Tuesday, August 20, 2013

Message to TAN SRI SYED MOKHTAR AL BUKHARY - Press Release ::: Press Report for DRB Group – Termination action against workers exercising their political rights is abhorred.


We, the National Union of Transport Equipments & Allied Indutries Workers NUTEAIW) is appalled by the action of DRB Hicom companies, being Hicom Automotive Manufacturing Sdn Bhd and Isuzu Hicom Sdn Bhd in Pekan, taking disciplinary action against 18 workers who exercised their right as citizens outside working hours.  Pursuant to a decision by the Malaysian Trade Union Congress (MTUC), which was also supported by the NUTEAIW, to extract commitments on worker rights from contesting candidates and political parties, workers went to meet contesting candidates before election day.


On 3/5/2013, these 18 workers submitted the MTUC memorandum to one of the contesting candidates in the Parliamentary constituency, which also happens to be the constituency that the Prime Minister of Malaysia was contesting. For this, disciplinary action have been initiated by two  DRB HICOM companies in Pekan, after more than 85 days of suspension were terminated on 19th August 2013.
Hicom Automotive Manufacturing Sdn Bhd, which assembles automobiles for
Suzuki, Mercedes-Benz
and Volkswagen, issued show cause letters to 16 workers, and speedily proceeded with the Domestic Inquiry on 11th June 2013 and terminated them on 19th Auguste 2013. Likewise, Isuzu Hicom Sdn Bhd, that assembles automobiles for Isuzu, issued show cause letters to 2 workers and they too has been terminated by the Company on 19th August 2013. The workers were not allowed the right to be represented by representatives of the National Union, only representatives from the work site committee.
We consider this not only a gross violation of worker rights, but a violation of the right of citizens to participate in the democratic process of Malaysia during the 13th General Elections. No employer should have the right to dictate directly or indirectly the political choices, activities and/or actions of their workers, more so outside employment hours. Workers, as citizens, of Malaysia must have the freedom to join and participate in any political parties, even offer themselves as candidates and involve themselves in campaigning in general elections. Hence the taking of this disciplinary action against workers for things they did in exercise of their rights as citizens in a democracy during the 13th General Elections is an infringement of their rights. The best thing that these DRB Hicom companies can do now is to immediately reinstate these workers without any delay.
The charges levied against the workers are (1) Undermining the image or good name of the company orally, in writing or by action, and (2) Bringing about or trying to bring about any form of influence or outside pressure to submit or support any external claim that is related to service be it an individual claim or claims of other employees.
The employer allegedly is of the position that the participation and action of the said 18 workers,Photo were contrary to the interest of the company gave the false impression that the company was involved in politics.
If the company fears that there will be a perception that ‘the company was involved in politics’, it is hypocritical given the fact that during campaigning period, on 25/4/2013, the company encouraged workers to go and meet the Barisan Nasional Paliamentary candidate for Pekan, Mohd Najib Abdul Razak, also the incumbent Prime Minister. Workers were allowed to go for the meeting during working hours. This event was also highlighted in Najib’s 13th General Election Pekan Constituency candidate website (http://www.parlimenpekan.com,) and the posting was entitled ‘Dato’ Sri Najib Beramah Mesra Dengan Warga DRB-Hicom Pekan’Najib Beri Sijil 2(Dato’ Sri Najib Socialize with DRB-Hicom citizenry). Later that very day women workers were also allowed by the company to meet up with Najib’s wife.
Companies and businesses should never terminate a worker for reasons other than matters that relates to work performance and/or their conduct as a worker save for very exceptional cases like where a worker is convicted for a criminal offence.
These 18 workers have families and children, and a termination would cause great hardship to their wellbeing and livelihood. Amongst the 18 are also trade union leaders, including also the current chairperson of MTUC Pahang Division
, and as such termination of worker leaders may also be perceived as a ‘union busting’
 action by these DRB Hicom companies.
We call on DRB Hicom,  Hicom Automotive Manufacturing Sdn Bhd and Isuzu Hicom Sdn Bhd to immediately reinstate them without loss of benefits.
We call on Prime Minister Mohd Najib Abdul Razak,being also the Member of Parliament for Pekan, to intervene and ensure that worker and citizen rights of his constituents are not violated by employers.

