hold out for more. After all, Fortis is bowing out of the fight for Parkway with a handsome gain of over S$110mil over its investment.
“This is not pure profit though as there are other costs that Fortis has to fork out, like financing cost, commitment fees and so forth. But still, it’s a lucrative investment,” an analyst said.
Based on Fortis’ entry level for the original purchase of the 23.86% stake and subsequent market purchases of Parkway shares, a Fortis spokesperson said the exit price represented an annualised ROI (return on investment) of 35% for Fortis.
“Our decision to exit our investments took into account the interest of all stakeholders of Fortis. It was made after careful assessment in light of other growth opportunities available to us across the region and globally,” Fortis chairman Malvinder, who is also Parkway chairman, said in a statement yesterday.
“We hope to re-invest the value unlocked from this experience to the advantage of our stakeholders, and to support our vision to become a global healthcare provider.
“We are long-term players in the healthcare business and we understand this business,” he said, adding that the group would study the secondary listing of Fortis on the Singapore exchange.
The closing date for Khazanah’s VGO is Aug 16, 2010. Khazanah said it intended to maintain the present listing status of Parkway.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/27/business/6737497&sec=business
Q1 FDI nearly matches 2009’s
Tuesday July 27, 2010
KUALA LUMPUR: The International Trade and Industry Ministry said foreign direct investment (FDI) for the first quarter nearly matched that of the entire 2009.
FDI inflows totalled RM5.06bil in the first quarter, versus RM5.66bil for all of 2009, said Minister Datuk Seri Mustapa Mohamed in a statement.
“But this is not enough. According to the PM, we still have to continue with reforms to attract investors and achieve the goals of the 10th Malaysia Plan and Vision 2020.” — Bernama
http://biz.thestar.com.my/news/story.asp?file=/2010/7/27/business/6740079&sec=business
KUALA LUMPUR: The International Trade and Industry Ministry said foreign direct investment (FDI) for the first quarter nearly matched that of the entire 2009.
FDI inflows totalled RM5.06bil in the first quarter, versus RM5.66bil for all of 2009, said Minister Datuk Seri Mustapa Mohamed in a statement.
“But this is not enough. According to the PM, we still have to continue with reforms to attract investors and achieve the goals of the 10th Malaysia Plan and Vision 2020.” — Bernama
http://biz.thestar.com.my/news/story.asp?file=/2010/7/27/business/6740079&sec=business
Nazir: FDI drop needs careful study
Tuesday July 27, 2010
KUALA LUMPUR: The 2009 plunge in Malaysia’s foreign direct investment (FDI) needs to be studied carefully before jumping to conclusions, says CIMB Group Holdings Bhd chief executive officer Datuk Seri Nazir Razak.
“It doesn’t mean that lower net investment flow is necessarily bad.
“We need to look at the quality of the investments and look at the facts in terms of the timing of investments,” he told reporters yesterday after the group’s EGM.
Nazir was asked to comment on a recent United Nations’ The World Foreign Investment Report 2010 that said FDI in Malaysia plunged 81% in 2009, trailing behind countries like Philippines, Vietnam, Thailand, Indonesia and Singapore.
Citing CIMB and Malayan Banking Bhd’s (Maybank) big investments into Indonesia as possible factors that contributed to lower FDI figures so far this year, Nazir said: “Is this bad or not?
“It is a good thing because, in the long term, it is beneficial for Malaysia that Maybank invests and earns returns from Indonesia,” he said.
He added Malaysians should not jump and get over-excited about this investment data.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/27/business/6738411&sec=business
KUALA LUMPUR: The 2009 plunge in Malaysia’s foreign direct investment (FDI) needs to be studied carefully before jumping to conclusions, says CIMB Group Holdings Bhd chief executive officer Datuk Seri Nazir Razak.
“It doesn’t mean that lower net investment flow is necessarily bad.
“We need to look at the quality of the investments and look at the facts in terms of the timing of investments,” he told reporters yesterday after the group’s EGM.
Nazir was asked to comment on a recent United Nations’ The World Foreign Investment Report 2010 that said FDI in Malaysia plunged 81% in 2009, trailing behind countries like Philippines, Vietnam, Thailand, Indonesia and Singapore.
Citing CIMB and Malayan Banking Bhd’s (Maybank) big investments into Indonesia as possible factors that contributed to lower FDI figures so far this year, Nazir said: “Is this bad or not?
“It is a good thing because, in the long term, it is beneficial for Malaysia that Maybank invests and earns returns from Indonesia,” he said.
He added Malaysians should not jump and get over-excited about this investment data.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/27/business/6738411&sec=business
Fortis to pursue other opportunities
Published: 2010/07/27
Following its exit from Parkway, Fortis Healthcare will study the possibility of a secondary listing on the Singapore Exchange .
India's Fortis Healthcare Ltd (Fortis) will now pursue other regional and global growth opportunities, following its exit from Singapore's healthcare services provider Parkway Holdings Ltd.
It will also study the possibility of a secondary listing of Fortis on the Singapore Exchange.
The company, through its wholly-owned unit Fortis Global Healthcare (Mauritius) Ltd, decided to accept Integrated Healthcare Holdings Ltd's voluntary general offer of S$3.95 (RM9.24) per share yesterday.
Fortis has also withdrawn its voluntary general offer made earlier this month for Parkway shares it did not already own.
"Our decision to exit our investments took into account the interest of all stakeholders of Fortis.
"It was made after careful assessment in light of other growth opportunities available to us across the region and globally," Fortis and Parkway chairman Malvinder Mohan Singh said in a media statement yesterday.
He added that Fortis' vision for a global healthcare service provider which can cross leverage learnings across geographies, optimise cost and provide the best quality to the benefit of the patient remains unchanged.
"In fact our experience has made us a more astute healthcare player. We hope to re-invest the value unlocked from this experience to the advantage of our stakeholders, and to support our vision to become a global healthcare provider," Malvinder said.
Astute best describes Fortis, which first made its entry as a Parkway shareholder in March this year by purchasing a 23.9 per cent stake in Parkway for a reported price of S$959 million (RM2.24 billion) from US private equity fund, TPG Capital.
With the sale of its entire 24.9 per cent stake or some 284.2 million shares in Parkway to Integrated Healthcare, Fortis will pocket a profit of S$116.7 million (RM273.08 million) in merely five months of its initial investment.
The annualised return on investment of 35 per cent on Fortis' investment price is based on its original purchase stake of 23.9 per cent from TPG and subsequent market purchase.
Meanwhile, Reuters quoted Fortis chief financial officer Yogesh Sareen as saying that the company will be debt-free following the sale of its stake in Parkway.
Yogesh added that Fortis' current debt was 29.30 billion rupees, and its debt-to-equity ratio was 0.7.
Fortis has maintained its stance that it will be a long-term player in the healthcare business.
"Our limited association with (Parkway) and its functioning has given us a better insight into its strengths and we will continue to explore ways to work with the company and the medical talent to the benefit of the patients," Malvinder said in the statement.
http://www.btimes.com.my/Current_News/BTIMES/articles/jpark-2/Article/index_html
Following its exit from Parkway, Fortis Healthcare will study the possibility of a secondary listing on the Singapore Exchange .
India's Fortis Healthcare Ltd (Fortis) will now pursue other regional and global growth opportunities, following its exit from Singapore's healthcare services provider Parkway Holdings Ltd.
It will also study the possibility of a secondary listing of Fortis on the Singapore Exchange.
The company, through its wholly-owned unit Fortis Global Healthcare (Mauritius) Ltd, decided to accept Integrated Healthcare Holdings Ltd's voluntary general offer of S$3.95 (RM9.24) per share yesterday.
Fortis has also withdrawn its voluntary general offer made earlier this month for Parkway shares it did not already own.
"Our decision to exit our investments took into account the interest of all stakeholders of Fortis.
"It was made after careful assessment in light of other growth opportunities available to us across the region and globally," Fortis and Parkway chairman Malvinder Mohan Singh said in a media statement yesterday.
He added that Fortis' vision for a global healthcare service provider which can cross leverage learnings across geographies, optimise cost and provide the best quality to the benefit of the patient remains unchanged.
"In fact our experience has made us a more astute healthcare player. We hope to re-invest the value unlocked from this experience to the advantage of our stakeholders, and to support our vision to become a global healthcare provider," Malvinder said.
Astute best describes Fortis, which first made its entry as a Parkway shareholder in March this year by purchasing a 23.9 per cent stake in Parkway for a reported price of S$959 million (RM2.24 billion) from US private equity fund, TPG Capital.
With the sale of its entire 24.9 per cent stake or some 284.2 million shares in Parkway to Integrated Healthcare, Fortis will pocket a profit of S$116.7 million (RM273.08 million) in merely five months of its initial investment.
The annualised return on investment of 35 per cent on Fortis' investment price is based on its original purchase stake of 23.9 per cent from TPG and subsequent market purchase.
Meanwhile, Reuters quoted Fortis chief financial officer Yogesh Sareen as saying that the company will be debt-free following the sale of its stake in Parkway.
Yogesh added that Fortis' current debt was 29.30 billion rupees, and its debt-to-equity ratio was 0.7.
Fortis has maintained its stance that it will be a long-term player in the healthcare business.
"Our limited association with (Parkway) and its functioning has given us a better insight into its strengths and we will continue to explore ways to work with the company and the medical talent to the benefit of the patients," Malvinder said in the statement.
http://www.btimes.com.my/Current_News/BTIMES/articles/jpark-2/Article/index_html
Khazanah wins Parkway battle
By Jeeva ArulampalamPublished: 2010/07/27
Khazanah-owned Integrated Healthcare is revising its partial offer to a voluntary conditional general cash offer for all remaining Parkway shares at RM9.24 per share.
Government investment arm Khazanah Nasional Bhd has won the battle over Singapore's healthcare services provider Parkway Holdings Ltd as it seeks to buy all remaining shares in the company for a total of S$3.5 billion (RM8.19 billion).
Khazanah-owned Integrated Healthcare Holdings Ltd told the Singapore Stock Exchange (SGX) yesterday that it was revising its partial offer to a voluntary conditional general cash offer for all remaining Parkway shares at S$3.95 (RM9.24) per share.
The voluntary general offer (VGO) price is 4.5 per cent more than Integrated Healthcare's initial partial offer price of S$3.78 (RM8.85).
Integrated Healthcare, with parties acting in concert, hold a 23.9 per cent stake in Parkway as at July 26.
Meanwhile, Fortis Global Healthcare (Mauritius) Ltd, a wholly-owned unit of India's Fortis Healthcare Ltd, has said it will sell its 284.2 million shares or 24.9 per cent stake in Parkway for a tidy profit of S$116.7 million (RM273.08 million).
Fortis Global's exit from Parkway will also see the resignation of brothers Malvinder Mohan Singh and Shivinder Mohan Singh as well as Sunil Godhwani and Balinder Singh Dhillon as Parkway directors.
Malvinder is the chairman of Fortis Healthcare while Shivinder is the managing director of the company.
Both Khazanah and Fortis Healthcare, through their units, have been in a power play to take control of Parkway over the last two months.
Integrated Healthcare launched a partial offer of S$1.18 billion (RM2.76 billion) in late May, which was to expire yesterday, to take control of the healthcare group.
Subsequently, Fortis made an offer to buy the remaining shares it did not own at S$3.80 (RM8.89) per share, or for a total of S$3.2 billion (RM7.49 billion) in early July.
Some analysts quoted in previous news reports said that an offer above S$4 (RM9.36) per share would be deemed expensive.
"The deal was clinched at a good price, which is below the S$4 per share threshold. Both parties came to a win-win situation which allowed Fortis to walk away and turn over its shares to Khazanah," sources said.
The source added that the combined Khazanah-Fortis shareholding tips the scale heavily towards Khazanah taking control of Parkway as it it now just 1.2 per cent shy of a 51 per cent controlling stake.
Integrated Healthcare director Quek Pei Lynn said in a statement issued yesterday that Parkway shareholders have the flexibility to accept the VGO for some or all of their shares.
The VGO price is a 31 per cent premium to Parkway's last traded price of S$3.02 per share on May 26, which is a day before Khazanah's partial offer announcement.
The share was suspended yesterday pending the material announcement.
"Shareholders who remain invested in Parkway, can continue to participate in Parkway's growth as part of the leading integrated Pan Asian healthcare services provider listed in Singapore," Quek added.
Integrated Healthcare director Ahmad Shahizam Mohd Shariff said a successful VGO will help create Asia's premier regional healthcare platform.
The success of the VGO will be based on receiving sufficient acceptance, in which Integrated Healthcare owns more than 50 per cent of Parkway shares.
Integrated Healthcare told SGX yesterday that it plans to maintain Parkway's listing on the main board of the exchange.
The VGO closes at 5.30pm on August 16.
The Singapore branches of CIMB Bank Bhd and Deutsche Bank AG are the financial advisers for the VGO.
http://www.btimes.com.my/Current_News/BTIMES/articles/jparkw-2/Article/index_html
Khazanah-owned Integrated Healthcare is revising its partial offer to a voluntary conditional general cash offer for all remaining Parkway shares at RM9.24 per share.
Government investment arm Khazanah Nasional Bhd has won the battle over Singapore's healthcare services provider Parkway Holdings Ltd as it seeks to buy all remaining shares in the company for a total of S$3.5 billion (RM8.19 billion).
Khazanah-owned Integrated Healthcare Holdings Ltd told the Singapore Stock Exchange (SGX) yesterday that it was revising its partial offer to a voluntary conditional general cash offer for all remaining Parkway shares at S$3.95 (RM9.24) per share.
The voluntary general offer (VGO) price is 4.5 per cent more than Integrated Healthcare's initial partial offer price of S$3.78 (RM8.85).
Integrated Healthcare, with parties acting in concert, hold a 23.9 per cent stake in Parkway as at July 26.
Meanwhile, Fortis Global Healthcare (Mauritius) Ltd, a wholly-owned unit of India's Fortis Healthcare Ltd, has said it will sell its 284.2 million shares or 24.9 per cent stake in Parkway for a tidy profit of S$116.7 million (RM273.08 million).
Fortis Global's exit from Parkway will also see the resignation of brothers Malvinder Mohan Singh and Shivinder Mohan Singh as well as Sunil Godhwani and Balinder Singh Dhillon as Parkway directors.
Malvinder is the chairman of Fortis Healthcare while Shivinder is the managing director of the company.
Both Khazanah and Fortis Healthcare, through their units, have been in a power play to take control of Parkway over the last two months.
Integrated Healthcare launched a partial offer of S$1.18 billion (RM2.76 billion) in late May, which was to expire yesterday, to take control of the healthcare group.
Subsequently, Fortis made an offer to buy the remaining shares it did not own at S$3.80 (RM8.89) per share, or for a total of S$3.2 billion (RM7.49 billion) in early July.
Some analysts quoted in previous news reports said that an offer above S$4 (RM9.36) per share would be deemed expensive.
"The deal was clinched at a good price, which is below the S$4 per share threshold. Both parties came to a win-win situation which allowed Fortis to walk away and turn over its shares to Khazanah," sources said.
The source added that the combined Khazanah-Fortis shareholding tips the scale heavily towards Khazanah taking control of Parkway as it it now just 1.2 per cent shy of a 51 per cent controlling stake.
Integrated Healthcare director Quek Pei Lynn said in a statement issued yesterday that Parkway shareholders have the flexibility to accept the VGO for some or all of their shares.
The VGO price is a 31 per cent premium to Parkway's last traded price of S$3.02 per share on May 26, which is a day before Khazanah's partial offer announcement.
The share was suspended yesterday pending the material announcement.
"Shareholders who remain invested in Parkway, can continue to participate in Parkway's growth as part of the leading integrated Pan Asian healthcare services provider listed in Singapore," Quek added.
Integrated Healthcare director Ahmad Shahizam Mohd Shariff said a successful VGO will help create Asia's premier regional healthcare platform.
The success of the VGO will be based on receiving sufficient acceptance, in which Integrated Healthcare owns more than 50 per cent of Parkway shares.
Integrated Healthcare told SGX yesterday that it plans to maintain Parkway's listing on the main board of the exchange.
The VGO closes at 5.30pm on August 16.
The Singapore branches of CIMB Bank Bhd and Deutsche Bank AG are the financial advisers for the VGO.
http://www.btimes.com.my/Current_News/BTIMES/articles/jparkw-2/Article/index_html
Khazanah offers S$3.5b for Parkway
Published: 2010/07/26Share3 PDF
Khazanah Nasional Bhd, Malaysia’s sovereign wealth fund, offered S$3.5 billion (US$2.6 billion) for the rest of Singapore’s Parkway Holdings Ltd, topping a bid by Fortis Healthcare Ltd for Asia’s biggest hospital operator.
Khazanah offered S$3.95 a share in cash for the 76.1 percent it doesn’t already own of Parkway, the Kuala Lumpur- based fund said in a statement today. That’s 3.9 percent more than the S$3.80-a-share bid by New Delhi-based Fortis on July 1.
Buying Parkway would give Khazanah full ownership of 16 additional hospitals in eight Asian nations, adding to its stakes in India’s Apollo Hospitals Enterprise Ltd and IMU Health Sdn Bhd in Malaysia. The buyout would hinder the expansion plans of Malvinder and Shivinder Singh, who run Fortis. The billionaire brothers are seeking to tap health-care markets in Asia, which are expanding as much as 17 percent annually.
Fortis, holder of about 24.9 percent of Parkway, said it will accept the proposal. The offer, which values Parkway at about S$4.5 billion, closes on Aug 16.
“Fortis feels that there are more attractive opportunities to pursue its goal of building a pan-Asian health care delivery network,” the company said in an e-mailed statement, adding that it will study the secondary listing of Fortis on the Singapore exchange.
Fortis shares increased as much as 2.6 percent to 162.4 rupees in Mumbai trading, and were 1.2 percent higher at 160.1 rupees at noon local time. Parkway shares, halted at the request of Khazanah today, were unchanged at S$3.88 on July 23 at the 5 p.m. close of trading on the Singapore exchange.
Gleneagles, Mount Elizabeth
Parkway has more than 3,400 hospital beds in China, India and Malaysia among other Asian countries, according to its website. In Singapore, the group’s operations include the Gleneagles and Mount Elizabeth hospitals, both located close to the central Orchard Road shopping belt. It also manages a real estate investment trust and provides health-care education.
Khazanah, which was advised by CIMB Bank Bhd and Deutsche Bank AG, offered S$3.78 a share, or S$1.18 billion, on May 27 to more than double its stake in Parkway to 51.5 percent.
