Saturday, December 20, 2003
RM2.7b Tenaga shares... to whom?
The Minister of Finance Inc has sold 300 million Tenaga Nasional Bhd shares
representing 9.64% shareholding in an off-market deal on Dec 15.
According to theEdgeDaily.com, filings with the KLSE yesterday showed that after the December 15 private placement, the MoF's stake in the utility company was reduced to 231.15 million shares or 7.42%.
Before the latest disposal, government agencies collectively held 80.73% in Tenaga through Khazanah Nasional (34.63%), Finance Ministry (17.07%), Employees Provident Fund (11.55%), Bank Negara (11.32%) and Amanah Raya Nominees (6.16%).
The government's effective holdings in Tenaga will ease to 71.1%if the Finance Ministry had placed out the Tenaga shares to non government-linked agencies.
Singapore Business Times said analysts, though surprised by the big placement exercise, did not think the shares had ended up with foreign investors. They could have moved the shares to other government agencies, said an analyst.
Interestingly, five days after the shares were disposed, the price and name of the buyer or buyers have not been disclosed.
Taking into consideration that the stake is worth RM2.7billion based on December 19's closing price of RM9, you may like to know where the shares had gone to.
What is the government going to do with the extra liquidity, every sen the rakyat's money?
Posted by jeffooi at December 20, 2003 03:13 PM | TrackBackPossibly money was needed to do the saving operation on Country Hts. `Mines Resorts`. First time Khazanah going into properties. Must be great value there. i`m not buying tho`.
Also on Dec 12 Petronas sold 273K Proton shares. They still hold 58million.
Is this some sort of bail-out scenario going on? Meanwhile EPF is stuck with those damn electricity utilty bonds.
I think the treasury's coffer is drying up. They need money to pay the contractors that have not been paid for as long as three years. Otherwise, how to balance the budget. Or building up war chest for general election?
Posted by: ahbeng at December 20, 2003 04:38 PMhemm... even though MOF which is directly under the new PM who is an advocate for transparency, we the raykat are kept in the dark.
Posted by: drseks at December 20, 2003 05:01 PMWhy should you know? Your tax money is my money. I can spend it any way I like. I can even buy votes with it. You will still vote for me.
Posted by: Ignorant at December 20, 2003 06:06 PMwho else but SMAB. TNB sold the shares to him, he borrows from EPF to pay for the shares and eureka......he ends up controlling the biggest corporation in Malaysia. Even with less than 10%. Don't believe me.. check Bakun.
The only solution to all these is to appoint Ibrahim Ali as PM.
Posted by: gertak_kusial at December 20, 2003 10:14 PMmaybe it has to do with the Khazanah covered warrants for Tenaga, which if exercized equate to an off-market deal
Posted by: koko at December 20, 2003 11:52 PMIgnorant,
You're right Man!
I'll vote you, alright.
......................
Vote you OUT! hehe!
It has been said, "action speaks louder than words". Sorry guys, all the complaints won't change anything unless action is taken. Otherwise, the wheel just go keeps on turning.........
Posted by: pl at December 21, 2003 02:12 AMThe money is to purchase A380......
Posted by: Saya at December 22, 2003 11:37 PMThanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)