This press release is prepared and released by:


N.GOPAL KISHNAM
General Secretary
National Union of Transport Equipment & Allied Industries Workers (NUTEAIW)
No. 30 A, Jalan Utas A, Section 15, 40000 Shah Alam. Selangor Darul Ehsan. Malaysia
Tel : 603-55192421 or 603-55193860
Fax 603-55106863
e-mail: nutew@streamyx.com or kishnam18gp@yahoo.co.uk





Joint Statement: DRB HICOM Must Respect the Citizens' Right to Participate in the Democratic Process in Malaysia


– Stop disciplinary action against workers for exercising their political rights.



(YORK, UK) - We, the undersigned 41 civil society organizations, trade unions and concerned groups, are appalled by the actions of two DRB Hicom companies based in Pekan, namely HICOM Automotive Manufacturers (Malaysia) Sdn Bhd and ISUZU HICOM Malaysia Sdn Bhd for taking disciplinary action against 18 workers who merely exercised their rights (outside working hours), as citizens, to participate in the democratic process. Pursuant to a decision by the Malaysian Trade Union Congress (MTUC), which was also supported by the National Union of Transport Equipment and Allied Industries Workers (NUTEAIW), to extract commitments on workers' rights from contesting candidates and political parties involved in GE13, workers throughout Malaysia, including in Pekan, met or attempted to meet contesting candidates from all parties before election day, being on 5/5/2013.
Accordingly, on 3/5/2013, a group of 18 workers submitted the MTUC memorandum to one of the contesting candidates in the Pekan parliamentary constituency, which also happens to be the constituency that the Prime Minister of Malaysia was contesting.
On account of this act, disciplinary action has been initiated by 2 DRB HICOM companies based in Pekan against these 18 workers.
DRB-Hicom Automotive Complex
First, HICOM Automotive Manufacturers (Malaysia) Sdn Bhd, which assembles automobiles for Suzuki, Mercedes-Benz and Volkswagen, has issued show cause letters on 22/5/2013 to 16 workers, and speedily proceeded with the 'Domestic Inquiry' which began on 11/6/2013. At present the Domestic Inquiry is yet to end and there is no decision.
Second, ISUZU HICOM Malaysia Sdn Bhd, that assembles automobiles for Isuzu, also issued show cause letters to 2 workers. They, too, are awaiting the decision of the Domestic Inquiry. Significantly, the workers were NOT allowed the right to be represented by lawyers or representatives of the National Union, only by representatives from the work site committee.

We consider the action taken by the two DRB Hicom companies not only a gross violation of worker rights. It is also a violation of the right of citizens to participate in the democratic process of Malaysia, especially during elections. No employer should have the right to dictate directly or indirectly the political choices, activities and/or actions of their workers, more so outside employment hours. Workers, as citizens, of Malaysia must have the freedom to join and participate in any political party of their choice, offer themselves as candidates if they so wish, and involve themselves in campaigning in general elections.
Hence DRB Hicom's taking disciplinary action against these 18 workers for exercising their rights as citizens in the run-up to GE13, is completely uncalled for. It is a gross violation of the rights of these 18 workers. Under the circumstances, we demand that DRB Hicom stop all disciplinary actions being taken against these 18 workers immediately. If any of these 18 workers have already been terminated, they should be reinstated immediately.
We understand that the charges leveled against the workers are (1) undermining the image or good name of the company orally, in writing or by action, and (2) bringing about or trying to bring about any form of influence or outside pressure to submit or support any external claim that is related to service be it an individual claim or claims of other employees.
We further understand that the employer DRB Hicom is trying to rationalise its action against the said 18 workers - in seeking a commitment on workers rights from the Pekan parliamentary candidate – by claiming that the workers might have given the 'false impression' that 'the company was involved in politics' which is contrary to the company's stance.
Najib dan orang ramai

