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19
Jan
18

Turkey Of The Year: Why did FELDA buy 37% of Eagle High?

Turkey Of The Year: Why did FELDA buy 37% of Eagle High?

IT came as a surprise when the Federal Land Development Authority (FELDA) was reported to be in talks to acquire a 37% stake in PT Eagle High Plantations Tbk from Tan Sri Peter Sondakh’s Rajawali group. The deal was concluded for US$505.4 million or RM2.26 billion in April.

While FELDA attempted to justify the purchase — among other things, saying it got a 30% discount from Rajawali — most market watchers, analysts and industry players questioned the merits of the deal.

After all, FELDA’s 33% unit Felda Global Ventures Holdings Bhd (FGV) had scrapped plans to buy the same block of shares upon the advice of two separate advisers, Bank of America and JP Morgan, for a variety of reasons. So why buy an asset its own unit had walked away from?

Apart from that, Peter Sondakh is known to be well connected in Malaysia, giving rise to talk that the deal may have been politically motivated.

To recap, in June 2015, FGV signed a heads of agreement with Rajawali to acquire a 37% block in Eagle High for US$680 million in a mix of cash and shares.

In 2015, the average crude palm oil (CPO) was RM2,258 per tonne, compared to RM2,670 so far this year — which indicates the offer to FGV would have been overpriced if a 30% discount was given after a rise in the CPO price.

The fact that it was FELDA Investment Corp (FIC) Properties Sdn Bhd — originally mandated to acquire non-plantation assets — that acquired the shares also raised eyebrows. Most would think FGV would be the natural choice to invest in plantation and agriculture-related assets.

So, did FIC Properties step in because FGV was advised against buying Eagle High?

The US$505.4 million for the 37% stake works out to IDR580 a share — a whopping 95% premium to Eagle High’s closing price at the time. With Eagle High now trading below IDR180, it means FELDA is sitting on a paper loss in excess of US$326 million.

Now, eight months after the acquisition, Eagle High’s market capitalisation is just below US$420 million, which means FELDA’s 37% is valued at just US$155.4 million — less than one-third what it paid.

Attempts by FELDA chairman Tan Sri Shahrir Samad to suggest that FELDA was an intermediary for the Malaysian government did not come across as a strong justification for the acqusition.

“We are representing the government of Malaysia on two levels — the management and board of directors of Eagle High,” he said in August.

FELDA officials also explained that the acquisition was made with government funding, which raised the question as to whether the agency would have been able to obtain the funding on its own.

But what is not clear is why this acquisition is so important that FELDA had to pay more than RM2 billion for it via a loan from the government?

…more
Turkey Of The Year: Why did FELDA buy 37% of Eagle High?
January 01, 2018 – theedgemarkets.com

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18
Jan
18

Selangor voters cite massive size discrepancies in objections to EC’s redelineation

Selangor voters cite massive size discrepancies in objections to EC’s redelineation

SHAH ALAM, Jan 3 — The Election Commission’s proposed redrawing of electoral boundaries would create seats with massive voters populations, said voters objecting to the exercise in Selangor today.

During today’s hearing, Yvette Mah Looi Yin who represented 172 voters cited concerns with the proposed Damansara (P106) seat that would replace their Petaling Jaya Utara constituency.

She said Damansara would have at least 150,000 voters or about four times the size of Sabak Bernam, the smallest seat in Selangor.

“One the existing problem was the term ‘approximately equal,’ which was not clearly defined with a formula,” she said at the objection hearing held at Concorde Hotel, Shah Alam today.

Mah said that if the redelineation is done in its current form, the member of the Parliament for the area would have constituents served by three different local authorities.

DAP’s Tony Pua is the current MP for Petaling Jaya Utara.

She said it would not be possible for a single lawmaker spread so thinly to be able serve voters effectively.

“It is unfair to voters as they would be under-served by our MP because of multiple new urban and rural districts.

“We want the EC to listen to our voice and to give effect to the spirit of the Constitution that all should be equal,” she said.

Chua Piak Chwee, who represented at least 110 voters, said the size variations were illogical given the Federal Constitution stated that constituencies should be approximately the same sizes. However, this is no longer a requirement.

Chua said the EC’s proposed redelineation would dilute the rights of voters in her area, noting that the Damansara would cover 60 per cent of the state and would have 10 times the voters in Putrajaya.

“Our constituency will become the biggest in Selangor and possibly the largest in the country,” he said, when noting that the exercise would cause the seat to go from 85,000 voters to 150,000.

The proposed redelineation exercise would see parts of constituencies such as Selayang, Bukit Lanjan, Kepong and Sungai Buloh absorbed into the new parliamentary seat.

Chua said redelineations should aim to improve service to voters rather than to worsen this.

“By pulling various voting districts into the new constituency, the needs of the people would differ, so how can one MP serve such a large area?” he said.

The EC resumed hearing of objections in Selangor after the Court of Appeal allowed it to continue the process that had been halted by a legal challenge from the state government.