The new offer values Parkway at about 28 times 2010 estimated earnings, according to Bloomberg calculations, based on an average per-share estimate of 13.9 Singapore cents. Raffles Medical Group Ltd., Parkway’s biggest Singapore-based competitor, trades at 22 times, according to Bloomberg data.
Parkway reported a 10 percent gain in first-quarter net income to S$25.8 million, helped by an increase in foreign patients at its hospitals in Singapore. Revenue advanced 8 percent to S$247.6 million in the period.
Chief Executive Officer Tan See Leng said in February that Parkway may make acquisitions in China to tap rising demand for health care in the world’s most populous nation.
Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100726112825/Article/index_html
Khazanah Nasional Bhd, Malaysia’s sovereign wealth fund, offered S$3.5 billion (US$2.6 billion) for the rest of Singapore’s Parkway Holdings Ltd, topping a bid by Fortis Healthcare Ltd for Asia’s biggest hospital operator.
Khazanah offered S$3.95 a share in cash for the 76.1 percent it doesn’t already own of Parkway, the Kuala Lumpur- based fund said in a statement today. That’s 3.9 percent more than the S$3.80-a-share bid by New Delhi-based Fortis on July 1.
Buying Parkway would give Khazanah full ownership of 16 additional hospitals in eight Asian nations, adding to its stakes in India’s Apollo Hospitals Enterprise Ltd and IMU Health Sdn Bhd in Malaysia. The buyout would hinder the expansion plans of Malvinder and Shivinder Singh, who run Fortis. The billionaire brothers are seeking to tap health-care markets in Asia, which are expanding as much as 17 percent annually.
Fortis, holder of about 24.9 percent of Parkway, said it will accept the proposal. The offer, which values Parkway at about S$4.5 billion, closes on Aug 16.
“Fortis feels that there are more attractive opportunities to pursue its goal of building a pan-Asian health care delivery network,” the company said in an e-mailed statement, adding that it will study the secondary listing of Fortis on the Singapore exchange.
Fortis shares increased as much as 2.6 percent to 162.4 rupees in Mumbai trading, and were 1.2 percent higher at 160.1 rupees at noon local time. Parkway shares, halted at the request of Khazanah today, were unchanged at S$3.88 on July 23 at the 5 p.m. close of trading on the Singapore exchange.
Gleneagles, Mount Elizabeth
Parkway has more than 3,400 hospital beds in China, India and Malaysia among other Asian countries, according to its website. In Singapore, the group’s operations include the Gleneagles and Mount Elizabeth hospitals, both located close to the central Orchard Road shopping belt. It also manages a real estate investment trust and provides health-care education.
Khazanah, which was advised by CIMB Bank Bhd and Deutsche Bank AG, offered S$3.78 a share, or S$1.18 billion, on May 27 to more than double its stake in Parkway to 51.5 percent.
The new offer values Parkway at about 28 times 2010 estimated earnings, according to Bloomberg calculations, based on an average per-share estimate of 13.9 Singapore cents. Raffles Medical Group Ltd., Parkway’s biggest Singapore-based competitor, trades at 22 times, according to Bloomberg data.
Parkway reported a 10 percent gain in first-quarter net income to S$25.8 million, helped by an increase in foreign patients at its hospitals in Singapore. Revenue advanced 8 percent to S$247.6 million in the period.
Chief Executive Officer Tan See Leng said in February that Parkway may make acquisitions in China to tap rising demand for health care in the world’s most populous nation.
Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100726112825/Article/index_html
Khazanah requests Parkway trading halt
Published: 2010/07/26
Integrated Healthcare Holdings Ltd, a unit of Malaysia’s Khazanah Nasional Bhd, requested that shares of hospital operator Parkway Holdings Ltd be halted on the Singapore exchange pending the release of “a material announcement.” -- Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100726084335/Article/index_html
Integrated Healthcare Holdings Ltd, a unit of Malaysia’s Khazanah Nasional Bhd, requested that shares of hospital operator Parkway Holdings Ltd be halted on the Singapore exchange pending the release of “a material announcement.” -- Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100726084335/Article/index_html
Sunday, July 25, 2010
Do you know you are not a good customer if you pay debts on time? So ...
Monday July 26, 2010
Monday Starters - By Soo Ewe Jin
Good customers deserve rewards, too
I AM quite sure the bank that issues me my credit cards (just two) does not consider me a good customer.
I spend way below my credit limit and, save for a few occasions, pay my bill in full and on time.
A friend who works in the industry once told me: “To be honest, you are not the kind of customer we want. A good customer is one who spends more, defaults now and then, and allows us to charge interest on his outstanding balance.”
I came across a report in The Washington Post last Friday which stated that credit card issuers in the US are facing a similar problem with customers like me.
Ylan Q. Mui wrote: “After the recession forced credit card companies to purge their rosters of the riskiest loans, the industry is facing a new problem: customers who are too good.
“Card issuers have long found their bread and butter in penalty fees and high interest rates paid by consumers who carry a balance.
“But that business model has been upended by the legions of consumers who were overwhelmed by debt when the recession hit, forcing the industry to write off billions of dollars in loans. In addition, new federal laws limit how much card companies can charge risky customers.
“Now, frugal-minded consumers are charging less on their credit cards, paying down their balances and steering clear of penalty fees – steps that are financially responsible but have the industry scrambling to find new ways to make money.”
What’s wrong with customers who are too good, one might ask?
I find that in the real world, customers who are not-so-good appear to be reaping better rewards.
Every now and then, the recalcitrant ones get discounts for being late, and one can’t help but feel a sense of injustice for being prompt and responsible.
For example, I pay all my bills on time but I never even get a thank you note from any of the utilities companies.
They are also not very consistent. Sometimes, they can be very quick to withdraw the service when you don’t pay up so that they can happily charge you a reconnect fee. At times, they also let the bill build up until it becomes virtually impossible to collect the arrears.
We should consider a carrot-and-stick approach whereby good customers should also be rewarded.
For example, if my record shows that I pay all my utilities bills from January to December on time, how about giving me a 10% discount on the first bill of the new year?
If you subscribe to satellite TV, your connection is cut off if you delay paying, but would the company consider giving an extra channel or two to those subscribers who never default for, say, two years in a row?
I am one of the pioneer subscribers to the Internet since the dial-up days but I find that those who sign up later get better packages because of increasing competition. Now, wouldn’t it be nice if they quietly upgrade my connection speed as a way to reward my loyalty?
But we have to get back down to earth. After all, our accounts are computerised and the IT people will tell you they cannot write exceptions into the programme or it will crash. To the system, we are just statistics, not people.
Still, a thank you email generated by the computer could make my day.
● Deputy executive editor Soo Ewe Jin is happy to win a free meal at a sandwich restaurant near The Star thanks to a lucky draw. All he did was drop his name card into the bowl the week before.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/26/business/6728341&sec=business
Monday Starters - By Soo Ewe Jin
Good customers deserve rewards, too
I AM quite sure the bank that issues me my credit cards (just two) does not consider me a good customer.
I spend way below my credit limit and, save for a few occasions, pay my bill in full and on time.
A friend who works in the industry once told me: “To be honest, you are not the kind of customer we want. A good customer is one who spends more, defaults now and then, and allows us to charge interest on his outstanding balance.”
I came across a report in The Washington Post last Friday which stated that credit card issuers in the US are facing a similar problem with customers like me.
Ylan Q. Mui wrote: “After the recession forced credit card companies to purge their rosters of the riskiest loans, the industry is facing a new problem: customers who are too good.
“Card issuers have long found their bread and butter in penalty fees and high interest rates paid by consumers who carry a balance.
“But that business model has been upended by the legions of consumers who were overwhelmed by debt when the recession hit, forcing the industry to write off billions of dollars in loans. In addition, new federal laws limit how much card companies can charge risky customers.
“Now, frugal-minded consumers are charging less on their credit cards, paying down their balances and steering clear of penalty fees – steps that are financially responsible but have the industry scrambling to find new ways to make money.”
What’s wrong with customers who are too good, one might ask?
I find that in the real world, customers who are not-so-good appear to be reaping better rewards.
Every now and then, the recalcitrant ones get discounts for being late, and one can’t help but feel a sense of injustice for being prompt and responsible.
For example, I pay all my bills on time but I never even get a thank you note from any of the utilities companies.
They are also not very consistent. Sometimes, they can be very quick to withdraw the service when you don’t pay up so that they can happily charge you a reconnect fee. At times, they also let the bill build up until it becomes virtually impossible to collect the arrears.
We should consider a carrot-and-stick approach whereby good customers should also be rewarded.
For example, if my record shows that I pay all my utilities bills from January to December on time, how about giving me a 10% discount on the first bill of the new year?
If you subscribe to satellite TV, your connection is cut off if you delay paying, but would the company consider giving an extra channel or two to those subscribers who never default for, say, two years in a row?
I am one of the pioneer subscribers to the Internet since the dial-up days but I find that those who sign up later get better packages because of increasing competition. Now, wouldn’t it be nice if they quietly upgrade my connection speed as a way to reward my loyalty?
But we have to get back down to earth. After all, our accounts are computerised and the IT people will tell you they cannot write exceptions into the programme or it will crash. To the system, we are just statistics, not people.
Still, a thank you email generated by the computer could make my day.
● Deputy executive editor Soo Ewe Jin is happy to win a free meal at a sandwich restaurant near The Star thanks to a lucky draw. All he did was drop his name card into the bowl the week before.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/26/business/6728341&sec=business
Thursday, July 22, 2010
Bank Muamalat Pre-Tax Profit Rises To RM140.6 Million
July 22, 2010 16:31 PM
KUALA LUMPUR, July 22 (Bernama) -- Bank Muamalat Malaysia Bhd's pre-tax profit for the 15-month period ending March 31, 2010 rose by 231.8 per cent to RM140.6 million compared with the previous year.
In a statement here Thursday, the bank said the overall strong performance was supported by comparatively robust core and risk-weighted capital ratios of 13.9 per cent and 17.5 per cent respectively.
"Significant improvements in financing recoveries and asset quality, a moderate expansion in our financing base and prudent rebalancing of our investment portfolio have led to a substantial increase in total distributable income by RM127 million, or 21.8 per cent," it said.
The bank said ample liquidity and softer monetary policy which prevailed throughout the year and the implementation of several cost-saving initiatives further contributed towards enhancing its earnings.
It said its total assets increased by 15.9 per cent to RM16.7 billion and net financing rose by RM587.7 million as compared to previous year.
"Reflecting our continued focus on prudent recovery and credit initiatives, net non-performing financing ratio registered significant improvement from 4.4 per cent at the end of the preceding year to three per cent at March, 2010," it said.
Bank Muamalat said during the same period, customer deposits grew to RM14.9 billion, or 19.7 per cent.
-- BERNAMA
http://bernama.com.my/bernama/v5/newsindex.php?id=515606
KUALA LUMPUR, July 22 (Bernama) -- Bank Muamalat Malaysia Bhd's pre-tax profit for the 15-month period ending March 31, 2010 rose by 231.8 per cent to RM140.6 million compared with the previous year.
In a statement here Thursday, the bank said the overall strong performance was supported by comparatively robust core and risk-weighted capital ratios of 13.9 per cent and 17.5 per cent respectively.
"Significant improvements in financing recoveries and asset quality, a moderate expansion in our financing base and prudent rebalancing of our investment portfolio have led to a substantial increase in total distributable income by RM127 million, or 21.8 per cent," it said.
The bank said ample liquidity and softer monetary policy which prevailed throughout the year and the implementation of several cost-saving initiatives further contributed towards enhancing its earnings.
It said its total assets increased by 15.9 per cent to RM16.7 billion and net financing rose by RM587.7 million as compared to previous year.
"Reflecting our continued focus on prudent recovery and credit initiatives, net non-performing financing ratio registered significant improvement from 4.4 per cent at the end of the preceding year to three per cent at March, 2010," it said.
Bank Muamalat said during the same period, customer deposits grew to RM14.9 billion, or 19.7 per cent.
-- BERNAMA
http://bernama.com.my/bernama/v5/newsindex.php?id=515606
Wednesday, July 21, 2010
Khazanah may have to pay over S$4 a share in Parkway battle
Tuesday July 20, 2010
By SAEED AZHAR and SANJEEV CHOUDHARY
SINGAPORE: Khazanah Nasional Bhd may have to pay more than S$4 a share for Singapore’s Parkway, or at least 3.1% above its share price, to ward off rival bidder Fortis Healthcare.
Malaysia’s government investment arm was mulling over whether to boost its current S$3.78 a share partial offer or go all out with a general offer that outbids the S$3.80 offered by India’s Fortis, backed by billionaires Malvinder and Shivinder Singh, sources familiar with the matter told Reuters.
Khazanah has extended the date for its US$835mil (RM2.7bil) partial offer to double its stake in Parkway to 51.5% until July 26, trying to buy time to respond to Fortis’ higher bid.
“There is no point doing a partial offer since they have not succeeded in getting shareholder approval,” said Lim Jit Soon, head of equity research South-East Asia for Nomura. “Better to go for full with a higher offer price.”
Analysts expect any price above S$4 a share should seal the deal for Khazanah.
“If Khazanah’s offer is at a substantial premium, Fortis may back out,” Sapna Jhawar, analyst at Mumbai-based brokerage Sharekhan.
A source familiar with Fortis said: “Anything beyond S$4 a share for Parkway will be stupid.”
Parkway’s current price values the healthcare provider at US$3.2bil. The bidding war has pushed Parkway shares above analysts’ median target price of S$3.49, according to Thomson Reuters data.
The rivals, almost equal shareholders in Parkway owning 25% each, want to use the firm, which runs hospitals in Singapore, Malaysia, India and China, to spearhead their regional expansion in the booming healthcare market.
Many funds are sitting tight, waiting for the next move in this intriguing battle.
“We will just sit and watch and do nothing while waiting for Khazanah to make its bid,” said the head of research at a European fund that owns Parkway. “Valuations are rich but why sell when there’s a bidding war.”
The research head asked not to be named due to compliance issues.
The question on everyone’s mind is if Khazanah will raise its price to or above S$4 a share, a level that may force Fortis to back off. It certainly has the war chest.
And to add to its buying power, Khazanah, which has a portfolio of US$28bil, is looking to raise loans through DBS, UOB and OCBC.
It also plans to raise Islamic bonds, or sukuk, “north of S$500mil”, according to a source with knowledge of the deal, adding that the deal had been delayed for 12 weeks. The source declined to be named because of the sensitivity of the matter.
CIMB and DBS were among the banks advising Khazanah on the Islamic bonds, sources said.
Nomura analysts said that for every 10 Singapore cents a share increase in the offer price, the bidder would require an additional S$85mil for the acquisition.
“I don’t think anybody will be interested in prolonging the battle,” said Jhawar of Sharekhan. “S$4 a share is a fair valuation for Khazanah and anything beyond it would be expensive.” — Reuters
http://biz.thestar.com.my/news/story.asp?file=/2010/7/20/business/6693901&sec=business
By SAEED AZHAR and SANJEEV CHOUDHARY
SINGAPORE: Khazanah Nasional Bhd may have to pay more than S$4 a share for Singapore’s Parkway, or at least 3.1% above its share price, to ward off rival bidder Fortis Healthcare.
Malaysia’s government investment arm was mulling over whether to boost its current S$3.78 a share partial offer or go all out with a general offer that outbids the S$3.80 offered by India’s Fortis, backed by billionaires Malvinder and Shivinder Singh, sources familiar with the matter told Reuters.
Khazanah has extended the date for its US$835mil (RM2.7bil) partial offer to double its stake in Parkway to 51.5% until July 26, trying to buy time to respond to Fortis’ higher bid.
“There is no point doing a partial offer since they have not succeeded in getting shareholder approval,” said Lim Jit Soon, head of equity research South-East Asia for Nomura. “Better to go for full with a higher offer price.”
Analysts expect any price above S$4 a share should seal the deal for Khazanah.
“If Khazanah’s offer is at a substantial premium, Fortis may back out,” Sapna Jhawar, analyst at Mumbai-based brokerage Sharekhan.
A source familiar with Fortis said: “Anything beyond S$4 a share for Parkway will be stupid.”
Parkway’s current price values the healthcare provider at US$3.2bil. The bidding war has pushed Parkway shares above analysts’ median target price of S$3.49, according to Thomson Reuters data.
The rivals, almost equal shareholders in Parkway owning 25% each, want to use the firm, which runs hospitals in Singapore, Malaysia, India and China, to spearhead their regional expansion in the booming healthcare market.
Many funds are sitting tight, waiting for the next move in this intriguing battle.
“We will just sit and watch and do nothing while waiting for Khazanah to make its bid,” said the head of research at a European fund that owns Parkway. “Valuations are rich but why sell when there’s a bidding war.”
The research head asked not to be named due to compliance issues.
The question on everyone’s mind is if Khazanah will raise its price to or above S$4 a share, a level that may force Fortis to back off. It certainly has the war chest.
And to add to its buying power, Khazanah, which has a portfolio of US$28bil, is looking to raise loans through DBS, UOB and OCBC.
It also plans to raise Islamic bonds, or sukuk, “north of S$500mil”, according to a source with knowledge of the deal, adding that the deal had been delayed for 12 weeks. The source declined to be named because of the sensitivity of the matter.
CIMB and DBS were among the banks advising Khazanah on the Islamic bonds, sources said.
Nomura analysts said that for every 10 Singapore cents a share increase in the offer price, the bidder would require an additional S$85mil for the acquisition.
“I don’t think anybody will be interested in prolonging the battle,” said Jhawar of Sharekhan. “S$4 a share is a fair valuation for Khazanah and anything beyond it would be expensive.” — Reuters
http://biz.thestar.com.my/news/story.asp?file=/2010/7/20/business/6693901&sec=business
RHC asks Parkway shareholders to look at its record
Friday July 16, 2010
By TEE LIN SAY
linsay@thestar.com.my
KUALA LUMPUR: Fortis Healthcare Ltd-owned RHC Healthcare Pte Ltd has appealed to shareholders of Parkway Holdings Ltd to consider its track record in acquiring and integrating acquisitions when weighing the merits of its offer for the Singapore healthcare company.
RHC posted its offer document for the Parkway takeover at S$3.80 per share yesterday morning. Acting on its behalf are The Royal Bank of Scotland and Macquarie Capital (S) Pte Ltd.
In the document, RHC said Fortis’ bed capacity had increased more than four fold from 1,749 in financial year (FY) 2006 to 7,733 in FY2010.
“The Fortis group has significantly increased its operations and shown strong growth over its last five financial years with a compounded annual growth rate of about 74% in operating income.