We find such an explanation laughable! Indeed, it is hypocritical given the fact that during the electoral campaign period, on 25/4/2013, the company had encouraged workers to go and meet the Barisan Nasional Paliamentary candidate for Pekan, Mohd Najib Abdul Razak, also the incumbent Prime Minister. Indeed, workers were allowed to go for the meeting during working hours! This event was also highlighted in Najib’s 13th General Election Pekan Constituency candidate website (http://www.parlimenpekan.com/?p=840), and the posting was entitled ‘Dato’ Sri Najib Beramah Mesra Dengan Warga DRB-Hicom Pekan’(Dato’ Sri Najib Socialize with DRB-Hicom citizenry). Later that very day women workers were also allowed by the company to meet up with Najib’s wife. 
Companies and businesses should never terminate a worker for reasons other than matters that relate to work performance and/or their conduct as a worker save in very exceptional cases, for eg, like when a worker is convicted of a criminal offence.
These 18 workers have families and children, and a termination would cause great hardship to their well-being and livelihood. Amongst the 18 are also trade union leaders, including also the current chairperson of MTUC Pahang Division. We hope that the termination of worker leaders does not occur and that the two DRB HICOM companies are not resorting to ‘union busting’.
We call on DRB Hicom, HICOM Automotive Manufacturers (Malaysia) Sdn Bhd and ISUZU HICOM Malaysia Sdn Bhd to immediately discontinue disciplinary action against the said 18 workers, and if any be already terminated to immediately reinstate them without loss of benefits.
We call on Prime Minister Mohd Najib Abdul Razak, being also the Member of Parliament for Pekan, to intervene and ensure that the rights of his constituents, as workers and as citizens, are not violated by employers.
Charles Hector
Mohd Roszeli bin Majid
Pranom Somwong
 
For and on behalf the 51 organisations listed below

ALIRAN
Asia  Pacific Forum on Women, Law and Development ( APWLD)
Asian Migrant Centre (AMC)
Association of Maybank Executives
Building and Wood Workers International Asia Pacific
Burma Campaign Malaysia
Clean Clothes Campaign
Community Action Network (CAN), Malaysia
Dignity International
Group of Concerned Citizens
Persatuan Sahabat Wanita Selangor
Human Rights Ambassador for Salem News , UK 
Jawatankuasa Sahabat Rakyat (人民之友)
Kesatuan Pekerja-Pekerja Polyplastics Asia Pacific
Kesatuan Sekerja Industri Elektronik Wilayah Selatan Semenanjung Malaysia
Kesatuan Pekerja Pekerja Kelab Semenanjung Malaysia
Legal Aid Commission, Sri Lanka
MADPET (Malaysians Against Death Penalty and Torture)
Malaysians for Beng Hock
Malaysian Physicians for Social Responsibility
Migrante International
Migrants Rights Council,India
MTUC(Malaysian Trade Union Congress) Melaka
MTUC(Malaysian Trade Union Congress) Pahang
MTUC(Malaysian Trade Union Congress) Penang Division
Network of Action for Migrants in Malaysia(NAMM)
NUBE (National Union of Banking Employees), Malaysia
NUHBRW (National Union of Hotel, Bar and Restaurant Workers), Malaysia
Parti Rakyat Malaysia(PRM)
Persatuan Kesedaran Komuniti, Selangor (EMPOWER)
Persatuan Masyarakat Selangor & Wilayah Persekutuan (PERMAS)
Pusat KOMAS (KOMAS)
Sarawak Dayak Iban Association
SUARAM (Suara Rakyat Malaysia)
Tenaganita, Malaysia
Think Centre, Singapore
Tenaga Nasional Berhad Junior Officers Union (TNBJOU), Malaysia
WARBE Development Foundation-Bangladesh
Women's Aid Organisation (WAO), Malaysia
Workers Assistance Center, Inc, Philippines
Workers Hub For Change (WH4C)

Additional Endorsements:
NLD LA Malaysia
Yayasan LINTAS NUSA - Batam Indonesia
IMA Research Foundation, Bangladesh
WARBE Development Foundation-Bangladesh
Committee for a Workers' International (CWI) Malaysia
Women's Rehabilitation Centre (WOREC), Nepal
National Alliance Of Women Human Rights Defenders Alliances, Nepal
Legal Support for Children and Women (LSCW), Cambodia
HMISC (Hsinchu Cathoic Diocese Migrants and Immigrants Service Center, Taiwan
National Domestic Workers’ Movement (NDWM), India

Note:- The statement was send to the Prime Minister of Malaysia but still no response yet.