The EC started its redelineation process in September 2016, with the constitutional timeframe of two years meaning that it has to complete the process in September 2018.

…more
Selangor voters cite massive size discrepancies in objections to EC’s redelineation
January 3, 2018 – MMO

17
Jan
18

New military camp in Sembrong to save BN, says Johor Pakatan

New military camp in Sembrong to save BN, says Johor Pakatan

JOHOR Pakatan Harapan has claimed that Defence Minister Hishammuddin Hussein is misusing his office to transfer military voters to his Sembrong parliamentary constituency.

It said this was being done by building the new Paloh military camp, which, once ready, would house eight squadrons from the Royal Army Engineers Regiment and the 33rd Royal Artillery Regiment, to be moved from Mahkota Camp in Kluang.

The state PH alleged that the transfer of voters was to help Barisan Nasional retain the Paloh state seat, which was won with a slim majority of 103 votes in the 2013 general election.

It called on Hishammuddin to address the matter.

“He must come forward to explain, especially about the planned Paloh camp, which is located in his parliamentary constituency,” it said in a statement today.

The statement was jointly issued by state PH chairman Muhyiddin Yassin, state Bersatu chairman Shahruddin Md Salleh, state Amanah chairman Aminolhuda Hassan, state PKR chairman Hassan Karim and state DAP chairman Liew Chin Tong.

The opposition pact also disputed the government’s assertion that the Paloh camp was being built to defend the country.

“The distance between Mahkota Camp and the planned Paloh camp is less than 10km, while (the distance between) Batu 3 Camp and the Paloh camp is only around 5km.

“So, the argument that the camp is being built for security reasons is questionable.”

On December 21, Liew had said the Paloh camp was expected to add 10% more voters in Sembrong.

In October, DAP had found that there were 1,051 voters registered at a yet-to-be-completed military camp in Segamat, Johor, and 28 others at Regiment 501 Territorial Army Camp Segamat.

On November 7, Mengkibol assemblyman Tan Hong Pin had said more than 1,000 objections had been filed with the Johor Election Commission to stop military personnel from being registered as voters in Segamat. – January 1, 2018.

…more
New military camp in Sembrong to save BN, says Johor Pakatan
1 Jan 2018 – TMI

16
Jan
18

Anger, puzzlement as owners face losing new homes to HSR

Anger, puzzlement as owners face losing new homes to HSR

SPECIAL REPORT | See Chang Long, a 33-year-old chef, had over the years saved up as he surveyed the property market for a new home in Malacca. Having lived with his own parents, the father of two had wanted to purchase a new home for his own family.

In October, he decided to put down a 10 percent deposit totalling RM47,880 on a terrace house in a new residential area in Taman Satu Krubong.

But See’s joy of owning a new home quickly evaporated when he learnt within a month that the Kuala Lumpur-Singapore High-Speed Rail (HSR) had been planned to pass through his Jalan Samarinda 5 property.

“The developer never mentioned that land here would be acquired for the HSR. Why did I have to find out about this from the news?

“I used my life savings to buy this house,” an upset See told Malaysiakini.

See added that it was too late to withdraw from the purchase as the bank had already disbursed 25 percent of the loan to the developer.

Taman Satu Krubong, located around 9km from Ayer Keroh town and 16 kilometres from the Malacca City Centre, is slated for “overall completion” next year.

The freehold development comprises a mix of mid-range to luxury gated terrace houses and bungalows. Prices listed online ranged from RM400,000 to RM900,000.

Likewise, See’s neighbour Kathy Ong, a mother of two in her 40s, had purchased a house along the adjacent street at Jalan Samarinda 6.

Now that Ong has learned about the HSR alignment, she wants it to be moved away from the residential area and refuses any compensation.

“No matter how reasonable the compensation is, I will not accept it. We do not want the HSR to be built in our housing area.

“We have finally found such a good living environment. Less than a year after buying it, it is now going to be taken away from us. Where do you want us to go?,” she told Malaysiakini.

The HSR public inspections process started in November and will continue until the end of January 2018.

Malaysiakini, which had visited the public inspections, found that the project’s vehicle MyHSR Corporation had taken pains to minimise the need for property acquisition along the estimated 328-km length alignment on the Malaysian side.

Township does not exist on HSR map

However, the case of Taman Satu Krubong was unusual as in that it cuts through a brand new residential area.

Interestingly, based on the alignment map of the HSR public inspections, this residential area does not exist.

It was only after the alignment was crossed checked against Google Maps satellite images that it can be observed that the HSR will cut through a long row of properties, suggesting that the satellite images used in the HSR public inspection could be an older version.

Previous reports indicate that as many as 73 houses stand to be directly affected.

…more
Anger, puzzlement as owners face losing new homes to HSR
30 Dec 2017 – malaysiakini

15
Jan
18

New electoral boundaries will not save BN

New electoral boundaries will not save Barisan Nasional, says Muhyiddin

THE proposed new electoral boundaries for parliamentary and state seats will not save Barisan Nasional in the next general election, said Bersatu president Muhyiddin Yassin.