“It has maintained its pace by delivering 91% growth in operating income and 469% growth in net profit attributable to shareholders over the previous four quarters ended March 31,” it said.
Its network of hospitals across the region would create a platform that would be better positioned to leverage off the strengths of both the Fortis group and the Parkway group to create greater growth opportunities, it added.
The deadline for shareholders to accept the offer is August 12, 5.30pm. This is an offer for all Parkway shares, allowing them the choice of a full exit for a cash price if they wish.
Alternatively, shareholders can choose to accept the offer for part of their investment and continue to grow with the company.
RHC said a combined Fortis and Parkway would result in a group with 68 hospitals and satellite and heart command centres, 37 patient assistance centres, 12,200 beds, 2,700 doctors and 18,000 employees, and a Pan-Asian network.
Other synergies include Parkway having enhanced access into the dynamic Indian healthcare market, a significant growth opportunity for the intended Fortis-Parkway combination.
“There is also a potential to realise significant operational synergies through increased access to talent, cost savings and economies of scale,” said RHC.
Meanwhile, analysts hardly find Fortis’ offer of S$3.80 compelling. A bidding war is very likely on the cards. “Fortis’s offer is made for all shares it does not currently own and is conditional upon the group receiving more than 50% of the acceptances as at the closing date.
“The general offer differs from Khazanah’s partial offer in that shareholders can tender any number of their shares to Fortis,” said Kim Eng Research Pte Ltd analyst Anni Kum.
Kum is not compelled by the new offer. She expects Khazanah to revise the terms of its partial offer and to turn it into a general offer.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/16/business/6674286&sec=business
By TEE LIN SAY
linsay@thestar.com.my
KUALA LUMPUR: Fortis Healthcare Ltd-owned RHC Healthcare Pte Ltd has appealed to shareholders of Parkway Holdings Ltd to consider its track record in acquiring and integrating acquisitions when weighing the merits of its offer for the Singapore healthcare company.
RHC posted its offer document for the Parkway takeover at S$3.80 per share yesterday morning. Acting on its behalf are The Royal Bank of Scotland and Macquarie Capital (S) Pte Ltd.
In the document, RHC said Fortis’ bed capacity had increased more than four fold from 1,749 in financial year (FY) 2006 to 7,733 in FY2010.
“The Fortis group has significantly increased its operations and shown strong growth over its last five financial years with a compounded annual growth rate of about 74% in operating income.
“It has maintained its pace by delivering 91% growth in operating income and 469% growth in net profit attributable to shareholders over the previous four quarters ended March 31,” it said.
Its network of hospitals across the region would create a platform that would be better positioned to leverage off the strengths of both the Fortis group and the Parkway group to create greater growth opportunities, it added.
The deadline for shareholders to accept the offer is August 12, 5.30pm. This is an offer for all Parkway shares, allowing them the choice of a full exit for a cash price if they wish.
Alternatively, shareholders can choose to accept the offer for part of their investment and continue to grow with the company.
RHC said a combined Fortis and Parkway would result in a group with 68 hospitals and satellite and heart command centres, 37 patient assistance centres, 12,200 beds, 2,700 doctors and 18,000 employees, and a Pan-Asian network.
Other synergies include Parkway having enhanced access into the dynamic Indian healthcare market, a significant growth opportunity for the intended Fortis-Parkway combination.
“There is also a potential to realise significant operational synergies through increased access to talent, cost savings and economies of scale,” said RHC.
Meanwhile, analysts hardly find Fortis’ offer of S$3.80 compelling. A bidding war is very likely on the cards. “Fortis’s offer is made for all shares it does not currently own and is conditional upon the group receiving more than 50% of the acceptances as at the closing date.
“The general offer differs from Khazanah’s partial offer in that shareholders can tender any number of their shares to Fortis,” said Kim Eng Research Pte Ltd analyst Anni Kum.
Kum is not compelled by the new offer. She expects Khazanah to revise the terms of its partial offer and to turn it into a general offer.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/16/business/6674286&sec=business
Keck Seng to get mandate over Parkway stake
Thursday July 15, 2010
PETALING JAYA: Plantation and property firm Keck Seng (M) Bhd’s board has decided to obtain a shareholders’ mandate in respect of the company’s stake in Singapore-listed healthcare provider Parkway Holdings Ltd.
Keck Seng has 35.58 million shares representing a 3.13% stake in Parkway, a company in which Khazanah Nasional Bhd and Fortis Healthcare Ltd, are battling for control over.
Fortis is controlled by billionaire brothers Malvinder and Shivinder Singh. They are Parkway’s single largest shareholder with a 25.3% stake while Khazanah has a 23.8% stake.
To recap, Khazanah’s wholly-owned unit Integrated Healthcare Ltd had made an offer in late May to acquire 313 million shares in Parkway at S$3.78 per share or S$1.18bil (RM2.76bil).
This move, if successful, would see Khazanah holding 51.5% stake in one of Asia’s leading healthcare providers with a network of 16 hospitals and more than 3,400 beds.
On July 1, RHC Healthcare Pte Ltd, a company jointly owned by RHC Holding Pvt Ltd, the holding company of the Singh brothers and Fortis made a voluntary general cash offer for all of Parkway’s shares at S$3.80 per share.
Keck Seng’s board said the rationale for obtaining the mandate was due to “extremely fluid” circumstances surrounding the partial offer by Integrated Healthcare and the cash offer by RHC Healthcare.
The board said a mandate was required as there were possibilities of revised offers from both suitors that might need a quick decision within the deadlines specified under the offers.
“Taking cognisance of this, the board wishes to have the flexibility and authority to choose the best deal for the company,” it told Bursa Malaysia yesterday.
The board said it also wanted to consider the option of either keeping part or all of the Parkway shares as long-term investment taking into consideration the long-term prospects of the healthcare industry and the prospects of Parkway under the new controlling shareholder, whether it be Khazanah or Fortis.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/15/business/6667685&sec=business
PETALING JAYA: Plantation and property firm Keck Seng (M) Bhd’s board has decided to obtain a shareholders’ mandate in respect of the company’s stake in Singapore-listed healthcare provider Parkway Holdings Ltd.
Keck Seng has 35.58 million shares representing a 3.13% stake in Parkway, a company in which Khazanah Nasional Bhd and Fortis Healthcare Ltd, are battling for control over.
Fortis is controlled by billionaire brothers Malvinder and Shivinder Singh. They are Parkway’s single largest shareholder with a 25.3% stake while Khazanah has a 23.8% stake.
To recap, Khazanah’s wholly-owned unit Integrated Healthcare Ltd had made an offer in late May to acquire 313 million shares in Parkway at S$3.78 per share or S$1.18bil (RM2.76bil).
This move, if successful, would see Khazanah holding 51.5% stake in one of Asia’s leading healthcare providers with a network of 16 hospitals and more than 3,400 beds.
On July 1, RHC Healthcare Pte Ltd, a company jointly owned by RHC Holding Pvt Ltd, the holding company of the Singh brothers and Fortis made a voluntary general cash offer for all of Parkway’s shares at S$3.80 per share.
Keck Seng’s board said the rationale for obtaining the mandate was due to “extremely fluid” circumstances surrounding the partial offer by Integrated Healthcare and the cash offer by RHC Healthcare.
The board said a mandate was required as there were possibilities of revised offers from both suitors that might need a quick decision within the deadlines specified under the offers.
“Taking cognisance of this, the board wishes to have the flexibility and authority to choose the best deal for the company,” it told Bursa Malaysia yesterday.
The board said it also wanted to consider the option of either keeping part or all of the Parkway shares as long-term investment taking into consideration the long-term prospects of the healthcare industry and the prospects of Parkway under the new controlling shareholder, whether it be Khazanah or Fortis.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/15/business/6667685&sec=business
US stocks drop as Fed warns of uncertain economy
Published: Thursday July 22, 2010 MYT 7:07:00 AM
Updated: Thursday July 22, 2010 MYT 7:18:11 AM
Meanwhile European stock markets trimmed a large chunk of their earlier gains Wednesday as U.S. stocks fell ahead of comments from U.S. Federal Reserve chairman Ben Bernanke.
NEW YORK: Stocks fell sharply Wednesday after Federal Reserve Chairman Ben Bernanke confirmed investors' fears that the economy has weakened. Interest rates dropped in the Treasury market as investors sought safer places for their money.
Bernanke told a congressional committee that the economy is "unusually uncertain." He said the economy is fragile, but he did not forecast that it would fall back into recession.
The Dow Jones industrial average, which was modestly higher before Bernanke's prepared remarks, fell 109 points as investors absorbed his assessment of the economy, and his statement that the Fed is ready to take action if the economy worsens.
Bernanke's comments, part of his semiannual report to Congress, weren't surprising given the disappointing economic reports and corporate earnings numbers released in recent weeks. But they were enough to upset investors who have grown increasingly nervous about the state of the recovery. Some investors may have been hoping for a more upbeat reading from the Fed chairman.
The Fed is still expecting the economy to expand this year, but the central bank has lowered its forecast for growth.
Oliver Pursche, executive vice president at Gary Goldberg Financial Services, said investors took Bernanke's comments as "not exactly a ra-ra USA type of endorsement."
Craig Peckham, market strategist at Jefferies & Co., said stocks fell not because of anything Bernanke said, but what he didn't say about any plans to stimulate the economy. Although Bernanke said the Fed was "prepared to take further policy actions as needed," he also said, "we are not prepared to take any specific steps in the near term" because the Fed is still evaluating the economy.
Peckham said, "The market expected that we'd see more sign of monetary easing in the testimony. But that didn't happen." Monetary easing would include steps to make credit more available or encourage banks to lend more.
The market fluctuated for much of the day on another mixed batch of earnings reports. John Merrill, chief investment officer of Tanglewood Wealth Management in Houston said the day was like many others recently: Very little news but lots of professional traders reacting to it.
"Bernanke said he wants to collect more data before doing anything, and that's just fine. But traders are impatient. They got a 'buy' button and a 'sell' button and they're going to do do one or the other," Merrill said.
The Dow fell 109.43, or 1.1 percent, to 10,120.53.
The broader Standard & Poor's 500 index fell 13.89, or 1.3 percent, to 1,069.59.
The Nasdaq composite index lost 35.16, or 1.6 percent, and fell to 2,187.33.
Two stocks fell for every one that rose on the New York Stock Exchange.
Volume came to 1.2 billion shares.
Treasury prices surged and their yields fell as investors sought out the safety of government debt after Bernanke's testimony.
The yield on the benchmark 10-year Treasury note, which helps set rates on mortgages and other kinds of loans, fell to 2.88 percent from 2.96 percent late Tuesday.
Investors have been selling stocks since late April on a combination of weak economic indicators and disappointing earnings reports.
The Dow, which reached a 2010 high of 11,205.03 on April 26, has fallen 10 percent as investors have seized on any piece of bad news and shrugged off more positive signs about the economy.
In the past few days, companies' revenue figures have become a culprit. Although companies including IBM Corp. and General Electric Co. have beat analysts' second-quarter earnings estimates, their revenue has not met expectations and investors have been selling. The belief in the market is that companies aren't getting the strong sales needed to fuel the economic recovery.
"The numbers aren't bleak but there's no top-line growth, and that's scaring people. There's a realization that the economy is stuck in slow growth for a year or two," said Brian Wenzinger, a portfolio manager at Aronson-Johnson-Ortiz in Philadelphia.
Stocks fell across the market Wednesday. Of the few stocks in the S&P 500 that rose, most were companies that had upbeat earnings news Wednesday or late Tuesday.
Morgan Stanley rose $1.58, or 6.3 percent, to $26.80, after its second-earnings were better than expected. The investment bank weather the stock market's difficult quarter better than some of its competitors. Another banker, Wells Fargo & Co., rose 15 cents, or 0.6 percent, to $26.06, after also surpassing expectations.
Coca-Cola Co. rose 84 cents, or 1.6 percent, to $54.08 after saying its North American soft drink sales stopped falling during the April-June period.
Thursday's earnings reports include some from companies seen as measures of how the overall economy is faring: United Parcel Service Inc., Microsoft Corp. and Caterpillar Inc.
Meanwhile European stock markets trimmed a large chunk of their earlier gains Wednesday as U.S. stocks fell ahead of comments from U.S. Federal Reserve chairman Ben Bernanke.
In Europe, the FTSE 100 index of leading British shares closed up 75.18 points, or 1.5 percent, at 5,214.64.
Germany's DAX rose 22.89 points, or 0.4 percent, to 5,990.38.
The CAC-40 in France ended 25.90 points, or 0.8 percent, higher at 3,493.92.
European stocks outperformed their U.S. counterparts Wednesday because they had ended down Tuesday before Wall Street rallied.
The main reason behind Europe's advance Wednesday was Apple's strong results after the close Tuesday — the maker of the iPhone reported a 78 percent increase in net income in the April-June quarter to $3.25 billion and a 61 percent revenue improvement to a record high of $15.7 billion.
Coca-Cola results also came in above forecasts. Income rose 16 percent on higher sales of soft drinks and juices in every part of the world except Europe.
In Europe, sentiment towards the auto sector was boosted by better-than-expected results from Italy's Fiat, which controls Chrysler. Fiat reported a return to second-quarter profits on improved sales of agriculture equipment and trucks, and said it may raise its 2010 forecasts. Its shares spiked 6 percent to €9.60 ($12.33) in Milan.
Other carmakers, such as France's Renault and Germany's Daimler rose on the back of Fiat's report, as hopes rose that they too may report stronger than anticipated earnings.
As the week progresses, investors will be increasingly focusing on the results of the stress tests into a large chunk of the EU's banks.
The results of the tests are due after Europe's markets close on Friday and a number of investors remain skeptical about whether they are a credible exercise.
"Questions continue to be asked as to the credibility of the EU bank stress tests," said Jane Foley, research director at Forex.com
Some of the unease about the stress tests is evident in the performance of the euro over the last couple of days. Having set a new four and a half month high of $1.3028 Tuesday, the euro has fallen around 2 cents. By late afternoon London time, the euro was down 0.5 percent on the day at $1.2813.
Another currency in focus has been the yen, with many currency strategists predicting that it could soon break above last year's high against the dollar, which would open up the potential for a move up to levels not seen since 1995.
That's a concern because a rising yen could hit Japanese exports to the United States, all other things being equal.
The dollar has been hamstrung over recent weeks by a raft of disappointing data, which have reined in market expectations of any imminent increase in U.S. borrowing costs.
By late afternoon London time, the dollar was down another 0.2 percent on the day at 87.29 yen.
The yen's rise has been having a fairly dramatic impact on Japanese stocks.
Wednesday Japan's Nikkei 225 stock average gave up early gains to fall 21.63 points, or 0.2 percent, to 9,278.83, meaning that it has lost 5.3 percent in the past four sessions.
Hong Kong's Hang Seng advanced 1.1 percent to 20,487.23.
South Korea's Kospi added 0.7 percent to 1,748.78.
Australia's benchmark gained 0.2 percent at 4,412.70.
China's Shanghai Composite Index edged up by 0.3 percent to 2,535.39 after big gains in the previous two sessions amid expectations that Chinese authorities are likely to moderate efforts to cool the world's No. 3 economy. - AP
http://biz.thestar.com.my/news/story.asp?file=/2010/7/22/business/20100722071218&sec=business
Updated: Thursday July 22, 2010 MYT 7:18:11 AM
Meanwhile European stock markets trimmed a large chunk of their earlier gains Wednesday as U.S. stocks fell ahead of comments from U.S. Federal Reserve chairman Ben Bernanke.
NEW YORK: Stocks fell sharply Wednesday after Federal Reserve Chairman Ben Bernanke confirmed investors' fears that the economy has weakened. Interest rates dropped in the Treasury market as investors sought safer places for their money.
Bernanke told a congressional committee that the economy is "unusually uncertain." He said the economy is fragile, but he did not forecast that it would fall back into recession.
The Dow Jones industrial average, which was modestly higher before Bernanke's prepared remarks, fell 109 points as investors absorbed his assessment of the economy, and his statement that the Fed is ready to take action if the economy worsens.
Bernanke's comments, part of his semiannual report to Congress, weren't surprising given the disappointing economic reports and corporate earnings numbers released in recent weeks. But they were enough to upset investors who have grown increasingly nervous about the state of the recovery. Some investors may have been hoping for a more upbeat reading from the Fed chairman.
The Fed is still expecting the economy to expand this year, but the central bank has lowered its forecast for growth.
Oliver Pursche, executive vice president at Gary Goldberg Financial Services, said investors took Bernanke's comments as "not exactly a ra-ra USA type of endorsement."
Craig Peckham, market strategist at Jefferies & Co., said stocks fell not because of anything Bernanke said, but what he didn't say about any plans to stimulate the economy. Although Bernanke said the Fed was "prepared to take further policy actions as needed," he also said, "we are not prepared to take any specific steps in the near term" because the Fed is still evaluating the economy.
Peckham said, "The market expected that we'd see more sign of monetary easing in the testimony. But that didn't happen." Monetary easing would include steps to make credit more available or encourage banks to lend more.
The market fluctuated for much of the day on another mixed batch of earnings reports. John Merrill, chief investment officer of Tanglewood Wealth Management in Houston said the day was like many others recently: Very little news but lots of professional traders reacting to it.
"Bernanke said he wants to collect more data before doing anything, and that's just fine. But traders are impatient. They got a 'buy' button and a 'sell' button and they're going to do do one or the other," Merrill said.
The Dow fell 109.43, or 1.1 percent, to 10,120.53.
The broader Standard & Poor's 500 index fell 13.89, or 1.3 percent, to 1,069.59.
The Nasdaq composite index lost 35.16, or 1.6 percent, and fell to 2,187.33.
Two stocks fell for every one that rose on the New York Stock Exchange.
Volume came to 1.2 billion shares.
Treasury prices surged and their yields fell as investors sought out the safety of government debt after Bernanke's testimony.
The yield on the benchmark 10-year Treasury note, which helps set rates on mortgages and other kinds of loans, fell to 2.88 percent from 2.96 percent late Tuesday.
Investors have been selling stocks since late April on a combination of weak economic indicators and disappointing earnings reports.
The Dow, which reached a 2010 high of 11,205.03 on April 26, has fallen 10 percent as investors have seized on any piece of bad news and shrugged off more positive signs about the economy.
In the past few days, companies' revenue figures have become a culprit. Although companies including IBM Corp. and General Electric Co. have beat analysts' second-quarter earnings estimates, their revenue has not met expectations and investors have been selling. The belief in the market is that companies aren't getting the strong sales needed to fuel the economic recovery.