25 June, 2013



Dato' Sri Mohd Najib Bin Tun Haji Abdul Razak,

Member of Parlimen Pekan P.085

Prime Minister of Malaysia,

Prime Minister's Office,
Main Block, Perdana Putra Building,
Federal Government Administrative Centre,
62502 Putrajaya, MALAYSIA



Dear Sir,



Please find enclosed this Joint Statement of 41 organizations and groups, dated 25/6/2013, entitled “DRB HICOM Must Respect The Citizens’ Right To Participate In The Democratic Process In Malaysia – Stop disciplinary action against workers for exercising their political rights.”



We call on you, Prime Minister Mohd Najib Abdul Razak, being also the Member of Parliament for Pekan, to intervene and ensure that the rights of his constituents, as workers and as citizens, are not violated by employers. Intervene to ensure that the disciplinary action against the said 18 workers is discontinued, and ensure that they not be terminated for exercising the rights as citizens in a democracy.



Kindly acknowledge receipt, and we would appreciate being kept informed of steps taken in response to this statement.



Thank you.



In solidarity,





Charles Hector           Mohd Roszeli bin Majid           Pranom Somwong

copy from ::http://charleshector.blogspot.com 










At its close on Friday, MMC Corp, Syed Mokhtar Albukhary’s flagship, had a market capitalisation of about RM8.22 billion. This would indicate that Syed Mokhtar’s 51.76% equity in interest in MMC would have a market value of RM4.25 billion.
His other main holding company is DRB Hicom which closed at RM2.56 giving it a market capitalisation of RM4.95 billion. This would give his 55.92% a market value of RM2.77 billion.
Thus collectively the stakes in the two companies are worth in excess of RM7 billion.
Early this year Forbes ranked Syed Mokhtar as Malaysia’s seventh richest with a net worth of some US$3.3 billion or about RM10.5 billion.
Nevertheless getting to the bottom of his actual wealth is not a simple matter, as his assets are diversified and his shareholdings fragmented.
“There are so many assets linked to him, parcels of land in Johor, and now people are saying he’s part of Eco World Development (Sdn Bhd)…so many assets link back to him. Maybe only he knows his actual asset worth,” a source familiar with the tycoon said.
syed mokhtar assets 121113
Difficult to gauge his actual wealth
This is not including the stakes, sources say belong to him, but where he doesn’t surface such as in Bina Puri Holdings where Syed Mokhtar’s private company Jentera Jati Sdn Bhd has 15.91%, in the construction company, translating to a market value of some RM19.73 million.
There are also other companies such as Megaplace Sdn Bhd a private company linked to his brother Syed Azmin Mohd Nursin @ Syed Nor which has 23.57% in Amtek Holdings Bhd, which has a market value of RM2.77 million.
While these two do not add much to his net worth (considering his shareholding in MMC and DRB amounts to RM7 billion) it does give some form of indication of how the tycoon managed to remain below the radar for so many years.
A sprawling empire
While these three companies are officially his, there are whole host of others he has been linked to over the years, including Star Publications (M) where he had 20% at the IPO, Padini Holdings Bhd, Latitude Tree Holdings, Elba Holdings, Eden Inc, Pilecon Engineering, IJM Corp and Oriental Garments to name a few.
And this list is from his biography released earlier this year.
There are others counters as well such as scrap metal trader SMPC Corp Bhd which he was said to have a huge stake of some 20% for many years.
Anyway let’s take a look at a breakdown of some of his assets.
MMC Corp
mmc-logoThe tycoon’s flagship is MMC, a company his private vehicle Impian Teladan Sdn Bhd acquired 19.9% of in 2000, forking out RM499.18 million or RM3 per MMC share.
A news report from then had it that Syed Mokhtar got his “hands on a company sitting on RM633 million in deposits, and investments – quoted and unquoted – amounting to RM2.16 billion.”
As at end June this year MMC had deposits, bank and cash balances of RM4.94 billion, while on the other side of the balance sheet it had long term debt commitments of RM21.26 billion and short term borrowings of RM2.42 billion.
(We look at his high debt level in another piece)
gas-malaysia-berhad-generic-1.0As for its assets, MMC has 30.9% in Gas Malaysia, a company with a market capitalisation exceeding RM5.16 billion, and 39.2% in civil engineering outfit Zelan. Zelan has not been faring well and only had a market capitalisation of RM160 million at its close of 28.5 sen last Friday.
Then there’s power generator Malakoff Corp where MMC has 51% equity interest. Malakoff posted net profits of RM468.2 million in FY12. Malakoff recently let its approvals for a floatation exercise lapse, and reports have it that the company is looking to issue debt papers, to help settle debts.
Under MMC itself there are a few assets where value can be unlocked such as his port assets, made up of Port of Tanjung Pelepas Sdn Bhd, which is Malaysia largest container port by throughput volumes, Johor Port Bhd, and soon to be included Penang Port Sdn Bhd.