Muhyiddin said the ruling coalition was in panic mode as it knew that it had lost the support of most of the voters and that it would lose if the polls were to be held tomorrow.

“We can imagine all the dirty tactics that will be used in the next general election,” Muhyiddin said in his policy speech at Bersatu’s inaugural annual general meeting today.

“Even now they are trying to pass the one-sided redelineation of election boundaries,” Muhyiddin said.

“But we are confident that if the majority of the people reject Barisan Nasional, the new electoral boundaries will not save them,” he said in Shah Alam.

On Wednesday, the Election Commission resumed its redrawing of election boundaries in Selangor by conducting the first public hearing for the Kelana Jaya parliamentary seat.

Pakatan Harapan and electoral reform groups have claimed that the proposed redelineation for parliamentary and state seats are unfair and will create ethnically homogenous constituencies.

Muhyiddin also urged the EC to be fair and transparent, calling for the government to allow international observers from United Nations and Commonwealth Secretariat to monitor the next general election.

“They will do anything to remain in power, they are afraid to lose because all the misappropriations will be exposed and many of them will be brought to justice.

“They want to win not to save the country, but to save themselves,” Muhyiddin said, adding that postal voting would also be used by the government to cheat in the next GE.

…more
New electoral boundaries will not save Barisan Nasional, says Muhyiddin
30 Dec 2017 – TMI

14
Jan
18

Why is state seat bigger than parliamentary seats, voter asks EC

Why is state seat bigger than parliamentary seats, voter asks EC

A Subang Jaya voter has taken the Election Commission to task for enlarging the state constituency, even though it already has more voters than other parliamentary constituencies in Selangor.

Long-time Subang Jaya resident Theresa Ratnam said this was the complaint she raised when she attended the EC’s local inquiry today, to object the commission’s proposal on the Kelana Jaya parliamentary constituency, and the Subang Jaya state constituency within it.

Currently, Subang Jaya has 62,687 voters, while Kelana Jaya has 101,603 voters.

After redelineation, Subang Jaya would have 66,059 voters, while Kelana Jaya would be renamed “Subang” and would have 128,330 voters. The existing Subang parliamentary constituency will be named “Sungai Buloh.”

“By virtue of it being enlarged, then you are looking at the administration, the enforcement, the social issues. How can one assemblyperson or one parliamentarian oversee the whole administration?

“By virtue of that, we have submitted that EC must review their recommendation, and instead of enlarging (the constituency), see if we can have smaller constituencies,” Theresa told reporters after attending the local inquiry.

“Because N31 (Subang Jaya) is going to be bigger than P092 (Sabak Bernam) and P093 (Sungai Besar).

“They are going to be smaller than state assembly seats. How can that be? There is no justification,” she added.

The Sabak Bernam and Sungai Besar parliamentary constituencies would only have 37,126 voters and 42,833 voters, respectively, after redelineation.

The management consultant, who has lived in Subang Jaya since 1989, said she urged the EC to review their proposal and justify their intentions.

…more
Why is state seat bigger than parliamentary seats, voter asks EC
27 Dec 2017 – malaysiakini

13
Jan
18

Felda settlers want changes in leadership

Felda settlers want changes in leadership

Jempol Felda settlers complain of higher debts and lack of proper management.

PUTRAJAYA: The scandals affecting Felda and increasing debts are troubling settlers.

Abdul Rahman Ramli, 58, speaking on behalf of settlers from the Felda Raja Alias settlement in Jempol, claimed the management had “absolutely failed” in its administration of Felda.

Rahman was present at the handing-over of a memorandum to the Malaysian Anti-Corruption Commission (MACC) to urge them to investigate how Felda’s Jalan Semarak land changed hands today.

“As a settler, it breaks my heart to see that the management has absolutely failed us.

“Not only that, there are various scandals that Felda have been implicated in.

“The debts of settlers are also going up. Some owe Felda thousands of ringgit,” he told FMT today.

Rahman suggested that perhaps it was time Felda changed its leaders, who were drawn mainly from Umno.

“I hope all Malaysians understand our situation and why we are upset by the alleged corruption in Felda.”

Rahman was disappointed the management cannot even show settlers their accounts.

“Even with all the technology available, they can’t do something so simple.

“This is disheartening and it keeps us in very low spirits.”

It was time the settlers spoke out against such bad management of Felda, Rahman, who is also Jempol Amanah chairman, added.

“We do not have to wait for Felda to be implicated in such mega scandals before we voice out our concerns. There’re just too many scandals, just one after the other.”

New leaders can make the change for the settlers, he believed.

“I honestly believe that this is not the end of the road for us, all we need are better leaders, new ones, and we can get back on the right track.”

He said if Felda continues to be involved in controversies, settlers will lose confidence in the present administration running things.

…more
Felda settlers want changes in leadership
December 27, 2017 – FMT




Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?

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