"The numbers aren't bleak but there's no top-line growth, and that's scaring people. There's a realization that the economy is stuck in slow growth for a year or two," said Brian Wenzinger, a portfolio manager at Aronson-Johnson-Ortiz in Philadelphia.
Stocks fell across the market Wednesday. Of the few stocks in the S&P 500 that rose, most were companies that had upbeat earnings news Wednesday or late Tuesday.
Morgan Stanley rose $1.58, or 6.3 percent, to $26.80, after its second-earnings were better than expected. The investment bank weather the stock market's difficult quarter better than some of its competitors. Another banker, Wells Fargo & Co., rose 15 cents, or 0.6 percent, to $26.06, after also surpassing expectations.
Coca-Cola Co. rose 84 cents, or 1.6 percent, to $54.08 after saying its North American soft drink sales stopped falling during the April-June period.
Thursday's earnings reports include some from companies seen as measures of how the overall economy is faring: United Parcel Service Inc., Microsoft Corp. and Caterpillar Inc.
Meanwhile European stock markets trimmed a large chunk of their earlier gains Wednesday as U.S. stocks fell ahead of comments from U.S. Federal Reserve chairman Ben Bernanke.
In Europe, the FTSE 100 index of leading British shares closed up 75.18 points, or 1.5 percent, at 5,214.64.
Germany's DAX rose 22.89 points, or 0.4 percent, to 5,990.38.
The CAC-40 in France ended 25.90 points, or 0.8 percent, higher at 3,493.92.
European stocks outperformed their U.S. counterparts Wednesday because they had ended down Tuesday before Wall Street rallied.
The main reason behind Europe's advance Wednesday was Apple's strong results after the close Tuesday — the maker of the iPhone reported a 78 percent increase in net income in the April-June quarter to $3.25 billion and a 61 percent revenue improvement to a record high of $15.7 billion.
Coca-Cola results also came in above forecasts. Income rose 16 percent on higher sales of soft drinks and juices in every part of the world except Europe.
In Europe, sentiment towards the auto sector was boosted by better-than-expected results from Italy's Fiat, which controls Chrysler. Fiat reported a return to second-quarter profits on improved sales of agriculture equipment and trucks, and said it may raise its 2010 forecasts. Its shares spiked 6 percent to €9.60 ($12.33) in Milan.
Other carmakers, such as France's Renault and Germany's Daimler rose on the back of Fiat's report, as hopes rose that they too may report stronger than anticipated earnings.
As the week progresses, investors will be increasingly focusing on the results of the stress tests into a large chunk of the EU's banks.
The results of the tests are due after Europe's markets close on Friday and a number of investors remain skeptical about whether they are a credible exercise.
"Questions continue to be asked as to the credibility of the EU bank stress tests," said Jane Foley, research director at Forex.com
Some of the unease about the stress tests is evident in the performance of the euro over the last couple of days. Having set a new four and a half month high of $1.3028 Tuesday, the euro has fallen around 2 cents. By late afternoon London time, the euro was down 0.5 percent on the day at $1.2813.
Another currency in focus has been the yen, with many currency strategists predicting that it could soon break above last year's high against the dollar, which would open up the potential for a move up to levels not seen since 1995.
That's a concern because a rising yen could hit Japanese exports to the United States, all other things being equal.
The dollar has been hamstrung over recent weeks by a raft of disappointing data, which have reined in market expectations of any imminent increase in U.S. borrowing costs.
By late afternoon London time, the dollar was down another 0.2 percent on the day at 87.29 yen.
The yen's rise has been having a fairly dramatic impact on Japanese stocks.
Wednesday Japan's Nikkei 225 stock average gave up early gains to fall 21.63 points, or 0.2 percent, to 9,278.83, meaning that it has lost 5.3 percent in the past four sessions.
Hong Kong's Hang Seng advanced 1.1 percent to 20,487.23.
South Korea's Kospi added 0.7 percent to 1,748.78.
Australia's benchmark gained 0.2 percent at 4,412.70.
China's Shanghai Composite Index edged up by 0.3 percent to 2,535.39 after big gains in the previous two sessions amid expectations that Chinese authorities are likely to moderate efforts to cool the world's No. 3 economy. - AP
http://biz.thestar.com.my/news/story.asp?file=/2010/7/22/business/20100722071218&sec=business
Khazanah sells 5% stake in TM shares for RM581mil
Wednesday July 21, 2010
By ANITA GABRIEL
anita@thestar.com.my
PETALING JAYA: State investment arm Khazanah Nasional Bhd sold 178.87 million shares, or 5% stake, in Telekom Malaysia Bhd (TM) yesterday at RM3.25 each, raising some RM581mil.
The share placement exercise, launched on a fixed price of RM3.25 per share to local and foreign investors, was oversubscribed by three times.
The joint placement agents for the deal were Maybank Investment Bank Bhd and Nomura Singapore Ltd.
It is believed that 70% of the shares were placed out to domestic investors. TM shares lost 5 sen on Tuesday’s trade to close at RM3.34. At RM3.25, it represents a 2.7% discount to its closing price and 3.1% discount to the volume-weighted average price for yesterday.
As at March 15, Khazanah owned a 41.78% stake in TM.
“The demand (for TM shares) was very good and it shows the confidence investors have in TM and the overall market, in general.
“Also, Khazanah picked the right time to launch this deal,” said a source close to the deal.
Year-to-date, TM’s share price has gained about 9.2%, outperforming the benchmark FBM KLCI Index which has risen 5.1%.
A market observer speculated if this was part of a bigger plan by Khazanah to build up a war chest to raise its bid to take control of Singapore-listed Parkway Holdings Bhd.
Not necessarily so, said an analyst. “This is only a small portion of what Khazanah would really need to launch a counter bid to Fortis (Healthcare Ltd) for Parkway shares.
“It’s an ongoing selldown which Khazanah has been doing regularly in the past 12 months.
“It must have waited for the market to improve to launch the deal,” said the analyst.
In March this year, Khazanah sold a 7.7% stake in Malaysia Airports Holdings Bhd through a private placement, raising some RM400mil.
This was, in fact, the second placement of MAHB shares, which followed an initial placement of 5% stake in September 2009.
In 2009, Khazanah carried out eight divestment exercises, raising RM3.1bil which resulted in gains of about RM1.2bil.
These divestments included stakes in Tenaga Nasional Bhd and PLUS Expressways Bhd.
Also on the cards is Khazanah’s divestment of its controlling 32.2% stake in Pos Malaysia Bhd which is expected to be sealed this year.
Back in early 2004, Khazanah sold a 9% stake in TM to a group of foreign investors, including Singapore’s Temasek Holdings Ltd in a deal that attracted a book cover of two times.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/21/business/6704083&sec=business
By ANITA GABRIEL
anita@thestar.com.my
PETALING JAYA: State investment arm Khazanah Nasional Bhd sold 178.87 million shares, or 5% stake, in Telekom Malaysia Bhd (TM) yesterday at RM3.25 each, raising some RM581mil.
The share placement exercise, launched on a fixed price of RM3.25 per share to local and foreign investors, was oversubscribed by three times.
The joint placement agents for the deal were Maybank Investment Bank Bhd and Nomura Singapore Ltd.
It is believed that 70% of the shares were placed out to domestic investors. TM shares lost 5 sen on Tuesday’s trade to close at RM3.34. At RM3.25, it represents a 2.7% discount to its closing price and 3.1% discount to the volume-weighted average price for yesterday.
As at March 15, Khazanah owned a 41.78% stake in TM.
“The demand (for TM shares) was very good and it shows the confidence investors have in TM and the overall market, in general.
“Also, Khazanah picked the right time to launch this deal,” said a source close to the deal.
Year-to-date, TM’s share price has gained about 9.2%, outperforming the benchmark FBM KLCI Index which has risen 5.1%.
A market observer speculated if this was part of a bigger plan by Khazanah to build up a war chest to raise its bid to take control of Singapore-listed Parkway Holdings Bhd.
Not necessarily so, said an analyst. “This is only a small portion of what Khazanah would really need to launch a counter bid to Fortis (Healthcare Ltd) for Parkway shares.
“It’s an ongoing selldown which Khazanah has been doing regularly in the past 12 months.
“It must have waited for the market to improve to launch the deal,” said the analyst.
In March this year, Khazanah sold a 7.7% stake in Malaysia Airports Holdings Bhd through a private placement, raising some RM400mil.
This was, in fact, the second placement of MAHB shares, which followed an initial placement of 5% stake in September 2009.
In 2009, Khazanah carried out eight divestment exercises, raising RM3.1bil which resulted in gains of about RM1.2bil.
These divestments included stakes in Tenaga Nasional Bhd and PLUS Expressways Bhd.
Also on the cards is Khazanah’s divestment of its controlling 32.2% stake in Pos Malaysia Bhd which is expected to be sealed this year.
Back in early 2004, Khazanah sold a 9% stake in TM to a group of foreign investors, including Singapore’s Temasek Holdings Ltd in a deal that attracted a book cover of two times.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/21/business/6704083&sec=business
Khazanah unit gets good response for Parkway offer
Thursday July 22, 2010
By TEE LIN SAY
linsay@thestar.com.my
PETALING JAYA: In a blow to Fortis Healthcare Ltd, Khazanah Nasional Bhd’s unit, Integrated Healthcare Holdings Ltd, says it has secured 50.5% approval to date from Parkway shareholders who have voted for its partial offer.
This means that it has met one of the two criteria for the partial offer to go through – which is to secure a 50% approval of the shareholders, as well as to receive acceptances for no less that 313 million shares.
“I believe Fortis has voted. This shows that the majority are for Khazanah. The game is definitely still on,” said an observer.
In an update to the Singapore stock exchange, Integrated Health-care said it had received an aggregate of 604.93 million valid votes from offer shareholders on the partial offer. This represents about 70% of the total number of shares which are eligible to vote on the offer.
If Khazanah succeeds in its partial offer, Malvinder Singh (right) may have to give up his role as Parkway’s chairman. Malvinder and brother Shivinder control Fortis Healthcare. – Reuters
Of these valid votes received, about 50.5% were to approve the partial offer. In addition, 15.7 million shares have been tendered as acceptances. These represent about 5% of the 313 million offer shares.
The partial offer is scheduled to close at 5.30pm on Monday.
It should be noted that some 30% of eligible shareholders holding approximately 261.1 million Parkway shares have yet to vote. The level of acceptances so far also remains low at 1.4% of Parkway’s issued share capital.
There is a possibility that Khazanah may extend its offer period.
Khazanah owns 24% while Fortis owns 25.3% of Parkway. Khazanah is offering S$3.78 a share to more than double its interest in Parkway to 51.5%.
In a counter bid, India’s Fortis, backed by billionaires Malvinder and Shivinder Singh, is offering S$3.80 to shareholders for all Parkway shares that it doesn’t already own.
“If Khazanah succeeds in its partial offer, Malvinder Singh may have to give up his role as Parkway’s chairman, contend with being far behind as the second largest shareholder and compromise his global ambitions,” said an analyst who tracks Parkway.
She added that gains from exiting were also not enticing given the narrow premium over his $3.56 entry.
Both Fortis and Khazanah want to use Parkway, which runs hospitals in Singapore, Malaysia, India and China, to spearhead their regional expansion in the booming healthcare market.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/22/business/6711741&sec=business
By TEE LIN SAY
linsay@thestar.com.my
PETALING JAYA: In a blow to Fortis Healthcare Ltd, Khazanah Nasional Bhd’s unit, Integrated Healthcare Holdings Ltd, says it has secured 50.5% approval to date from Parkway shareholders who have voted for its partial offer.
This means that it has met one of the two criteria for the partial offer to go through – which is to secure a 50% approval of the shareholders, as well as to receive acceptances for no less that 313 million shares.
“I believe Fortis has voted. This shows that the majority are for Khazanah. The game is definitely still on,” said an observer.
In an update to the Singapore stock exchange, Integrated Health-care said it had received an aggregate of 604.93 million valid votes from offer shareholders on the partial offer. This represents about 70% of the total number of shares which are eligible to vote on the offer.
If Khazanah succeeds in its partial offer, Malvinder Singh (right) may have to give up his role as Parkway’s chairman. Malvinder and brother Shivinder control Fortis Healthcare. – Reuters
Of these valid votes received, about 50.5% were to approve the partial offer. In addition, 15.7 million shares have been tendered as acceptances. These represent about 5% of the 313 million offer shares.
The partial offer is scheduled to close at 5.30pm on Monday.
It should be noted that some 30% of eligible shareholders holding approximately 261.1 million Parkway shares have yet to vote. The level of acceptances so far also remains low at 1.4% of Parkway’s issued share capital.
There is a possibility that Khazanah may extend its offer period.
Khazanah owns 24% while Fortis owns 25.3% of Parkway. Khazanah is offering S$3.78 a share to more than double its interest in Parkway to 51.5%.
In a counter bid, India’s Fortis, backed by billionaires Malvinder and Shivinder Singh, is offering S$3.80 to shareholders for all Parkway shares that it doesn’t already own.
“If Khazanah succeeds in its partial offer, Malvinder Singh may have to give up his role as Parkway’s chairman, contend with being far behind as the second largest shareholder and compromise his global ambitions,” said an analyst who tracks Parkway.
She added that gains from exiting were also not enticing given the narrow premium over his $3.56 entry.
Both Fortis and Khazanah want to use Parkway, which runs hospitals in Singapore, Malaysia, India and China, to spearhead their regional expansion in the booming healthcare market.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/22/business/6711741&sec=business
'15.6m Parkway shares accepted in offer'
Published: 2010/07/21
Integrated Healthcare Holdings Ltd, a unit of Malaysia’s Khazanah Nasional Bhd, said it received acceptances for 15.6 million shares in Singapore hospital operator Parkway Holdings Bhd following its partial offer.
This represents 5 per cent of the 313 million shares the company aims to buy for its proposed take-over to succeed, Integrated Healthcare said in a statement today. - Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100721142050/Article/
Integrated Healthcare Holdings Ltd, a unit of Malaysia’s Khazanah Nasional Bhd, said it received acceptances for 15.6 million shares in Singapore hospital operator Parkway Holdings Bhd following its partial offer.
This represents 5 per cent of the 313 million shares the company aims to buy for its proposed take-over to succeed, Integrated Healthcare said in a statement today. - Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100721142050/Article/
Azlan Hashim appointed Pantai chairman
Published: 2010/07/19
Datuk Mohammed Azlan Hashim has been appointed Director and Chairman of Pantai Holdings Bhd (Pantai), a healthcare conglomerate with a network of 10 hospitals in the country.
His appointment took effect on June 30, said Pantai in a statement today.
It said Mohammed Azlan has extensive working experience in the corporate sector and has served as Bumiputra Merchant Bankers Bhd Chief Executive, Group Managing Director of Amanah Capital Malaysia Bhd and Bursa Malaysia Bhd Group Executive Chairman.
He is currently a board member of Khazanah Nasional Bhd, Parkway Holdings Limited, D&O Green Technologies Bhd, Scomi Group Bhd and SILK Holdings Bhd.
Meanwhile, Tan Sri Mohamed Khatib Abdul Hamid has assumed a new role as Director and Chairman of Pantai Support Services Sdn Bhd, the holding company identified for the concession businesses of the group, namely Pantai Fomema and Pantai Medivest.
BERNAMA
http://www.btimes.com.my/Current_News/BTIMES/articles/20100719174536/Article/
Datuk Mohammed Azlan Hashim has been appointed Director and Chairman of Pantai Holdings Bhd (Pantai), a healthcare conglomerate with a network of 10 hospitals in the country.
His appointment took effect on June 30, said Pantai in a statement today.
It said Mohammed Azlan has extensive working experience in the corporate sector and has served as Bumiputra Merchant Bankers Bhd Chief Executive, Group Managing Director of Amanah Capital Malaysia Bhd and Bursa Malaysia Bhd Group Executive Chairman.
He is currently a board member of Khazanah Nasional Bhd, Parkway Holdings Limited, D&O Green Technologies Bhd, Scomi Group Bhd and SILK Holdings Bhd.
Meanwhile, Tan Sri Mohamed Khatib Abdul Hamid has assumed a new role as Director and Chairman of Pantai Support Services Sdn Bhd, the holding company identified for the concession businesses of the group, namely Pantai Fomema and Pantai Medivest.
BERNAMA
http://www.btimes.com.my/Current_News/BTIMES/articles/20100719174536/Article/
Wednesday, July 14, 2010
Malaysia economic rebound to slow: MIER
Published: 2010/07/15
Malaysia’s economic rebound is set to slow in the second half of this year after its central bank raised interest rates for a third time, the Malaysian Institute of Economic Research predicts.
“Economic growth is expected to taper off in the second half of 2010 due to further policy tightening measures and disappearing low-base effects,” the institute said in a report released in Kuala Lumpur today.
Southeast Asia’s third-largest economy may expand 6.5 per cent this year and 5.2 per cent in 2011, the partially government-funded research group said. The institute raised its 2010 forecast from 5.2 per cent after gross domestic product jumped 10.1 per cent from a year earlier in the first quarter following last year’s recession.
The country’s central bank raised its benchmark overnight policy rate to 2.75 per cent on July 8, judging the monetary stance to be supportive of the economy, even as threats to the global recovery have appeared. Malaysia’s rebound may slow in the second half of the year because of “external factors,” Prime Minister Datuk Seri Najib Tun Razak said last week.
Exports by companies such as Sime Darby Bhd and Unisem (M) Bhd rose at the slowest pace in three months in May as sales to Europe and China eased.
Malaysia’s inflation rate is forecast at 2.2 per cent in 2010, the research institute said today. MIER expects the overnight policy rate to settle at 2.75 per cent by end-2010 and increase to 3.25 per cent in 2011, driven by firmer economic expansion.
Consumer prices climbed 1.6 per cent in May from a year earlier, the fastest pace in a year, as food and transport costs rose with the strengthening economy. -- Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100715103206/Article/
Malaysia’s economic rebound is set to slow in the second half of this year after its central bank raised interest rates for a third time, the Malaysian Institute of Economic Research predicts.
“Economic growth is expected to taper off in the second half of 2010 due to further policy tightening measures and disappearing low-base effects,” the institute said in a report released in Kuala Lumpur today.
Southeast Asia’s third-largest economy may expand 6.5 per cent this year and 5.2 per cent in 2011, the partially government-funded research group said. The institute raised its 2010 forecast from 5.2 per cent after gross domestic product jumped 10.1 per cent from a year earlier in the first quarter following last year’s recession.