While there are rumours that he has tried to take over NCB Holdings Bhd, which wholly owns Northport (M) Bhd, which is part of Port Klang, these rumours cannot be verified.
There has been talk that he has attempted to buy Kelang Port Authority, 5.32% for starters but the port authority has been reluctant to sell.
Other assets that could be floated are Aliran Ihsan Resources which has the operations and maintenance of water treatment plants, Southern Water Corp Sdn Bhd and and Aliran Utara Sdn Bhd. But Aliran Ihsan suffered marginal losses in FY12.
There’s also MMC’s multi billion ringgit Klang Valley MRT project where, partnering Gamuda, it is the project delivery partner.
Considering all the assets, MMC for its six months ended June this year posted net profits of RM52.68 million from RM3.24 billion in revenue.
DRB Hicom
Just a few weeks ago, DRB proposed to acquire 61.6% of haulage and transportation company Konsortium Logistik for RM1.55 per share or some RM241 million.
drb hicom logo thumbOther assets under its belt include national automaker Proton Holdings. DRB forked out RM5.50 a share or almost RM1.3 billion for Khazanah Nasional’s 42.74% equity interest and privatised Proton Holdings for slightly over RM3 billion.
There’s also Pos Malaysia where DRB has 32.2% equity interest, it acquired for RM622.8 million from Khazanah as well.
Other than Proton and Pos Malaysia, there’s also assets such as Honda Malaysia Sdn Bhd where DRB has 34%, Bank Muamalat in which DRB has 70% equity interest, wholly owned Puspakom Sdn Bhd, wholly owned Edaran Otomobil Nasional and Proton Edar Sdn Bhd, DRB Hicom Defence Technologies Sdn Bhd, 97.37% of Alam Flora Sdn Bhd and wholly owned Lotus Group International Ltd, to name a few.
However despite its impressive asset base, DRB’s financials have been wanting. For its three months ended June this year, DRB posted a mere RM10.26 million in net profits from RM3.05 billion in sales.
In a bidding war back in December 2004, Syed Mokhtar edged out the late Malaysian motor czar SM Nasimuddin SM Amin of the Naza group. Syed Mokhtar bid RM3.60 per share, 10 sen more than Nasimuddin for a controlling 15.8% held by the family of the late Yahya Ahmad, after which he strengthened his grip on the company via the injection of Bank Muamalat Bhd into the company.
Tradewinds Corp
Not to be forgotten is his other flagship Tradewinds Corp Bhd which was privatised and delisted in end September this year.
tradewinds thumbIts last financial results for the six months ended June were RM75.44 million in net profits from RM474.57 million in revenue.
While the margins for Tradewinds Corp’s results are impressive, the company’s asset base is truly amazing. Among those that are more well-known include Tradewinds (M) which has Padiberas Nasional (Bernas), Central Sugars Refinery Sdn Bhd and Tradewinds Plantations among a whole host of other assets.
According to filings which accompany its financials, as at end June this year Tradewinds Corp’s total assets stood at RM3.56 billion.
Since Tradewinds Corp has been privatised it is difficult to put a price tag on the company, but nevertheless it could be worth more than the RM3.56 billion if stripped.
Bernas at its close on Friday had a market capitalisation of RM1.67 billion. It is also noteworthy that Bernas could be voluntarily withdrawn from the Bursa Malaysia as Syed Mokhtar’s companies had collectively about 83.69% control of Bernas.
Shahidan Kassim
Shahidan Kassim
Other than Syed Mokhtar, the only other shareholder with clout in Bernas is Cabinet Minister Shahidan Kassim who via his vehicle Batu Bara Resources Sdn Bhd has about 4.8% equity interest in Bernas. Other notable shareholders include Pertubuhan Peladang Kebangsaaan with 3.71% interest, and Persatuan Nelayan Kebangsaan which goes by the acronym Nekmat controlling a 3.42% stake.
Tradewinds was formerly known as Pernas International Holdings.
Back in 2002 Syed Mokhhtar’s Restu Jernih Sdn Bhd, acquired 32% of Pernas International Holdings for RM497 million or RM2.10 per share and 64 sen per warrant from an ailing Perbadanan Nasional Bhd known as PNS.
Since then he has restructured the once ailing Tradewinds and considerably transformed the company.
In 2002 the price Syed Mokhtar paid for Pernas International Holdings was more than a few hundred percent premium to its trading price, which many considered a bailout.
To put things in perspective, Pernas was set up in 1969 to promote Malay capital ownership, but the lumbering giant corporation failed in its agenda, and bled losses for the longest time.
At that time one of Syed Mokhtar’s general had said, “We don’t cherry pick,” when asked to comment about his acquisition of Pernas.
Based on these assets alone, Syed Mokhtar’s clout in corporate Malaysia is evident. The fact that he has built up his wealth over a span of 20 odd years is remarkable.
But considering his is a rags to riches story, how did he do it?

