Monday, October 11, 2010

Aku ingat hutang aku dah banyak...

Rupa2nya hutang GLC yang gah tu (dengan gaji dan perks tiap2 CEO nya tah berapa mellion sorang) lagi banyak....he he!!

Tapi bukan ke arwah Ghafar Baba selalu cakap masa dia jadi TPM dulu....

"Lagi banyak hutang lagi bagus....ini maknanya bank yakin dengan kita..he he!!"

Bedal ajelah Labu...


Debt-laden GLCs hard-pressed to help raise Najib’s RM1.4 trillion



By reviewing the balance sheets of these 17 largest GLCs, the consolidated debt of all these companies amount to an already sizeable RM38.6 billion.



KUALA LUMPUR, Oct 11 — With debts exceeding RM38 billion, government-linked companies like Sime Darby, Tenaga Nasional and Proton are in no position to help the government raise the RM1.4 trillion in investments to make Malaysia a “high-income” nation by 2020, said the DAP’s Tony Pua today.

Pua, the DAP publicity secretary, raised doubts about how GLCs could help raise the RM1.4 trillion outlined under the Najib administration’s Economic Transformation Programme (ETP) in the next ten years.

Under the ETP, GLCs are expected to contribute 32 per cent of the total investment of RM1.4 trillion.

“To determine if the ETP has any remote chance of success would require the above investment targets to be realistic and digestable by our GLCs. The pertinent question is whether our GLCs are able to deliver the expected amount of new investment which averages more than RM50 billion per annum till 2020?” Pua told reporters today.

Pua said that he had identified the top 20 GLCs listed on Bursa Malaysia and excluded GLC banks which are not expected to invest directly in the ETP projects.

He claimed that the companies – which include Sime Darby Sdn Bhd, Tenaga Nasional Bhd and Proton Holdings Bhd – were in “no position” to invest a total of RM454 billion, citing the collected debt of these companies as the main reason for his claims.

“The figures are extremely telling. By reviewing the balance sheets of these 17 largest GLCs, the consolidated debt of all these companies amount to an already sizeable RM38.6 billion. At the same time, the total shareholder funds invested in these companies to date is only RM140 billion,” said Pua.

“The combined market capitalisation of these GLCs is only RM266 billion, but we are actually expecting them to invest in an amount that is nearly double their current size over the next few years,” added Pua.

The first-term lawmaker also said that the financial problems currently faced by GLCs like Sime Darby meant that they were not in a stable situation to raise the required amount.

“The above doesn’t take into account the fact that many of these companies are facing their own set of financial problems such as Sime Darby with its follies in the energy sector, Tenaga which always faces tricky cashflow issues or MAS and Proton which are still struggling with their turnaround plans,” said Pua.

Pua claimed that expecting GLCs to raise billions of ringgit to fund the RM454 billion worth of ETP projects would be nothing short of “crazy”, saying that the government itself will have to bear the brunt of the fund-raising exercise.

The DAP man demanded that Prime Minister Datuk Seri Najib Razak explain during this Friday’s Budget 2011 speech how the GLCs would be able to come up with the RM454 billion in investments.

“The PM must explain during his speech for the Budget 2011 speech this coming Friday, on how exactly are we going to find the RM454 billion for our GLCs to invest in the ETP projects, as well as the balance of RM850 billion anticipated from the ‘private-private’ sector,” said Pua.

Analysts and politicians remain doubtful as to whether the government’s ETP, which promises a heavy commitment from the private sector, would be able to transform Malaysia towards a high-income economy by the year 2020.

The various projects in the ETP include the MRT system, the “River of Life” Klang River beautification project in the Greater KL region as well as future 1 Malaysia malls in China and Vietnam.

Other plans include building a huge oil storage facility next to Singapore to form a regional oil products trading hub. A casino project in Sabah is also being considered.

The Performance Management and Delivery Unit (Pemandu) said it had identified investments worth RM1.38 trillion over 10 years, of which 60 per cent would come from the private sector, 32 per cent from government-linked companies and eight per cent from the government.

The investment aims to double per capita income and push Malaysia into the ranks of “developed” nations by 2020, rebalancing Asia’s third-most export-driven economy towards domestic demand and the service sector.

1 comment:

Anonymous said...

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