The country’s central bank raised its benchmark overnight policy rate to 2.75 per cent on July 8, judging the monetary stance to be supportive of the economy, even as threats to the global recovery have appeared. Malaysia’s rebound may slow in the second half of the year because of “external factors,” Prime Minister Datuk Seri Najib Tun Razak said last week.
Exports by companies such as Sime Darby Bhd and Unisem (M) Bhd rose at the slowest pace in three months in May as sales to Europe and China eased.
Malaysia’s inflation rate is forecast at 2.2 per cent in 2010, the research institute said today. MIER expects the overnight policy rate to settle at 2.75 per cent by end-2010 and increase to 3.25 per cent in 2011, driven by firmer economic expansion.
Consumer prices climbed 1.6 per cent in May from a year earlier, the fastest pace in a year, as food and transport costs rose with the strengthening economy. -- Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100715103206/Article/
Monday, July 12, 2010
Kurikulum baharu tahun depan
ARKIB : 11/06/2010
DALAM tempoh Rancangan Malaysia Kesepuluh, (RMK-10) kurikulum baharu untuk sekolah rendah dan menengah akan diperkenalkan.
Kurikulum Bersepadu Sekolah Rendah akan diganti dengan Kurikulum Standard Sekolah Rendah tahun depan diikuti dengan kurikulum baharu untuk sekolah menengah.
Kurikulum berbentuk modular itu akan memberi peluang kepada semua pelajar melalui proses pembelajaran mengikut kemampuan sendiri. Ia juga memupuk sikap bertanggungjawab terhadap pembelajaran sendiri menerusi aktiviti eksplorasi yang boleh menyerlahkan potensi mereka.
Kurikulum itu akan menekankan kreativiti, inovasi dan keusahawanan merentasi semua mata pelajaran.
Sebagai usaha membentuk pelajar seimbang dari segi akademik dan kesukanan, kurikulum baharu akan menjadikan Sukan sebagai subjek mata pelajaran mulai tahun depan.
Sehubungan, peruntukan untuk geran sukan bagi setiap pelajar akan dinaikkan dari RM2.40 kepada RM4 bagi sekolah rendah dan RM4 kepada RM6 untuk sekolah menengah.
Di bawah RMK-10, kerajaan akan melaksana pelbagai kaedah perkongsian awam-swasta seperti dalam pengurusan sekolah dan pembiayaan yuran sekolah.
Kerajaan juga akan menyediakan insentif kepada pengusaha swasta bagi mempercepatkan penyediaan prasekolah dan membolehkan mereka mendapat geran pembinaan di kawasan kurang membangun di luar bandar.
Sektor swasta dijangka membina 488 prasekolah tahun ini, 1,000 tahun depan dan 1,145 tahun 2012.
Skim pembiayaan bersama bagi meningkatkan permintaan terhadap pendidikan prasekolah juga akan dilaksana bagi membantu golongan berpendapatan rendah.
Bantuan sehingga RM150 sebulan diberikan kepada mereka untuk pendidikan kanak-kanak berumur 4+ dan 5+ tahun di prasekolah swasta.
Dalam tempoh rancangan, umur bagi memulakan persekolahan akan dikurangkan daripada 6+ kepada 5+. Langkah ini selaras dengan amalan negara maju.
Sementara itu perkongsian awam-swasta dalam pendidikan asas memberi autonomi kepada pengendali sekolah sebagai tukaran kepada penambahbaikan yang spesifik dalam prestasi pelajar seperti yang dipersetujui dalam kontrak rasmi.
Model serupa telah diguna pakai di sekolah persendirian Cina di Malaysia seperti yang diguna pakai oleh Charter School di Amerika Syarikat, Independent School di Sweden serta specialist school dan academy school di United Kingdom.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_10.htm
DALAM tempoh Rancangan Malaysia Kesepuluh, (RMK-10) kurikulum baharu untuk sekolah rendah dan menengah akan diperkenalkan.
Kurikulum Bersepadu Sekolah Rendah akan diganti dengan Kurikulum Standard Sekolah Rendah tahun depan diikuti dengan kurikulum baharu untuk sekolah menengah.
Kurikulum berbentuk modular itu akan memberi peluang kepada semua pelajar melalui proses pembelajaran mengikut kemampuan sendiri. Ia juga memupuk sikap bertanggungjawab terhadap pembelajaran sendiri menerusi aktiviti eksplorasi yang boleh menyerlahkan potensi mereka.
Kurikulum itu akan menekankan kreativiti, inovasi dan keusahawanan merentasi semua mata pelajaran.
Sebagai usaha membentuk pelajar seimbang dari segi akademik dan kesukanan, kurikulum baharu akan menjadikan Sukan sebagai subjek mata pelajaran mulai tahun depan.
Sehubungan, peruntukan untuk geran sukan bagi setiap pelajar akan dinaikkan dari RM2.40 kepada RM4 bagi sekolah rendah dan RM4 kepada RM6 untuk sekolah menengah.
Di bawah RMK-10, kerajaan akan melaksana pelbagai kaedah perkongsian awam-swasta seperti dalam pengurusan sekolah dan pembiayaan yuran sekolah.
Kerajaan juga akan menyediakan insentif kepada pengusaha swasta bagi mempercepatkan penyediaan prasekolah dan membolehkan mereka mendapat geran pembinaan di kawasan kurang membangun di luar bandar.
Sektor swasta dijangka membina 488 prasekolah tahun ini, 1,000 tahun depan dan 1,145 tahun 2012.
Skim pembiayaan bersama bagi meningkatkan permintaan terhadap pendidikan prasekolah juga akan dilaksana bagi membantu golongan berpendapatan rendah.
Bantuan sehingga RM150 sebulan diberikan kepada mereka untuk pendidikan kanak-kanak berumur 4+ dan 5+ tahun di prasekolah swasta.
Dalam tempoh rancangan, umur bagi memulakan persekolahan akan dikurangkan daripada 6+ kepada 5+. Langkah ini selaras dengan amalan negara maju.
Sementara itu perkongsian awam-swasta dalam pendidikan asas memberi autonomi kepada pengendali sekolah sebagai tukaran kepada penambahbaikan yang spesifik dalam prestasi pelajar seperti yang dipersetujui dalam kontrak rasmi.
Model serupa telah diguna pakai di sekolah persendirian Cina di Malaysia seperti yang diguna pakai oleh Charter School di Amerika Syarikat, Independent School di Sweden serta specialist school dan academy school di United Kingdom.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_10.htm
Transformasi sektor awam untuk tindak balas berkesan
ARKIB : 11/06/2010
TRANSFORMASI sektor awam akan memberikan perkhidmatan lebih cekap kepada rakyat.
SEKTOR awam perlu ditransformasikan bagi bertindak balas secara berkesan kepada persekitaran global yang pesat berubah. Empat prinsip utama yang menjadi asas kepada transformasi ini adalah budaya kreativiti dan inovasi, kepantasan membuat keputusan dan bertindak, nilai untuk wang serta integriti.
Memandangkan cabaran dan peluang akan melangkaui sempadan tradisi, pendekatan keseluruhan kerajaan antara agensi serta kerjasama merentasi peringkat persekutuan negeri dan tempatan sebagai sebuah kerajaan bersepadu bagi memastikan isu bersilang agensi dapat ditangani.
Bagi membolehkan kepantasan dalam membuat keputusan dan bertindak, lebih banyak penurunan kuasa akan diberi kepada agensi terpilih selaras dengan peningkatan akauntabiliti dan kemampuan.
Lebih autonomi akan diberi kepada agensi pengendali seperti universiti dan hospital supaya menjadi lebih responsif kepada pelanggan.
Bagi meningkatkan penyampaian, mekanisme persaingan dan pasaran akan terus diperkenal seperti penarafan balai polis dan sekolah serta pembiayaan berasaskan permintaan bagi universiti dan institut latihan.
Untuk memastikan akauntabiliti KPI bagi mengukur hasilnya akan dikait kepada individu dan dipantau secara berskala dan menumpu kepada usaha memperbaiki kedudukan fiskal negara dalam tempoh rancangan.
Selain memperluas asas cukai melalui kutipan lebih efektif, mencapai peningkatan produktiviti melalui infrastruktur bersepadu dan memperkenal perkongsian perkhidmatan serta meningkat kecekapan dalam perolehan dan pengurusan ICT.
Kerajaan akan memberi tumpuan kepada peranan sebagai pemudah cara dalam menyediakan persekitaran yang sesuai untuk sektor swasta melalui dasar dan peraturan yang efektif.
Di samping itu, terdapat juga peralihan dalam perbelanjaan sektor awam daripada infrastruktur fizikal kepada bukan fizikal terutamanya dalam program peningkatan kemahiran, penyelidikan dan pembangunan, pembiayaan modal teroka dan pemboleh inovasi lain.
Kerajaan juga akan terus beralih daripada pembinaan infrastruktur fizikal dan pengoperasian perkhidmatan awam kepada perolehan perkhidmatan daripada sektor swasta.
Struktur baru kerajaan akan memerlukan sesetengah organisasi sedia ada dirasionalisasi terutamanya yang mempunyai fungsi bertindih atau berulang.
Organisasi yang memfokus kepada keutamaan nasional akan diperkukuh dan sumber manusia dalam perkhidmatan awam akan terus dibangun.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_09.htm
TRANSFORMASI sektor awam akan memberikan perkhidmatan lebih cekap kepada rakyat.
SEKTOR awam perlu ditransformasikan bagi bertindak balas secara berkesan kepada persekitaran global yang pesat berubah. Empat prinsip utama yang menjadi asas kepada transformasi ini adalah budaya kreativiti dan inovasi, kepantasan membuat keputusan dan bertindak, nilai untuk wang serta integriti.
Memandangkan cabaran dan peluang akan melangkaui sempadan tradisi, pendekatan keseluruhan kerajaan antara agensi serta kerjasama merentasi peringkat persekutuan negeri dan tempatan sebagai sebuah kerajaan bersepadu bagi memastikan isu bersilang agensi dapat ditangani.
Bagi membolehkan kepantasan dalam membuat keputusan dan bertindak, lebih banyak penurunan kuasa akan diberi kepada agensi terpilih selaras dengan peningkatan akauntabiliti dan kemampuan.
Lebih autonomi akan diberi kepada agensi pengendali seperti universiti dan hospital supaya menjadi lebih responsif kepada pelanggan.
Bagi meningkatkan penyampaian, mekanisme persaingan dan pasaran akan terus diperkenal seperti penarafan balai polis dan sekolah serta pembiayaan berasaskan permintaan bagi universiti dan institut latihan.
Untuk memastikan akauntabiliti KPI bagi mengukur hasilnya akan dikait kepada individu dan dipantau secara berskala dan menumpu kepada usaha memperbaiki kedudukan fiskal negara dalam tempoh rancangan.
Selain memperluas asas cukai melalui kutipan lebih efektif, mencapai peningkatan produktiviti melalui infrastruktur bersepadu dan memperkenal perkongsian perkhidmatan serta meningkat kecekapan dalam perolehan dan pengurusan ICT.
Kerajaan akan memberi tumpuan kepada peranan sebagai pemudah cara dalam menyediakan persekitaran yang sesuai untuk sektor swasta melalui dasar dan peraturan yang efektif.
Di samping itu, terdapat juga peralihan dalam perbelanjaan sektor awam daripada infrastruktur fizikal kepada bukan fizikal terutamanya dalam program peningkatan kemahiran, penyelidikan dan pembangunan, pembiayaan modal teroka dan pemboleh inovasi lain.
Kerajaan juga akan terus beralih daripada pembinaan infrastruktur fizikal dan pengoperasian perkhidmatan awam kepada perolehan perkhidmatan daripada sektor swasta.
Struktur baru kerajaan akan memerlukan sesetengah organisasi sedia ada dirasionalisasi terutamanya yang mempunyai fungsi bertindih atau berulang.
Organisasi yang memfokus kepada keutamaan nasional akan diperkukuh dan sumber manusia dalam perkhidmatan awam akan terus dibangun.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_09.htm
Kecekapan pengangkutan awam dipertingkatkan
ARKIB : 11/06/2010
sistem pengangkutan lebih cekap dan selesa menjadi harapan semua warga Malaysia.
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PELABURAN dalam pengangkutan awam dalam tempoh RMK-10 tertumpu kepada peningkatan kecekapan sistem sedia ada bagi menampung pertumbuhan permintaan masa hadapan.
Ia akan dilaksanakan di kawasan bandar besar dengan tidak meminggirkan bandar bersaiz sederhana di seluruh negara.
Inisiatif utama di Kuala Lumpur dengan meningkatkan keupayaan transit aliran ringan (LRT) dengan menyambung 34 kilometer lagi daripada laluan sedia ada.
Selain itu, sebanyak 35 set tren empat gerabak baru akan dibeli bagi meningkat keupayaan LRT Laluan Kelana Jaya daripada anggaran 24,000 kepada 98,000 penumpang setiap jam dan mengurangkan masa menunggu daripada 3.3 minit kepada dua minit pada waktu puncak.
Keupayaan sistem komuter Keretapi Tanah Melayu (KTM) juga akan dipertingkatkan melalui pembelian 38 set unit gandaan elektrik (EMU) enam gerabak yang akan diterima pada 2012.
Kemudahan ini akan memberi manfaat kepada lebih 500,000 pengguna setiap hari. Selain itu, sistem bas aliran deras (BRT) sepanjang 49 kilometer meliputi tiga koridor utama Kuala Lumpur akan dilaksanakan. Malah ia akan dipertimbang untuk dilaksanakan di kawasan pusat perkembangan bandar baru di Wilayah Iskandar, Johor.
Dalam RMK-10 juga, pelaksanaan projek sambungan landasan berkembar elektrik Gemas ke Johor Bahru sepanjang 197 kilometer akan meningkatkan keupayaan landasan KTM antara lima dan 10 kali ganda.
Apabila landasan itu siap sepenuhnya yang bermula dari Johor Bahru hingga ke Padang Besar, Perlis, jumlah penumpang dijangka akan meningkat daripada 4.3 juta pada 2009 kepada 5.7 juta pada 2015.
Muatan barangan juga akan bertambah daripada 5.2 juta tan kepada 8.5 juta tan untuk tempoh sama.
Sementara itu, sistem tiket bersepadu bukan tunai melibatkan kesemua 16 pengusaha pengangkutan awam di Kuala Lumpur akan diperkenalkan.
Ia akan menghapuskan penggunaan pelbagai jenis tiket daripada pelbagai pengusaha yang mampu mengurangkan masa perjalanan.
Bagi memantapkan lagi operasi dan perkhidmatan, Sistem Maklumat Pengangkutan Bersepadu di Kuala Lumpur akan dinaik taraf sebagai hab bagi penguatkuasaan dan pemantauan prestasi pengangkutan awam darat melalui penggunaan kamera litar tertutup (CCTV) dan Sistem Penentu Kedudukan Global (GPS).
Sistem itu akan beroperasi secara automatik bagi memantau secara lebih cekap terhadap 16 pengusaha bas dan dua pengusaha rel utama.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_08.htm
sistem pengangkutan lebih cekap dan selesa menjadi harapan semua warga Malaysia.
--------------------------------------------------------------------------------
PELABURAN dalam pengangkutan awam dalam tempoh RMK-10 tertumpu kepada peningkatan kecekapan sistem sedia ada bagi menampung pertumbuhan permintaan masa hadapan.
Ia akan dilaksanakan di kawasan bandar besar dengan tidak meminggirkan bandar bersaiz sederhana di seluruh negara.
Inisiatif utama di Kuala Lumpur dengan meningkatkan keupayaan transit aliran ringan (LRT) dengan menyambung 34 kilometer lagi daripada laluan sedia ada.
Selain itu, sebanyak 35 set tren empat gerabak baru akan dibeli bagi meningkat keupayaan LRT Laluan Kelana Jaya daripada anggaran 24,000 kepada 98,000 penumpang setiap jam dan mengurangkan masa menunggu daripada 3.3 minit kepada dua minit pada waktu puncak.
Keupayaan sistem komuter Keretapi Tanah Melayu (KTM) juga akan dipertingkatkan melalui pembelian 38 set unit gandaan elektrik (EMU) enam gerabak yang akan diterima pada 2012.
Kemudahan ini akan memberi manfaat kepada lebih 500,000 pengguna setiap hari. Selain itu, sistem bas aliran deras (BRT) sepanjang 49 kilometer meliputi tiga koridor utama Kuala Lumpur akan dilaksanakan. Malah ia akan dipertimbang untuk dilaksanakan di kawasan pusat perkembangan bandar baru di Wilayah Iskandar, Johor.
Dalam RMK-10 juga, pelaksanaan projek sambungan landasan berkembar elektrik Gemas ke Johor Bahru sepanjang 197 kilometer akan meningkatkan keupayaan landasan KTM antara lima dan 10 kali ganda.
Apabila landasan itu siap sepenuhnya yang bermula dari Johor Bahru hingga ke Padang Besar, Perlis, jumlah penumpang dijangka akan meningkat daripada 4.3 juta pada 2009 kepada 5.7 juta pada 2015.
Muatan barangan juga akan bertambah daripada 5.2 juta tan kepada 8.5 juta tan untuk tempoh sama.
Sementara itu, sistem tiket bersepadu bukan tunai melibatkan kesemua 16 pengusaha pengangkutan awam di Kuala Lumpur akan diperkenalkan.
Ia akan menghapuskan penggunaan pelbagai jenis tiket daripada pelbagai pengusaha yang mampu mengurangkan masa perjalanan.
Bagi memantapkan lagi operasi dan perkhidmatan, Sistem Maklumat Pengangkutan Bersepadu di Kuala Lumpur akan dinaik taraf sebagai hab bagi penguatkuasaan dan pemantauan prestasi pengangkutan awam darat melalui penggunaan kamera litar tertutup (CCTV) dan Sistem Penentu Kedudukan Global (GPS).
Sistem itu akan beroperasi secara automatik bagi memantau secara lebih cekap terhadap 16 pengusaha bas dan dua pengusaha rel utama.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_08.htm
Pemilikan ekuiti bumiputera kekal
ARKIB : 11/06/2010
ekonomi Bumiputera termasuk pemilikan saham diberi penekanan dalam rmk-10.
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AGENDA pembangunan Bumiputera terus menjadi teras utama dasar pembangunan ekonomi Malaysia dengan sasaran 30 peratus pemilikan ekuiti Bumiputera dalam ekonomi makro dikekalkan.
Selain memberi peluang penyertaan dalam ekonomi secara saksama, sasaran ekonomi Bumiputera juga akan meningkatkan taraf hidup isi rumah 40 peratus terendah dengan mengukuhkan penyertaan bumiputera dalam ekonomi negara.