Sebesar manakah empayar Syed Mokhtar Albukhary?

Ketika penutupan pada Jumaat, MMC Corp yang dikuasai Syed Mokhtar Albukhary mempunyai modal pasaran kira-kira RM8.22 bilion. 

Ini menunjukkan bahawa pemilikan kepentingan 51.76 peratus Syed Mokhtar mempunyai nilai pasaran sebanyak RM4.25 bilion.

Syarikat utamanya DRB Hicom pula ditutup pada RM2.56, menjadikan modal pasarannya sebanyak RM4.95 bilion. Ini menjadikan pegangan 55.92 peratus mempunyai nilai pasaran sebanyak RM2.77 bilion. 

syed mokhtar assets 121113

Oleh itu, kepentingan kolektifnya dalam kedua-dua syarikat itu bernilai lebih RM7 bilion.

Awal tahun ini, Forbes menyenaraikan Syed Mokhtar sebagai rakyat Malaysia ketujuh terkaya dengan nilai bersih AS$3.3 bilion atau kira-kira RM10.5 bilion.

Namun, untuk sampai ke tahap itu bukanlah perkara mudah. Aset beliau sebenarnya dipelbagaikan dan pegangannya dipecah-pecahkan.

"Banyak aset dikaitkan dengannya, tanah-tanah di Johor, sekarang orang bercakap bahawa beliau sebahagian daripada Eco World Development (Sdn Bhd)... jadi banyak aset dikaitkan dengannya.

"Mungkin hanya beliau sahaja yang tahu nilai aset sebenarnya," kata sumber yang mengetahui perihal taikun perniagaan itu.
sumber:::http://www.malaysiakini.com

The sprawling empire of Syed Mokhtar Albukhary
At its close on Friday, MMC Corp, Syed Mokhtar Albukhary’s flagship, had a market capitalisation of about RM8.22 billion. This would indicate that Syed Mokhtar’s 51.76% equity in interest in MMC would have a market value of RM4.25 billion.
His other main holding company is DRB Hicom which closed at RM2.56 giving it a market capitalisation of RM4.95 billion. This would give his 55.92% a market value of RM2.77 billion.
Thus collectively the stakes in the two companies are worth in excess of RM7 billion.
Early this year Forbes ranked Syed Mokhtar as Malaysia’s seventh richest with a net worth of some US$3.3 billion or about RM10.5 billion.
Nevertheless getting to the bottom of his actual wealth is not a simple matter, as his assets are diversified and his shareholdings fragmented.

“There are so many assets linked to him, parcels of land in Johor, and now people are saying he’s part of Eco World Development (Sdn Bhd)…so many assets link back to him. Maybe only he knows his actual asset worth,” a source familiar with the tycoon said.
Difficult to gauge his actual wealth
This is not including the stakes, sources say belong to him, but where he doesn’t surface such as in Bina Puri Holdings where Syed Mokhtar’s private company Jentera Jati Sdn Bhd has 15.91%, in the construction company, translating to a market value of some RM19.73 million.
There are also other companies such as Megaplace Sdn Bhd a private company linked to his brother Syed Azmin Mohd Nursin @ Syed Nor which has 23.57% in Amtek Holdings Bhd, which has a market value of RM2.77 million.
While these two do not add much to his net worth (considering his shareholding in MMC and DRB amounts to RM7 billion) it does give some form of indication of how the tycoon managed to remain below the radar for so many years.
A sprawling empire
While these three companies are officially his, there are whole host of others he has been linked to over the years, including Star Publications (M) where he had 20% at the IPO, Padini Holdings Bhd, Latitude Tree Holdings, Elba Holdings, Eden Inc, Pilecon Engineering, IJM Corp and Oriental Garments to name a few.
And this list is from his biography released earlier this year.
There are others counters as well such as scrap metal trader SMPC Corp Bhd which he was said to have a huge stake of some 20% for many years.
Anyway let’s take a look at a breakdown of some of his assets.
MMC Corp
mmc-logoThe tycoon’s flagship is MMC, a company his private vehicle Impian Teladan Sdn Bhd acquired 19.9% of in 2000, forking out RM499.18 million or RM3 per MMC share.
A news report from then had it that Syed Mokhtar got his “hands on a company sitting on RM633 million in deposits, and investments – quoted and unquoted – amounting to RM2.16 billion.”
As at end June this year MMC had deposits, bank and cash balances of RM4.94 billion, while on the other side of the balance sheet it had long term debt commitments of RM21.26 billion and short term borrowings of RM2.42 billion.
(We look at his high debt level in another piece)
gas-malaysia-berhad-generic-1.0As for its assets, MMC has 30.9% in Gas Malaysia, a company with a market capitalisation exceeding RM5.16 billion, and 39.2% in civil engineering outfit Zelan. Zelan has not been faring well and only had a market capitalisation of RM160 million at its close of 28.5 sen last Friday.
Then there’s power generator Malakoff Corp where MMC has 51% equity interest. Malakoff posted net profits of RM468.2 million in FY12. Malakoff recently let its approvals for a floatation exercise lapse, and reports have it that the company is looking to issue debt papers, to help settle debts.
Under MMC itself there are a few assets where value can be unlocked such as his port assets, made up of Port of Tanjung Pelepas Sdn Bhd, which is Malaysia largest container port by throughput volumes, Johor Port Bhd, and soon to be included Penang Port Sdn Bhd.
While there are rumours that he has tried to take over NCB Holdings Bhd, which wholly owns Northport (M) Bhd, which is part of Port Klang, these rumours cannot be verified.
There has been talk that he has attempted to buy Kelang Port Authority, 5.32% for starters but the port authority has been reluctant to sell.
Other assets that could be floated are Aliran Ihsan Resources which has the operations and maintenance of water treatment plants, Southern Water Corp Sdn Bhd and and Aliran Utara Sdn Bhd. But Aliran Ihsan suffered marginal losses in FY12.
There’s also MMC’s multi billion ringgit Klang Valley MRT project where, partnering Gamuda, it is the project delivery partner.
Considering all the assets, MMC for its six months ended June this year posted net profits of RM52.68 million from RM3.24 billion in revenue.
DRB Hicom
Just a few weeks ago, DRB proposed to acquire 61.6% of haulage and transportation company Konsortium Logistik for RM1.55 per share or some RM241 million.
drb hicom logo thumbOther assets under its belt include national automaker Proton Holdings. DRB forked out RM5.50 a share or almost RM1.3 billion for Khazanah Nasional’s 42.74% equity interest and privatised Proton Holdings for slightly over RM3 billion.
There’s also Pos Malaysia where DRB has 32.2% equity interest, it acquired for RM622.8 million from Khazanah as well.
Other than Proton and Pos Malaysia, there’s also assets such as Honda Malaysia Sdn Bhd where DRB has 34%, Bank Muamalat in which DRB has 70% equity interest, wholly owned Puspakom Sdn Bhd, wholly owned Edaran Otomobil Nasional and Proton Edar Sdn Bhd, DRB Hicom Defence Technologies Sdn Bhd, 97.37% of Alam Flora Sdn Bhd and wholly owned Lotus Group International Ltd, to name a few.
However despite its impressive asset base, DRB’s financials have been wanting. For its three months ended June this year, DRB posted a mere RM10.26 million in net profits from RM3.05 billion in sales.
In a bidding war back in December 2004, Syed Mokhtar edged out the late Malaysian motor czar SM Nasimuddin SM Amin of the Naza group. Syed Mokhtar bid RM3.60 per share, 10 sen more than Nasimuddin for a controlling 15.8% held by the family of the late Yahya Ahmad, after which he strengthened his grip on the company via the injection of Bank Muamalat Bhd into the company.
Tradewinds Corp
Not to be forgotten is his other flagship Tradewinds Corp Bhd which was privatised and delisted in end September this year.
tradewinds thumbIts last financial results for the six months ended June were RM75.44 million in net profits from RM474.57 million in revenue.
While the margins for Tradewinds Corp’s results are impressive, the company’s asset base is truly amazing. Among those that are more well-known include Tradewinds (M) which has Padiberas Nasional (Bernas), Central Sugars Refinery Sdn Bhd and Tradewinds Plantations among a whole host of other assets.
According to filings which accompany its financials, as at end June this year Tradewinds Corp’s total assets stood at RM3.56 billion.
Since Tradewinds Corp has been privatised it is difficult to put a price tag on the company, but nevertheless it could be worth more than the RM3.56 billion if stripped.
Bernas at its close on Friday had a market capitalisation of RM1.67 billion. It is also noteworthy that Bernas could be voluntarily withdrawn from the Bursa Malaysia as Syed Mokhtar’s companies had collectively about 83.69% control of Bernas.
Shahidan Kassim
Shahidan Kassim
Other than Syed Mokhtar, the only other shareholder with clout in Bernas is Cabinet Minister Shahidan Kassim who via his vehicle Batu Bara Resources Sdn Bhd has about 4.8% equity interest in Bernas. Other notable shareholders include Pertubuhan Peladang Kebangsaaan with 3.71% interest, and Persatuan Nelayan Kebangsaan which goes by the acronym Nekmat controlling a 3.42% stake.
Tradewinds was formerly known as Pernas International Holdings.
Back in 2002 Syed Mokhhtar’s Restu Jernih Sdn Bhd, acquired 32% of Pernas International Holdings for RM497 million or RM2.10 per share and 64 sen per warrant from an ailing Perbadanan Nasional Bhd known as PNS.
Since then he has restructured the once ailing Tradewinds and considerably transformed the company.
In 2002 the price Syed Mokhtar paid for Pernas International Holdings was more than a few hundred percent premium to its trading price, which many considered a bailout.
To put things in perspective, Pernas was set up in 1969 to promote Malay capital ownership, but the lumbering giant corporation failed in its agenda, and bled losses for the longest time.
At that time one of Syed Mokhtar’s general had said, “We don’t cherry pick,” when asked to comment about his acquisition of Pernas.
Based on these assets alone, Syed Mokhtar’s clout in corporate Malaysia is evident. The fact that he has built up his wealth over a span of 20 odd years is remarkable.
But considering his is a rags to riches story, how did he do it?
Ketika penutupan pada Jumaat, MMC Corp yang dikuasai Syed Mokhtar Albukhary mempunyai modal pasaran kira-kira RM8.22 bilion. 