Untuk itu, usahawan di kalangan isi rumah 40 peratus terendah akan diperluaskan dengan menggalakkan perniagaan berasaskan inovasi, dan pembangunan Masyarakat Perdagangan dan Perindustrian Bumiputera (MPPB) bagi syarikat Bumiputera.
Bagi mengukuhkan keusahawanan Bumiputera, pemilikan kekayaan hartanah dan aset perniagaan seperti ruang niaga, harta bertanah, bangunan komersial, harta intelek dan perkhidmatan lain melalui pelaburan institusi dan penggemblengan dana akan ditingkatkan.
Tumpuan penyertaan tulen, lebih meluas, bermakna dan mampan berbanding peruntukan ekuiti korporat akan diberi penekanan dengan galakkan untuk Bumiputera memegang jawatan pendapatan tinggi.
Jawatan pendapatan tinggi termasuklah pengurusan utama, profesional dan teknikal yang terbuka untuk semua etnik tetapi penyertaan Bumiputera adalah terjamin dan syarikat akan diwajibkan memberi maklumat jantina dan etnik pekerja mereka untuk pemantauan.
Selain itu, biasiswa di institusi pengajian tinggi (IPT) juga akan ditingkatkan untuk golongan Bumiputera mendapatkan kelayakan bersesuaian dan akan dibiayai kerajaan serta sumbangan syarikat korporat.
Program sangkutan (attachement) dan penempatan di luar negara akan dipertingkatkan untuk pendedahan meluas bidang perniagaan, jaringan kenalan dan pengalaman.
Syarikat yang mendapat kontrak atau perolehan besar dari kerajaan atau pelabur tempatan akan diminta memberi komitmen sasaran tenaga kerja yang seimbang, terutamanya untuk meningkatkan penyertaan bumiputera di peringkat antarabangsa.
Untuk mencapai sasaran untuk ekonomi Bumiputera, skim saham amanah akan diperluaskan kepada konsep merangkumi harta selain ekuiti korporat seperti hartanah melalui Yayasan Amanah Hartanah Bumiputera (YAHB).
YAHB akan menubuhkan Tabung Amanah Hartanah (REIT) untuk kurangkan halangan Bumiputera melabur dalam sektor hartanah komersial & industri.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_07.htm
ekonomi Bumiputera termasuk pemilikan saham diberi penekanan dalam rmk-10.
--------------------------------------------------------------------------------
AGENDA pembangunan Bumiputera terus menjadi teras utama dasar pembangunan ekonomi Malaysia dengan sasaran 30 peratus pemilikan ekuiti Bumiputera dalam ekonomi makro dikekalkan.
Selain memberi peluang penyertaan dalam ekonomi secara saksama, sasaran ekonomi Bumiputera juga akan meningkatkan taraf hidup isi rumah 40 peratus terendah dengan mengukuhkan penyertaan bumiputera dalam ekonomi negara.
Untuk itu, usahawan di kalangan isi rumah 40 peratus terendah akan diperluaskan dengan menggalakkan perniagaan berasaskan inovasi, dan pembangunan Masyarakat Perdagangan dan Perindustrian Bumiputera (MPPB) bagi syarikat Bumiputera.
Bagi mengukuhkan keusahawanan Bumiputera, pemilikan kekayaan hartanah dan aset perniagaan seperti ruang niaga, harta bertanah, bangunan komersial, harta intelek dan perkhidmatan lain melalui pelaburan institusi dan penggemblengan dana akan ditingkatkan.
Tumpuan penyertaan tulen, lebih meluas, bermakna dan mampan berbanding peruntukan ekuiti korporat akan diberi penekanan dengan galakkan untuk Bumiputera memegang jawatan pendapatan tinggi.
Jawatan pendapatan tinggi termasuklah pengurusan utama, profesional dan teknikal yang terbuka untuk semua etnik tetapi penyertaan Bumiputera adalah terjamin dan syarikat akan diwajibkan memberi maklumat jantina dan etnik pekerja mereka untuk pemantauan.
Selain itu, biasiswa di institusi pengajian tinggi (IPT) juga akan ditingkatkan untuk golongan Bumiputera mendapatkan kelayakan bersesuaian dan akan dibiayai kerajaan serta sumbangan syarikat korporat.
Program sangkutan (attachement) dan penempatan di luar negara akan dipertingkatkan untuk pendedahan meluas bidang perniagaan, jaringan kenalan dan pengalaman.
Syarikat yang mendapat kontrak atau perolehan besar dari kerajaan atau pelabur tempatan akan diminta memberi komitmen sasaran tenaga kerja yang seimbang, terutamanya untuk meningkatkan penyertaan bumiputera di peringkat antarabangsa.
Untuk mencapai sasaran untuk ekonomi Bumiputera, skim saham amanah akan diperluaskan kepada konsep merangkumi harta selain ekuiti korporat seperti hartanah melalui Yayasan Amanah Hartanah Bumiputera (YAHB).
YAHB akan menubuhkan Tabung Amanah Hartanah (REIT) untuk kurangkan halangan Bumiputera melabur dalam sektor hartanah komersial & industri.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_07.htm
Kawasan perbandaran lebih menarik, strategik
ARKIB : 11/06/2010
PEMULIHAN sungai dan pembangunan semula kawasan pinggiran air (waterfront) di bandar-bandar besar akan menjadi keutamaan kerajaan dalam RMK-10.
Antaranya ialah Kuala Lumpur, Melaka, Kota Kinabalu dan Kuching yang merupakan pusat aktiviti utama dan sudah pun mempunyai kawasan pinggiran air strategik.
Kerajaan mengambil contoh bandar ikonik dunia yang mempunyai ciri sama iaitu pinggiran air yang berdaya maju, seperti Sungai Thames di London, Esplanade di Singapura dan Cheong Gye Cheon di Seoul, Korea Selatan.
Semua bandar besar berkenaan mempunyai pinggiran yang dipulihara dan dimajukan dengan baik sehingga menjadi salah satu tarikan utama pelancongan.
Perancangan itu terkandung dalam RMK-6 ke arah meningkatkan kualiti hidup dalam menjadikan kawasan kediaman sebagai suatu tempat atau kawasan yang menarik untuk didiami, bekerja dan beriadah.
Salah satu projek pemulihan pinggiran yang akan dijadikan model utama ialah pemulihan dan pengindahan Sungai Melaka yang turut memenangi anugerah, berdasarkan keunikan seni bina dengan mengintegrasi reka bentuk moden dan kekayaan warisan budaya.
Projek pemulihan itu nanti merupakan inisiatif jangka panjang yang memerlukan usaha bersepadu berskala besar bagi membersih, memulih ekosistem dan melindungi sungai, meliputi tempat ia mengalir melalui bandar dan di hulu tempat ia bermula.
Dalam pada itu untuk memastikan kesinambungan kesejahteraan rakyat, kerajaan turut memperluaskan perkhidmatan asas di kawasan luar bandar. Rasionalnya, bandar dan luar bandar saling bergantungan daripada segi ekonomi.
Sehubungan itu, pelaksanaan kelompok pertumbuhan di luar bandar atau Pusat Pertumbuhan Desa (RGC) akan ditingkat dan dipercepatkan bagi memastikan warga desa mendapat manfaat daripada kemudahan awam berkualiti tinggi seperti kesihatan, pendidikan, komunikasi, pengangkutan awam dan utiliti.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_06.htm
PEMULIHAN sungai dan pembangunan semula kawasan pinggiran air (waterfront) di bandar-bandar besar akan menjadi keutamaan kerajaan dalam RMK-10.
Antaranya ialah Kuala Lumpur, Melaka, Kota Kinabalu dan Kuching yang merupakan pusat aktiviti utama dan sudah pun mempunyai kawasan pinggiran air strategik.
Kerajaan mengambil contoh bandar ikonik dunia yang mempunyai ciri sama iaitu pinggiran air yang berdaya maju, seperti Sungai Thames di London, Esplanade di Singapura dan Cheong Gye Cheon di Seoul, Korea Selatan.
Semua bandar besar berkenaan mempunyai pinggiran yang dipulihara dan dimajukan dengan baik sehingga menjadi salah satu tarikan utama pelancongan.
Perancangan itu terkandung dalam RMK-6 ke arah meningkatkan kualiti hidup dalam menjadikan kawasan kediaman sebagai suatu tempat atau kawasan yang menarik untuk didiami, bekerja dan beriadah.
Salah satu projek pemulihan pinggiran yang akan dijadikan model utama ialah pemulihan dan pengindahan Sungai Melaka yang turut memenangi anugerah, berdasarkan keunikan seni bina dengan mengintegrasi reka bentuk moden dan kekayaan warisan budaya.
Projek pemulihan itu nanti merupakan inisiatif jangka panjang yang memerlukan usaha bersepadu berskala besar bagi membersih, memulih ekosistem dan melindungi sungai, meliputi tempat ia mengalir melalui bandar dan di hulu tempat ia bermula.
Dalam pada itu untuk memastikan kesinambungan kesejahteraan rakyat, kerajaan turut memperluaskan perkhidmatan asas di kawasan luar bandar. Rasionalnya, bandar dan luar bandar saling bergantungan daripada segi ekonomi.
Sehubungan itu, pelaksanaan kelompok pertumbuhan di luar bandar atau Pusat Pertumbuhan Desa (RGC) akan ditingkat dan dipercepatkan bagi memastikan warga desa mendapat manfaat daripada kemudahan awam berkualiti tinggi seperti kesihatan, pendidikan, komunikasi, pengangkutan awam dan utiliti.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_06.htm
Konsep 1Malaysia kukuh perpaduan
ARKIB : 11/06/2010
RANCANGAN Malaysia Kesepuluh (RMK-10) menyediakan rangka kerja dasar dan strategi bagi mencapai status sebuah negara maju menjelang 2020.
Rancangan ini juga dilakar berkonsepkan 1Malaysia dan dibina berasaskan Program Transformasi Kerajaan (GTP) dan Model Baru Ekonomi (MBE) yang menggariskan dasar dan strategi baharu.
Konsep 1Malaysia berhasrat untuk mengukuhkan perpaduan negara yang penting bagi mengekalkan kestabilan sosial dan politik; satu pra syarat untuk Malaysia kekal sebagai destinasi perniagaan dan pelaburan yang menarik.
Amalan menghormati perbezaan nilai pelbagai masyarakat akan membantu rakyat menghargai perbezaan tersebut sebagai aset.
Konsep ini mengharapkan rakyat Malaysia bergerak melangkaui toleransi untuk menerima dan akhirnya berbangga dengan kepelbagaian etnik, agama, budaya dan kepercayaan.
Prinsip keadilan akan menjadi teras kepada konsep ini.
Di bawah konsep ini, semua rakyat Malaysia akan diberi perhatian dengan tumpuan khusus kepada golongan kurang mendapat manfaat.
GTP diperkenalkan pada tahun 2010 untuk mentransformasikan kerajaan agar menjadi lebih efektif dalam sistem penyampaian perkhidmatannya serta bertanggungjawab ke atas pulangan.
MBE telah menggariskan Inisiatif Pembaharuan Strategik (IPS) dalam memacu negara ke arah ekonomi berpendapatan tinggi yang mampan dan inklusif.
RMK-10 telah mengambil kira kebanyakan strategi baru pertumbuhan ekonomi di bawah MBE dan IPS yang berkaitan.
RMK-10 juga menggabungkan enam Bidang Keberhasilan Utama Negara (NKRA) dan mengemas kini kemajuan pelaksanaan sistem penyampaian kerajaan sejak GTP dilancarkan.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_05.htm
RANCANGAN Malaysia Kesepuluh (RMK-10) menyediakan rangka kerja dasar dan strategi bagi mencapai status sebuah negara maju menjelang 2020.
Rancangan ini juga dilakar berkonsepkan 1Malaysia dan dibina berasaskan Program Transformasi Kerajaan (GTP) dan Model Baru Ekonomi (MBE) yang menggariskan dasar dan strategi baharu.
Konsep 1Malaysia berhasrat untuk mengukuhkan perpaduan negara yang penting bagi mengekalkan kestabilan sosial dan politik; satu pra syarat untuk Malaysia kekal sebagai destinasi perniagaan dan pelaburan yang menarik.
Amalan menghormati perbezaan nilai pelbagai masyarakat akan membantu rakyat menghargai perbezaan tersebut sebagai aset.
Konsep ini mengharapkan rakyat Malaysia bergerak melangkaui toleransi untuk menerima dan akhirnya berbangga dengan kepelbagaian etnik, agama, budaya dan kepercayaan.
Prinsip keadilan akan menjadi teras kepada konsep ini.
Di bawah konsep ini, semua rakyat Malaysia akan diberi perhatian dengan tumpuan khusus kepada golongan kurang mendapat manfaat.
GTP diperkenalkan pada tahun 2010 untuk mentransformasikan kerajaan agar menjadi lebih efektif dalam sistem penyampaian perkhidmatannya serta bertanggungjawab ke atas pulangan.
MBE telah menggariskan Inisiatif Pembaharuan Strategik (IPS) dalam memacu negara ke arah ekonomi berpendapatan tinggi yang mampan dan inklusif.
RMK-10 telah mengambil kira kebanyakan strategi baru pertumbuhan ekonomi di bawah MBE dan IPS yang berkaitan.
RMK-10 juga menggabungkan enam Bidang Keberhasilan Utama Negara (NKRA) dan mengemas kini kemajuan pelaksanaan sistem penyampaian kerajaan sejak GTP dilancarkan.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_05.htm
Peranan GLC lebih penting
ARKIB : 11/06/2010
glc tidak lagi mendapat layanan istimewa kerajaan dalam rmk-10.
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PENSWASTAAN syarikat di bawah Menteri Kewangan Diperbadankan iaitu Percetakan Nasional Bhd., CTRM Aero Composite, Nine Bio Sdn. Bhd. dan Inno Bio Sdn. Bhd. akan selesai dalam tempoh RMK-10.
Kerajaan akan melupuskan saham miliknya untuk memastikan aset dipegang secara meluas dan inisiatif pelupusan serta penswastaan tidak memberi kesan negatif kepada kepentingan awam.
Peranan GLC juga akan dirasionalisasikan untuk memberi tumpuan kepada bidang yang membantu merancakkan sektor swasta.
GLC turut mengurangkan penglibatan dalam bidang yang tidak meningkatkan nilai dan aset bukan teras miliknya akan dilupuskan secara berperingkat.
Bagaimanapun, GLC akan terus menjadi pemangkin dalam bidang pertumbuhan baru yang kurang atau tidak langsung diceburi oleh sektor swasta.
Ia bakal melabur bersama sektor swasta untuk meneroka pasaran baru dan memastikan syarikat Malaysia mencapai kejayaan lebih besar di peringkat global.
Pada masa sama, kerajaan akan memastikan persaingan seimbang antara GLC dan sektor swasta tanpa sebarang layanan istimewa.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_04.htm
glc tidak lagi mendapat layanan istimewa kerajaan dalam rmk-10.
--------------------------------------------------------------------------------
PENSWASTAAN syarikat di bawah Menteri Kewangan Diperbadankan iaitu Percetakan Nasional Bhd., CTRM Aero Composite, Nine Bio Sdn. Bhd. dan Inno Bio Sdn. Bhd. akan selesai dalam tempoh RMK-10.
Kerajaan akan melupuskan saham miliknya untuk memastikan aset dipegang secara meluas dan inisiatif pelupusan serta penswastaan tidak memberi kesan negatif kepada kepentingan awam.
Peranan GLC juga akan dirasionalisasikan untuk memberi tumpuan kepada bidang yang membantu merancakkan sektor swasta.
GLC turut mengurangkan penglibatan dalam bidang yang tidak meningkatkan nilai dan aset bukan teras miliknya akan dilupuskan secara berperingkat.
Bagaimanapun, GLC akan terus menjadi pemangkin dalam bidang pertumbuhan baru yang kurang atau tidak langsung diceburi oleh sektor swasta.
Ia bakal melabur bersama sektor swasta untuk meneroka pasaran baru dan memastikan syarikat Malaysia mencapai kejayaan lebih besar di peringkat global.
Pada masa sama, kerajaan akan memastikan persaingan seimbang antara GLC dan sektor swasta tanpa sebarang layanan istimewa.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_04.htm
Sunday, July 11, 2010
Guna tenaga dijangka berkembang pesat
ARKIB : 11/06/2010
GUNA tenaga dalam tempoh Rancangan Malaysia Kesepuluh (RMK-10), dijangka menawarkan 1.4 juta pekerjaan, terutamanya dalam sektor perkhidmatan.
Jumlah ini adalah jauh lebih tinggi berbanding 0.9 juta pekerjaan yang diwujudkan dalam tempoh Rancangan Malaysia kesembilan (RMK-9).
Justeru, ekonomi dijangka kekal dalam guna tenaga penuh dengan kadar pengangguran dianggar 3.1 peratus pada tahun 2015.
Selain itu, pertumbuhan dalam tempoh RMK-10 akan dipacu oleh peningkatan produktiviti yang lebih tinggi berbanding penggunaan faktor modal dan buruh.
Peningkatan produktiviti juga disumbang oleh pulangan kecekapan yang diperoleh berikutan penghapusan herotan dalam ekonomi.
Pertumbuhan produktiviti akan dicapai melalui tahap input modal insan yang lebih tinggi, mengguna pakai teknologi baru dan pembangunan keusahawanan bagi mendorong inovasi dan kreativiti.
Sehubungan itu, sumbangan produktiviti faktor keseluruhan (TFP) kepada KDNK dijangka meningkat kepada 38.5 peratus manakala sumbangan modal dijangka berkurangan kepada 37.5 peratus dan buruh kepada 24 peratus.
Malaysia akan mendapat faedah daripada pelaburan yang lebih tinggi dalam bidang pertumbuhan terutamanya melalui penggunaan pengetahuan, inovasi dan teknologi secara intensif.
Pembangunan modal insan akan ditumpu kepada usaha untuk melahirkan bakat melalui peningkatan kemahiran dan kecekapan sumber manusia.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_02.htm
GUNA tenaga dalam tempoh Rancangan Malaysia Kesepuluh (RMK-10), dijangka menawarkan 1.4 juta pekerjaan, terutamanya dalam sektor perkhidmatan.
Jumlah ini adalah jauh lebih tinggi berbanding 0.9 juta pekerjaan yang diwujudkan dalam tempoh Rancangan Malaysia kesembilan (RMK-9).
Justeru, ekonomi dijangka kekal dalam guna tenaga penuh dengan kadar pengangguran dianggar 3.1 peratus pada tahun 2015.