Ini menunjukkan bahawa pemilikan kepentingan 51.76 peratus Syed Mokhtar mempunyai nilai pasaran sebanyak RM4.25 bilion.

Syarikat utamanya DRB Hicom pula ditutup pada RM2.56, menjadikan modal pasarannya sebanyak RM4.95 bilion. Ini menjadikan pegangan 55.92 peratus mempunyai nilai pasaran sebanyak RM2.77 bilion. 

Sebesar manakah empayar Syed Mokhtar Albukhary?

syed mokhtar assets 121113

Oleh itu, kepentingan kolektifnya dalam kedua-dua syarikat itu bernilai lebih RM7 bilion.

Awal tahun ini, Forbes menyenaraikan Syed Mokhtar sebagai rakyat Malaysia ketujuh terkaya dengan nilai bersih AS$3.3 bilion atau kira-kira RM10.5 bilion.

Namun, untuk sampai ke tahap itu bukanlah perkara mudah. Aset beliau sebenarnya dipelbagaikan dan pegangannya dipecah-pecahkan.

"Banyak aset dikaitkan dengannya, tanah-tanah di Johor, sekarang orang bercakap bahawa beliau sebahagian daripada Eco World Development (Sdn Bhd)... jadi banyak aset dikaitkan dengannya.

"Mungkin hanya beliau sahaja yang tahu nilai aset sebenarnya," kata sumber yang mengetahui perihal taikun perniagaan itu.


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