Selain itu, pertumbuhan dalam tempoh RMK-10 akan dipacu oleh peningkatan produktiviti yang lebih tinggi berbanding penggunaan faktor modal dan buruh.
Peningkatan produktiviti juga disumbang oleh pulangan kecekapan yang diperoleh berikutan penghapusan herotan dalam ekonomi.
Pertumbuhan produktiviti akan dicapai melalui tahap input modal insan yang lebih tinggi, mengguna pakai teknologi baru dan pembangunan keusahawanan bagi mendorong inovasi dan kreativiti.
Sehubungan itu, sumbangan produktiviti faktor keseluruhan (TFP) kepada KDNK dijangka meningkat kepada 38.5 peratus manakala sumbangan modal dijangka berkurangan kepada 37.5 peratus dan buruh kepada 24 peratus.
Malaysia akan mendapat faedah daripada pelaburan yang lebih tinggi dalam bidang pertumbuhan terutamanya melalui penggunaan pengetahuan, inovasi dan teknologi secara intensif.
Pembangunan modal insan akan ditumpu kepada usaha untuk melahirkan bakat melalui peningkatan kemahiran dan kecekapan sumber manusia.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_02.htm
RMK-10: Ekonomi berkembang 6 peratus
ARKIB : 11/06/2010
Perkembangan fizikal bukan lagi menjadi tumpuan utama dalam rmk-10.
--------------------------------------------------------------------------------
EKONOMI perlu berkembang pada kadar enam peratus setahun dalam tempoh RMK-10 2011-2015 untuk mencapai aspirasi negara maju berpendapatan tinggi menjelang 2020.
Transformasi persekitaran untuk pertumbuhan ekonomi perlu dilaksanakan bagi membolehkan peningkatan dinamisme dan produktiviti.
Cabaran utama adalah untuk beralih daripada ekonomi berdasarkan kos dan sumber asli kepada ekonomi yang dipacu oleh produktiviti, inovasi dan berupaya memupuk, menarik serta mengekalkan modal insan berbakat, syarikat dan modal.
Bagi mencapai taraf ekonomi berpendapatan tinggi, Malaysia perlu beralih kepada strategi yang menumpu kepada pengkhususan dalam beberapa sektor ekonomi dan geografi terpilih, yang mana negara mempunyai kelebihan daya saing.
Pertumbuhan ekonomi akan memanfaatkan kekuatan dan daya saing negara untuk membangunkan sumber pertumbuhan baharu.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_01.htm
Perkembangan fizikal bukan lagi menjadi tumpuan utama dalam rmk-10.
--------------------------------------------------------------------------------
EKONOMI perlu berkembang pada kadar enam peratus setahun dalam tempoh RMK-10 2011-2015 untuk mencapai aspirasi negara maju berpendapatan tinggi menjelang 2020.
Transformasi persekitaran untuk pertumbuhan ekonomi perlu dilaksanakan bagi membolehkan peningkatan dinamisme dan produktiviti.
Cabaran utama adalah untuk beralih daripada ekonomi berdasarkan kos dan sumber asli kepada ekonomi yang dipacu oleh produktiviti, inovasi dan berupaya memupuk, menarik serta mengekalkan modal insan berbakat, syarikat dan modal.
Bagi mencapai taraf ekonomi berpendapatan tinggi, Malaysia perlu beralih kepada strategi yang menumpu kepada pengkhususan dalam beberapa sektor ekonomi dan geografi terpilih, yang mana negara mempunyai kelebihan daya saing.
Pertumbuhan ekonomi akan memanfaatkan kekuatan dan daya saing negara untuk membangunkan sumber pertumbuhan baharu.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0611&pub=Utusan_Malaysia&sec=Laporan_Khas&pg=lk_01.htm
Managing talents a priority in 10th Malaysia Plan
Monday July 12, 2010
Policy Perspective - by Tan Sri Sulaiman Mahbob
A NEW announcement in the 10th Malaysia Plan calls for the creation of a new agency called Talent Corporation.
This move reflects the critical importance of managing talents in the immediate future within the country, not only to stall the brain drain but more to address the issue of human capital in a total manner, in a way that human capital deserves to be planned, developed, monitored, and nurtured.
Managing talents, especially at the higher levels of job echelons, demands an in-depth understanding of the factors that attract and retain, beyond the mere concern of wages and return to their output.
Of course wages and salaries are important, but the needs to meet the way of life of the professional and the talented, their families, their need for meeting the wider interests related to their career and job (such as research, publication, international connections, etc) are equally important.
In the past we have largely attended to the issues pertaining to supplies of skilled workers and technologists, such as engineers and medical personnel.
This response was fine for those times.
But with the march towards greater globalisation and liberalisation, highly skilled workers become global workers and are sought after by several markets and nations, which offer them handsome rewards and returns for their skills.
These new brands of talents are those who create intellectual wealth and the value-add to an offering and service.
It is they who spearhead innovation and creativity.
Indeed the many supporting activities and jobs created are merely there because of the simple fact that the top talents and top brains are there within the establishments.
Such talents are not only necessarily in manufacturing activities but more so in high value-added services such as medical services, engineering and also legal services.
We may want to ask several pertinent questions: why do many Malaysian doctors prefer to serve in Singapore?
Why many of us seek complex legal advice abroad?
Have we invested much in the Islamic finance legal expertise?
Do we have many design houses here to create new products meeting the changes in fashion abroad?
Do we attract the best architects to set up offices here?
How much expertise have we groomed in the arts and theatre, whose products and services are attractions of high income families? Many have said that it is easier to bring low skill workers into this country than to bring in highly skilled professionals and trained workforce.
I hope this is not true.
Trained and highly skilled Malaysians are now working in many parts of the world, such as in China, the Middle East, Australia, Singapore, Hong Kong and Japan.
The more countries liberalise and their economies internationalised, the more they need trained lawyers, accountants, engineers, and advanced skills in medicine and other technologies.
With our education system and tertiary education based on international standards, and exposure of our workforce to international business practices, thanks to the policy encouraging foreign investments, the Malaysian skilled workers and professionals are a target for many foreign recruitment exercises.
Thus, the recognition for managing talents is timely albeit rather late in the day.
It needs a total exercise to address the issues ranging from wages and salaries, immigration, other employment terms, and even in concerns related to their families and recreation.
While the concern is now identified by the government in terms of establishing the Talent Corporation, the subject is equally pertinent, and perhaps all the more relevant, to strategic and manpower planning in the corporate sector. Malaysia should not be seen as a low cost producer any more.
Investors should not come here because Malaysia subsidises its energy or facilitates the recruitment of low skilled foreign labour.
They should be here and be involved in the total transformation towards high value-added production in both services and manufacturing activities.
Hence, their concern should be how to enhance technology transfer and absorption and in so doing be allowed to bring in as many top talents into the country as possible.
For these groups of workers who possess high talents, wages and salaries are a small portion of the total turnover and value-added creation of establishments.
The amount of value creation, the connectivity and the identity that they bring, the potential of new and related activities that they can generate are plentiful, to be reaped by the economy.
For this, Malaysia must raise salaries and wages to retain trained and high skilled talents.
In another dimension, being protected from the policies of liberalisation that can bring in high talents from overseas will in the long run undermine our capacity for generating greater income to all Malaysians and restrain our economic transformation that we need quite badly. Our professionals are quite protective of their markets; they have residential requirements for professionals to practice.
Additionally, the laws in the services sectors need to be reviewed to encourage easier recruitment of foreign expertise and talents to support new and high value economic activities in the country.
In a wider context, the liberalisation process taking place amongst neighbouring countries will greatly attract investments there while our domestic technological capability has not caught up with the exercise of technology transfer that new foreign investments can bring and at the level we much desire.
In the short run, the technological gap can be narrowed by recruiting foreign talents, until such time Malaysia can adequately produce its own. Hopefully, the new Talent Corp will begin work soon.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/12/business/6629707&sec=business
Policy Perspective - by Tan Sri Sulaiman Mahbob
A NEW announcement in the 10th Malaysia Plan calls for the creation of a new agency called Talent Corporation.
This move reflects the critical importance of managing talents in the immediate future within the country, not only to stall the brain drain but more to address the issue of human capital in a total manner, in a way that human capital deserves to be planned, developed, monitored, and nurtured.
Managing talents, especially at the higher levels of job echelons, demands an in-depth understanding of the factors that attract and retain, beyond the mere concern of wages and return to their output.
Of course wages and salaries are important, but the needs to meet the way of life of the professional and the talented, their families, their need for meeting the wider interests related to their career and job (such as research, publication, international connections, etc) are equally important.
In the past we have largely attended to the issues pertaining to supplies of skilled workers and technologists, such as engineers and medical personnel.
This response was fine for those times.
But with the march towards greater globalisation and liberalisation, highly skilled workers become global workers and are sought after by several markets and nations, which offer them handsome rewards and returns for their skills.
These new brands of talents are those who create intellectual wealth and the value-add to an offering and service.
It is they who spearhead innovation and creativity.
Indeed the many supporting activities and jobs created are merely there because of the simple fact that the top talents and top brains are there within the establishments.
Such talents are not only necessarily in manufacturing activities but more so in high value-added services such as medical services, engineering and also legal services.
We may want to ask several pertinent questions: why do many Malaysian doctors prefer to serve in Singapore?
Why many of us seek complex legal advice abroad?
Have we invested much in the Islamic finance legal expertise?
Do we have many design houses here to create new products meeting the changes in fashion abroad?
Do we attract the best architects to set up offices here?
How much expertise have we groomed in the arts and theatre, whose products and services are attractions of high income families? Many have said that it is easier to bring low skill workers into this country than to bring in highly skilled professionals and trained workforce.
I hope this is not true.
Trained and highly skilled Malaysians are now working in many parts of the world, such as in China, the Middle East, Australia, Singapore, Hong Kong and Japan.
The more countries liberalise and their economies internationalised, the more they need trained lawyers, accountants, engineers, and advanced skills in medicine and other technologies.
With our education system and tertiary education based on international standards, and exposure of our workforce to international business practices, thanks to the policy encouraging foreign investments, the Malaysian skilled workers and professionals are a target for many foreign recruitment exercises.
Thus, the recognition for managing talents is timely albeit rather late in the day.
It needs a total exercise to address the issues ranging from wages and salaries, immigration, other employment terms, and even in concerns related to their families and recreation.
While the concern is now identified by the government in terms of establishing the Talent Corporation, the subject is equally pertinent, and perhaps all the more relevant, to strategic and manpower planning in the corporate sector. Malaysia should not be seen as a low cost producer any more.
Investors should not come here because Malaysia subsidises its energy or facilitates the recruitment of low skilled foreign labour.
They should be here and be involved in the total transformation towards high value-added production in both services and manufacturing activities.
Hence, their concern should be how to enhance technology transfer and absorption and in so doing be allowed to bring in as many top talents into the country as possible.
For these groups of workers who possess high talents, wages and salaries are a small portion of the total turnover and value-added creation of establishments.
The amount of value creation, the connectivity and the identity that they bring, the potential of new and related activities that they can generate are plentiful, to be reaped by the economy.
For this, Malaysia must raise salaries and wages to retain trained and high skilled talents.
In another dimension, being protected from the policies of liberalisation that can bring in high talents from overseas will in the long run undermine our capacity for generating greater income to all Malaysians and restrain our economic transformation that we need quite badly. Our professionals are quite protective of their markets; they have residential requirements for professionals to practice.
Additionally, the laws in the services sectors need to be reviewed to encourage easier recruitment of foreign expertise and talents to support new and high value economic activities in the country.
In a wider context, the liberalisation process taking place amongst neighbouring countries will greatly attract investments there while our domestic technological capability has not caught up with the exercise of technology transfer that new foreign investments can bring and at the level we much desire.
In the short run, the technological gap can be narrowed by recruiting foreign talents, until such time Malaysia can adequately produce its own. Hopefully, the new Talent Corp will begin work soon.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/12/business/6629707&sec=business
Usahawan peroleh RM150,000 tanam durian
Tina Chong (kanan) menghidangkan durian kunyit kepada tetamu di dusunnya di Kampung Pulai dekat Gua Musang, semalam. - BERNAMA
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GUA MUSANG 11 Julai - Kegigihan seorang wanita muda, Tina Chong, 35, mengusahakan dusun durian kunyit di kawasan seluas lapan hektar di Kampung Pulai, dekat sini, memberi pulangan pendapatan lumayan sejak mengeluarkan hasil lapan tahun lepas.
Setiap semusim beliau memperoleh pendapatan lebih RM150,000 dan pasaran durian bermutu tinggi itu dihantar ke Kuala Lumpur, Johor, Perak, Pahang dan Singapura dengan harga jualan RM25 sekilogram.
Semasa meraikan rombongan wartawan pelbagai media cetak dan elektronik di dusun duriannya, petang ini, beliau menyifatkan kejayaan itu berbaloi dengan titik peluh yang sekian lama mengusahakan dusun durian berkenaan.
"Memanglah sejak usia belasan tahun lagi, saya minat mengusahakan dusun durian di samping dibantu adik beradik sampai sekarang yang berjaya mengutip buah durian kunyit 1,000 biji sehari sejak musim durian sebulan lepas," katanya.
Tina Chong berkata, beliau menanam 500 pokok durian membabitkan sebahagian besarnya jenis kunyit bermutu tinggi hingga dapat bersaing dengan pengusaha lain di beberapa negeri pantai barat.
Malah, beliau juga sanggup berjaga malam untuk mengawasi dusun durian itu daripada dimusnahkan babi hutan dan kadang kala ancaman harimau terutama di awal malam hingga pagi.
"Saya tidak pernah takut berdepan dengan haiwan terbabit kerana sudah biasa dengan haiwan itu kerana sejak berusia belasan tahun sudah lasak mengusahakan tanaman," katanya.
Beliau bercadang untuk menambah kawasan baru untuk ditanam dengan durian kunyit tetapi perkara itu belum diputuskan lagi berikutan tanah memang sukar diperolehi sejak kebelakangan ini.
"Tanah yang saya usahakan ini juga belum mendapat hak milik dan pernah berdepan dengan masalah pengambilan balik tanah oleh kerajaan negeri ini hingga saya terpaksa merayu jangan berbuat demikian bagi mengelakkan kerugian besar," katanya.
Beliau berkata, Jabatan Pertanian Gua Musang juga telah menyenaraikan namanya sebagai calon untuk Anugerah Peladang Jaya Peringkat Kebangsaan tahun ini. - BERNAMA
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0712&pub=Utusan_Malaysia&sec=Dalam_Negeri&pg=dn_14.htm
Thursday, July 8, 2010
Ringgit may climb to 3.1720: Strategist
Published: 2010/07/09
Malaysia’s ringgit, Asia’s best-performing currency this year, may continue to outperform as a strengthening economy forces the central bank to raise interest rates, according to Brown Brothers Harriman & Co.
The currency may climb 0.7 per cent to 3.1720 per dollar, Win Thin, a New York-based senior currency strategist, wrote in a note yesterday.
He predicted a 25 basis point interest-rate increase every quarter.
Bank Negara Malaysia yesterday lifted the overnight rate by a quarter of a percentage point to 2.75 per cent, a move predicted by half of 20 economists a Bloomberg survey. -- Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100709084557/Article/index_html
Malaysia’s ringgit, Asia’s best-performing currency this year, may continue to outperform as a strengthening economy forces the central bank to raise interest rates, according to Brown Brothers Harriman & Co.
The currency may climb 0.7 per cent to 3.1720 per dollar, Win Thin, a New York-based senior currency strategist, wrote in a note yesterday.
He predicted a 25 basis point interest-rate increase every quarter.
Bank Negara Malaysia yesterday lifted the overnight rate by a quarter of a percentage point to 2.75 per cent, a move predicted by half of 20 economists a Bloomberg survey. -- Bloomberg
http://www.btimes.com.my/Current_News/BTIMES/articles/20100709084557/Article/index_html
Khazanah buys time for Parkway offer
Friday July 9, 2010
By RISEN JAYASEELAN
risen@thestar.com.my
Offer period extension to July 26 may be prelude to higher bid
PETALING JAYA: Khazanah Nasional Bhd’s decision to extend the period of its partial offer for Parkway Holdings Ltd is a prelude to the government investment fund making a higher bid, analysts said.
“It is the next logical move. Khazanah should be raising its partial offer price higher than what Fortis (Healthcare Ltd) has offered but to do that it cannot afford to let its offer lapse as then it can only launch another bid after six months,” a Singapore-based analyst said.
Yesterday afternoon, Khazanah extended its partial offer for Parkway (which expired at 5pm yesterday) until July 26. It, however, did not raise its offer price as the market had been expecting. Khazanah’s advisers, CIMB Bank Bhd and Deutsche Bank, said further extensions of the offer might be announced from time-to-time. Fortis is being advised by Macquarie.
Khazanah, which needs 313 million shares for the offer to succeed and to bring its shareholding in Parkway up to 51.5% from 23% currently, said it had received acceptances from shareholders who hold only 14.19 million shares.
Khazanah’s partial offer announced in late May was at S$3.78 a Parkway share, while Fortis subsequently made a voluntary general offer for all Parkway shares it does not own at S$3.80 apiece on July 1. Fortis owns 25.37% in Parkway.
A source familiar with the situation added that Khazanah may be choosing to wait for Fortis to release its offer documents to shareholders later this month before it (Khazanah) can make a final judgment on its next move.
Another analyst said that the ensuing battle at Parkway between Khazanah and Fortis was akin to a poker game.
“Khazanah could now up the price of its offer and Fortis can do the same, considering that its (Fortis’) first offer of S$3.80 does not look like its last price. But at some point, either party may chose to sell out to the other,” the analyst commented.
Yesterday, Bloomberg reported, quoting sources, that Khazanah had started talks with five banks for loans that would enable it to increase an offer for Parkway. The report said Khazanah told the banks it may need to borrow at least S$1bil.
Parkway is Asia’s largest hospital operator, which co-owns with Khazanah, the string of Pantai hospitals in Malaysia. Other hospitals in Singapore under Parkway include ParkwayEast Hospital, Gleneagles Hospital and Mount Elizabeth Hospital.
One of its prized assets is the planned S$1.5bil Parkway Novena Hospital, which is being built in Irrawaddy Road in Singapore, not far from upmarket Orchard Road. It is slated to commence operations either next year or in 2012.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/9/business/6633869&sec=business
By RISEN JAYASEELAN
risen@thestar.com.my
Offer period extension to July 26 may be prelude to higher bid
PETALING JAYA: Khazanah Nasional Bhd’s decision to extend the period of its partial offer for Parkway Holdings Ltd is a prelude to the government investment fund making a higher bid, analysts said.
“It is the next logical move. Khazanah should be raising its partial offer price higher than what Fortis (Healthcare Ltd) has offered but to do that it cannot afford to let its offer lapse as then it can only launch another bid after six months,” a Singapore-based analyst said.
Yesterday afternoon, Khazanah extended its partial offer for Parkway (which expired at 5pm yesterday) until July 26. It, however, did not raise its offer price as the market had been expecting. Khazanah’s advisers, CIMB Bank Bhd and Deutsche Bank, said further extensions of the offer might be announced from time-to-time. Fortis is being advised by Macquarie.
Khazanah, which needs 313 million shares for the offer to succeed and to bring its shareholding in Parkway up to 51.5% from 23% currently, said it had received acceptances from shareholders who hold only 14.19 million shares.
Khazanah’s partial offer announced in late May was at S$3.78 a Parkway share, while Fortis subsequently made a voluntary general offer for all Parkway shares it does not own at S$3.80 apiece on July 1. Fortis owns 25.37% in Parkway.
A source familiar with the situation added that Khazanah may be choosing to wait for Fortis to release its offer documents to shareholders later this month before it (Khazanah) can make a final judgment on its next move.
Another analyst said that the ensuing battle at Parkway between Khazanah and Fortis was akin to a poker game.
“Khazanah could now up the price of its offer and Fortis can do the same, considering that its (Fortis’) first offer of S$3.80 does not look like its last price. But at some point, either party may chose to sell out to the other,” the analyst commented.
Yesterday, Bloomberg reported, quoting sources, that Khazanah had started talks with five banks for loans that would enable it to increase an offer for Parkway. The report said Khazanah told the banks it may need to borrow at least S$1bil.
Parkway is Asia’s largest hospital operator, which co-owns with Khazanah, the string of Pantai hospitals in Malaysia. Other hospitals in Singapore under Parkway include ParkwayEast Hospital, Gleneagles Hospital and Mount Elizabeth Hospital.
One of its prized assets is the planned S$1.5bil Parkway Novena Hospital, which is being built in Irrawaddy Road in Singapore, not far from upmarket Orchard Road. It is slated to commence operations either next year or in 2012.
http://biz.thestar.com.my/news/story.asp?file=/2010/7/9/business/6633869&sec=business
Bersedia tempias gelombang kedua
Utusan Online : 9 Julai 2010
Oleh MOHD. FIRDAUS ISMAIL
pengarang@utusan.com.my
KUALA LUMPUR 8 Julai - Bekas Perdana Menteri, Tun Dr. Mahathir Mohamad memberi ingatan sudah wujud tanda-tanda gelombang kedua kemelesetan ekonomi di Eropah dan Malaysia mungkin turut menerima kesannya apabila ia berlaku.
Beliau memberitahu, tanda-tanda itu sudah dapat dilihat ketika kunjungannya ke Britain baru-baru ini.
"Saya baru balik dari England dan nampak ada tanda-tanda kemelesetan ekonomi gelombang kedua berlaku di sana. Kalau berlaku di Eropah, kita mungkin akan turut menerima tempiasnya," katanya di sini hari ini.
Beliau berkata demikian selepas menyaksikan majlis menandatangani kontrak antara Koperasi Atlet Malaysia Berhad dan IRIS Corporation Berhad di sini hari ini.
Perjanjian itu bagi membolehkan kedua-dua pihak bekerjasama mengusahakan 40 hektar tanah di Perak dengan projek tanaman tembikai emas.
Turut hadir isterinya, Tun Dr. Siti Hasmah Mohd. Ali; Menteri Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan (KPDNKK), Datuk Seri Ismail Sabri Yaakob, Pengerusi IRIS Corporation Bhd., Tan Sri Razali Ismail dan Presiden Koperasi Atlet, Datuk Mumtaz Jaafar
Ditanya adakah inisiatif kerajaan seperti Rancangan Malaysia Ke-10 (RMK10) dan Bajet 2011 yang akan dibentangkan oleh Perdana Menteri, Datuk Seri Najib Tun Razak pada 15 Oktober ini mampu melindungi ekonomi negara, beliau menjelaskan:
"Kerajaan sedang berusaha tetapi ia bergantung kepada sektor lain iaitu sektor dalaman dan luaran."
Najib sebelum ini turut meminta rakyat supaya bersedia menghadapi kemungkinan berlaku kelembapan ekonomi pada separuh kedua tahun ini yang dilihat boleh mendatangkan risiko kepada sasaran pertumbuhan ekonomi negara.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0709&pub=Utusan_Malaysia&sec=Dalam_Negeri&pg=dn_04.htm
Oleh MOHD. FIRDAUS ISMAIL
pengarang@utusan.com.my
KUALA LUMPUR 8 Julai - Bekas Perdana Menteri, Tun Dr. Mahathir Mohamad memberi ingatan sudah wujud tanda-tanda gelombang kedua kemelesetan ekonomi di Eropah dan Malaysia mungkin turut menerima kesannya apabila ia berlaku.
Beliau memberitahu, tanda-tanda itu sudah dapat dilihat ketika kunjungannya ke Britain baru-baru ini.
"Saya baru balik dari England dan nampak ada tanda-tanda kemelesetan ekonomi gelombang kedua berlaku di sana. Kalau berlaku di Eropah, kita mungkin akan turut menerima tempiasnya," katanya di sini hari ini.
Beliau berkata demikian selepas menyaksikan majlis menandatangani kontrak antara Koperasi Atlet Malaysia Berhad dan IRIS Corporation Berhad di sini hari ini.
Perjanjian itu bagi membolehkan kedua-dua pihak bekerjasama mengusahakan 40 hektar tanah di Perak dengan projek tanaman tembikai emas.
Turut hadir isterinya, Tun Dr. Siti Hasmah Mohd. Ali; Menteri Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan (KPDNKK), Datuk Seri Ismail Sabri Yaakob, Pengerusi IRIS Corporation Bhd., Tan Sri Razali Ismail dan Presiden Koperasi Atlet, Datuk Mumtaz Jaafar
Ditanya adakah inisiatif kerajaan seperti Rancangan Malaysia Ke-10 (RMK10) dan Bajet 2011 yang akan dibentangkan oleh Perdana Menteri, Datuk Seri Najib Tun Razak pada 15 Oktober ini mampu melindungi ekonomi negara, beliau menjelaskan:
"Kerajaan sedang berusaha tetapi ia bergantung kepada sektor lain iaitu sektor dalaman dan luaran."
Najib sebelum ini turut meminta rakyat supaya bersedia menghadapi kemungkinan berlaku kelembapan ekonomi pada separuh kedua tahun ini yang dilihat boleh mendatangkan risiko kepada sasaran pertumbuhan ekonomi negara.
http://www.utusan.com.my/utusan/info.asp?y=2010&dt=0709&pub=Utusan_Malaysia&sec=Dalam_Negeri&pg=dn_04.htm
Sunday, July 4, 2010
HSBC: New players must be innovative
By Adeline Paul Raj
Published: 2010/07/05
THE chief of HSBC Bank Malaysia Bhd isn't nervous about new foreign players entering the Malaysian market, but hopes they will be innovative and not just replicate products and services already available here.
"What's important to understand is that we need new players to drive growth. What can't be the case is that the new players replicate what is already available because that would not be beneficial to the industry.
"So we're hoping the new players will add value, add to market size and market capacity, and that will create opportunities for everybody and strengthen the sector," its deputy chairman and chief executive officer Mukhtar Hussain said in an interview.
Malaysia last month allowed five foreign commercial banks to set up operations here as part of an ongoing liberalisation of the financial services sector.
The five were Japan's Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp, France's BNP Paribas SA, Indonesia's PT Bank Mandiri and the United Arab Emirates' National Bank of Abu Dhabi.
This brings to total 19 commercial banking licences that Malaysia has issued over the years to foreign operators.
Hussain, who took the helm at HSBC in December last year, said the group is used to having many competitors in other countries that it operates.
"Liberalisation in itself is welcomed ... but the sector has to provide value and innovation," he remarked.
He pointed out that this was necessary as Malaysia is already a well-served market in terms of the number of financial institutions, relative to the size of the overall country.
"I think the dangers are that the market doesn't innovate and doesn't grow, and therefore competes within an existing sphere of activity. That would be challenging because it ultimately drives down pricing. Those are issues that need to be thought about very carefully," he said.
While he thinks there seems to be signs that new innovations are coming into the market as the economy picks up, he felt that the innovation has to be constant and present in both the conventional and Islamic banking space.
"There's more to be done and we look forward to playing our role in that," he said.
HSBC, whose presence in Malaysia dates back to 1884, is different from other foreign banks here in that it is "a truly global institution", with none of its rivals beng as large in terms of international focus, Mukhtar claimed.
It also has the largest branch network and number of staff, he added. HSBC currently has 40 conventional branches and six Islamic branches, and employs more than 5,000 people in Malaysia.
Read more: HSBC: New players must be innovative http://www.btimes.com.my/Current_News/BTIMES/articles/ahsbc/Article/#ixzz0smVjfJ1J
Published: 2010/07/05
THE chief of HSBC Bank Malaysia Bhd isn't nervous about new foreign players entering the Malaysian market, but hopes they will be innovative and not just replicate products and services already available here.
"What's important to understand is that we need new players to drive growth. What can't be the case is that the new players replicate what is already available because that would not be beneficial to the industry.
"So we're hoping the new players will add value, add to market size and market capacity, and that will create opportunities for everybody and strengthen the sector," its deputy chairman and chief executive officer Mukhtar Hussain said in an interview.
Malaysia last month allowed five foreign commercial banks to set up operations here as part of an ongoing liberalisation of the financial services sector.
The five were Japan's Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp, France's BNP Paribas SA, Indonesia's PT Bank Mandiri and the United Arab Emirates' National Bank of Abu Dhabi.
This brings to total 19 commercial banking licences that Malaysia has issued over the years to foreign operators.
Hussain, who took the helm at HSBC in December last year, said the group is used to having many competitors in other countries that it operates.
"Liberalisation in itself is welcomed ... but the sector has to provide value and innovation," he remarked.
He pointed out that this was necessary as Malaysia is already a well-served market in terms of the number of financial institutions, relative to the size of the overall country.
"I think the dangers are that the market doesn't innovate and doesn't grow, and therefore competes within an existing sphere of activity. That would be challenging because it ultimately drives down pricing. Those are issues that need to be thought about very carefully," he said.
While he thinks there seems to be signs that new innovations are coming into the market as the economy picks up, he felt that the innovation has to be constant and present in both the conventional and Islamic banking space.
"There's more to be done and we look forward to playing our role in that," he said.
HSBC, whose presence in Malaysia dates back to 1884, is different from other foreign banks here in that it is "a truly global institution", with none of its rivals beng as large in terms of international focus, Mukhtar claimed.
It also has the largest branch network and number of staff, he added. HSBC currently has 40 conventional branches and six Islamic branches, and employs more than 5,000 people in Malaysia.
Read more: HSBC: New players must be innovative http://www.btimes.com.my/Current_News/BTIMES/articles/ahsbc/Article/#ixzz0smVjfJ1J
Maybank starts Islamic stockbroking service
Published: 2010/07/05
Malayan Banking Bhd, Malaysia’s biggest lender, is launching an Islamic stockbroking service today, the company said in a statement. - Bloomberg
Read more: Maybank starts Islamic stockbroking service http://www.btimes.com.my/Current_News/BTIMES/articles/20100705103139/Article/index_html#ixzz0smVBiy5E
Malayan Banking Bhd, Malaysia’s biggest lender, is launching an Islamic stockbroking service today, the company said in a statement. - Bloomberg
Read more: Maybank starts Islamic stockbroking service http://www.btimes.com.my/Current_News/BTIMES/articles/20100705103139/Article/index_html#ixzz0smVBiy5E
Thursday, July 1, 2010
Battle for Parkway heats up
Friday July 2, 2010
By LEONG HUNG YEE
hungyee@thestar.com.my
Fortis offers S$3.80 per share, passing the ball to Khazanah’s court
PETALING JAYA: India’s Fortis Healthcare Ltd and its major shareholders have made a general offer for Singapore’s Parkway Holdings Ltd at S$3.80 per share cash, slightly over Khazanah Nasional Bhd’s earlier offer of S$3.78 a share.
Even though Fortis’ offer is a mere 0.53% more than Khazanah’s offer, Malvinder Mohan Singh, chairman of Fortis said in a press conference in Singapore yesterday, “I certainly believe our offer is compelling. We are giving shareholders the flexibility to take the decision that is in their best interest.”
Malvinder, who has also become the chairman of Parkway soon after Fortis bought into the Singapore company in March, did not comment on a potential bidding war with Khazanah.
A key difference between Fortis’ offer and Khazanah’s partial offer is that the former is a full general offer, while the latter is only a partial offer, with Khazanah intending to only own 51% of Parkway.
Khazanah currently owns about 23% in Parkway while Fortis has more than 25%.
Fortis’ offer to buy all of Parkway at S$3.80 a share will cost it around S$3.2bil.
The offer was made by RHC Healthcare Pte Ltd, a company jointly owned by RHC Holding Private Ltd, the holding company of Malvinder and his brother Shivider Mohan Singh and Fortis.
Parkway shares were suspended from trading yesterday. Its last traded price was S$3.57.
It remains unclear if Khazanah will make a counter offer for Parkway. The government investment arm said it was evaluating the situation.
Commenting on the rationale to buy Parkway, Malvinder said, “We see ourselves well-positioned for growth. We want to build on our investment (in Parkway) since March this year and we see the combined platform as a way to drive long-term value for the shareholders of both Parkway and Fortis.”
“We see great value in the Parkway brand and believe that Fortis and Parkway together will become a world-class global healthcare organisation,” he said.
Malvinder said the Parkway offer was being financed by a combination of cash and debt, and declined to elaborate.
Macquarie Group Ltd and Royal Bank of Scotland Group Plc are the financial advisors on the offer.
According to data complied by Bloomberg, the offer from Fortis values Parkway at about 27 times estimated 2010 earnings per share. Raffles Medical Group Ltd, Parkway’s biggest Singapore-based competitor, traded at 21 times, it said.
DBS Vickers Securities, in a note yesterday, said that with Fortis’ new offer, the “ball now is in Khazanah’s court to counter (offer). Khazanah had reserved its rights to revise its partial offer into a general offer”.
The Singapore-based research outfit said it was likely that Khazanah would counter offer “as it has highlighted its strategic intent, and Pantai is a crown jewel.”
DBS Vickers also said that “a counter general offer from Khazanah (say at S$3.85 per share) will provide Fortis with a full exit opportunity, netting them a reasonable 8% gain over three months.”
The research house advised its clients to hold on to their Parkway shares and “watch the action”.
It pointed out that Fortis’ offer of S$3.80 values Parkway at S$4.3bil, equating to a price earnings multiple of 33 times FY10 forecast earnings.
“We believe the valuation is attractive enough to accept, provided no counter offer comes along. We believe the small premium could suggest a bidding battle would ensue, but new positions taken would be speculative in nature, in our view,” DBS Vickers said in its note
http://biz.thestar.com.my/news/story.asp?file=/2010/7/2/business/6590978&sec=business
By LEONG HUNG YEE
hungyee@thestar.com.my
Fortis offers S$3.80 per share, passing the ball to Khazanah’s court
PETALING JAYA: India’s Fortis Healthcare Ltd and its major shareholders have made a general offer for Singapore’s Parkway Holdings Ltd at S$3.80 per share cash, slightly over Khazanah Nasional Bhd’s earlier offer of S$3.78 a share.
Even though Fortis’ offer is a mere 0.53% more than Khazanah’s offer, Malvinder Mohan Singh, chairman of Fortis said in a press conference in Singapore yesterday, “I certainly believe our offer is compelling. We are giving shareholders the flexibility to take the decision that is in their best interest.”
Malvinder, who has also become the chairman of Parkway soon after Fortis bought into the Singapore company in March, did not comment on a potential bidding war with Khazanah.
A key difference between Fortis’ offer and Khazanah’s partial offer is that the former is a full general offer, while the latter is only a partial offer, with Khazanah intending to only own 51% of Parkway.
Khazanah currently owns about 23% in Parkway while Fortis has more than 25%.
Fortis’ offer to buy all of Parkway at S$3.80 a share will cost it around S$3.2bil.
The offer was made by RHC Healthcare Pte Ltd, a company jointly owned by RHC Holding Private Ltd, the holding company of Malvinder and his brother Shivider Mohan Singh and Fortis.
Parkway shares were suspended from trading yesterday. Its last traded price was S$3.57.
It remains unclear if Khazanah will make a counter offer for Parkway. The government investment arm said it was evaluating the situation.
Commenting on the rationale to buy Parkway, Malvinder said, “We see ourselves well-positioned for growth. We want to build on our investment (in Parkway) since March this year and we see the combined platform as a way to drive long-term value for the shareholders of both Parkway and Fortis.”
“We see great value in the Parkway brand and believe that Fortis and Parkway together will become a world-class global healthcare organisation,” he said.
Malvinder said the Parkway offer was being financed by a combination of cash and debt, and declined to elaborate.
Macquarie Group Ltd and Royal Bank of Scotland Group Plc are the financial advisors on the offer.
According to data complied by Bloomberg, the offer from Fortis values Parkway at about 27 times estimated 2010 earnings per share. Raffles Medical Group Ltd, Parkway’s biggest Singapore-based competitor, traded at 21 times, it said.
DBS Vickers Securities, in a note yesterday, said that with Fortis’ new offer, the “ball now is in Khazanah’s court to counter (offer). Khazanah had reserved its rights to revise its partial offer into a general offer”.
The Singapore-based research outfit said it was likely that Khazanah would counter offer “as it has highlighted its strategic intent, and Pantai is a crown jewel.”
DBS Vickers also said that “a counter general offer from Khazanah (say at S$3.85 per share) will provide Fortis with a full exit opportunity, netting them a reasonable 8% gain over three months.”
The research house advised its clients to hold on to their Parkway shares and “watch the action”.
It pointed out that Fortis’ offer of S$3.80 values Parkway at S$4.3bil, equating to a price earnings multiple of 33 times FY10 forecast earnings.
“We believe the valuation is attractive enough to accept, provided no counter offer comes along. We believe the small premium could suggest a bidding battle would ensue, but new positions taken would be speculative in nature, in our view,” DBS Vickers said in its note
http://biz.thestar.com.my/news/story.asp?file=/2010/7/2/business/6590978&sec=business
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