股項 代號 高 低 支持 阻力 開 閉 14日平均價
1.金務大（GAMUDA） 5398 3.44 2.58 2.70 3.44 3.20 3.24 3.04
計劃與MMC機構（MMCCORP，2194，主板貿服組）聯營地（MRT），有關計劃已列入第十大馬計劃。
2.MMC機構（MMCCORP） 2194 2.77 1.93 2.20 2.77 2.48 2.49 2.46
同上。
3.沙布拉浪峰（SAPCRES） 8575 2.58 1.40 2.17 2.58 2.22 2.25 2.17
該公司2011財年首季財報符合預期，分析員相信11生產分享承包商（PSC）今年開始進行，以及新合約陸續有來，盈利前景備受看好，普遍上週2010至2012財年財測。
4.環境海事資源（ALAM） 5115 2.02 1.37 1.74 2.02 1.78 1.84 1.75
新合約放緩與供應過剩，促使平均租船費重挫30%，該公司相信，唯有領域整合能夠解決目前海事業者的困境，並壯大大馬業者實力。
5.世紀教育（SEG） 9792 4.75 0.80 3.00 4.75 4.50 4.45 3.69
相信4月宣佈的系列企業活動，包括股票拆細、派送紅股及發售憑單對股價起利好作用。
Monday, June 28, 2010
Thursday, June 24, 2010
stock to watch from June 21, 2010
股項 代號 高 低 支持 阻力 開 閉 14日平均價
1.莫實得重工（BHIC） 8133 5.02 3.60 3.60 5.02 3.98 3.97 3.76
此公司獲政府頒發總值1億3070萬令吉合約，為海事執法機構（MMEA）設計並建造10艘快艇。
2.幸馬泰（SUMATEC） 1201 0.455 0.23 0.23 0.455 0.265 0.255 0.248
此公司手握7億令吉油氣工程，另競標7億工程，並在削減多年積債後，2010財政年有望轉虧為盈。
3.雲頂種植（GENP） 2291 7.30 5.98 5.98 7.30 6.86 6.99 6.59
此公司以2600萬令吉收購 SGSI-亞地有限公司50%股權，分析員持正面看法，惟預計生物科技的商業化仍需3至4年“發酵”。
4.順利實業（KSL） 5038 1.56 1.19 1.20 1.56 1.33 1.38 1.30
此公司以2540萬令吉購買吉隆玻土地，分析員認為出價合理，增加巴生河流域地庫對該公司有利，但確實的財務影響，胥視發展計劃而定。
5.大馬統一合作（KUB） 6874 0.545 0.425 0.425 0.545 0.485 0.485 0.468
此公司獨資子公司KUB通訊私人有限公司，獲得AI Hijrah媒體機構頒發總值2949萬3773令吉的合約，興建“AI Hijrah數碼電視播放室”。
1.莫實得重工（BHIC） 8133 5.02 3.60 3.60 5.02 3.98 3.97 3.76
此公司獲政府頒發總值1億3070萬令吉合約，為海事執法機構（MMEA）設計並建造10艘快艇。
2.幸馬泰（SUMATEC） 1201 0.455 0.23 0.23 0.455 0.265 0.255 0.248
此公司手握7億令吉油氣工程，另競標7億工程，並在削減多年積債後，2010財政年有望轉虧為盈。
3.雲頂種植（GENP） 2291 7.30 5.98 5.98 7.30 6.86 6.99 6.59
此公司以2600萬令吉收購 SGSI-亞地有限公司50%股權，分析員持正面看法，惟預計生物科技的商業化仍需3至4年“發酵”。
4.順利實業（KSL） 5038 1.56 1.19 1.20 1.56 1.33 1.38 1.30
此公司以2540萬令吉購買吉隆玻土地，分析員認為出價合理，增加巴生河流域地庫對該公司有利，但確實的財務影響，胥視發展計劃而定。
5.大馬統一合作（KUB） 6874 0.545 0.425 0.425 0.545 0.485 0.485 0.468
此公司獨資子公司KUB通訊私人有限公司，獲得AI Hijrah媒體機構頒發總值2949萬3773令吉的合約，興建“AI Hijrah數碼電視播放室”。
经语良言: 资本管制归来
经语良言: 资本管制归来
2010/06/24 10:51:46 AM
●拿督斯里沈联涛 香港证监会前主席大马国行前首席经济学家及助理行长
IMF认为，在某些情况下对新兴市场的资本流入进行管制，可以有效降低市场的波动性。这显然颠覆了IMF的传统观点，就是鼓励资本充分自由流动。
直到最近，经济理论还普遍认为，资本流入对发展中国家是有利的，可以带来有价值的外汇储备。1998年在亚洲金融危机中，马来西亚为了抑制汇率投机和资本外流，实行了外汇管制，这种政策违背了华盛顿共识，受到发达国家的批评。
但是，在全球金融危机爆发后，尤其是欧洲债务危机的出现，使世界货币基金组织（IMF）开始改变观念。韩国为了控制韩元的汇率波动，于6月中旬提出了一些新的政策建议：
第一，限制韩国银行的货币互换、掉期和其他衍生品交易总量占资本金的比例，国内银行不得超过50％，外资银行不得超过 250％。第二，提高国内银行的外汇流动性比率，同时要求外资银行建立一个流动性风险管理机制，类似于英国的制度。第三，对需要借外汇的韩国机构或个人采取新的规则。
颠覆传统观点
5月，德国联邦金融管理局（BaFin）单方面出台了针对衍生品交易的禁令，包括禁止无证券卖空，无担保进行欧元主权债务的违约掉期交易。德国出台这些禁令是为了帮助解决欧元债务危机，尽管这些措施只应用于德国的股市和衍生品交易市场。
2 月，IMF发布了一份报告：《资本流入：管制的作用》，在报告中IMF认为在某些情况下，对新兴市场的资本流入进行管制，可以有效降低市场的波动性。这显然颠覆了IMF的传统观点——鼓励资本充分自由流动。
这份报告的出台，是因为大量的资金流入可能破坏国内市场环境，于是需要新的工具来应对。传统的政策工具包括货币升值，提高外汇储备，收紧财政和货币政策，加强审慎监管以限制金融业和资本流动的风险。
缺乏明确证据
IMF 认为，“如果外汇储备足够多，那么汇率就不会被低估，如果资本的流动不可持续，那么资本管制可以有效管理资本的流入。”但IMF仍然认为，资本管制的有效性仍然缺乏明确的证据，因为资本管制似乎在一些特定的国家更有效，如已有资本流动限制或者有强大行政手段的国家。
当存在短期投机行为时，尤其是投资债务或货币存款，资本流入可以引发很大问题。比如，可能引起国内借贷的激增，尤其是对那些无法偿还外币债务的国内借款者。
资本流入的最大问题在于，它是顺周期性的。
资本在经济好的时候进来制造泡沫，然后在泡沫破灭时迅速撤离，引起市场崩溃。资本流入很大一部分是息差交易，它借入低利率货币，例如日元，然后投资高利率且有升值预期的货币。
在2009年，巴西为了限制资本流入，对国外投资者购买国内资产征税。
台湾也限制外国人购买固定存款的额度。
加强审慎监管 保持开放心态
最近，IMF的欧洲理事认为，更强的审慎监管可以有效降低欧洲新兴经济体的资本流入对信贷激增的刺激作用。
例如，可以采取一项措施，限制家庭部门的外币借款，以减少货币的不匹配度。也可以采取逆周期监管，要求银行在经济好的时候保持过量的资本金，以作为经济衰退时的缓冲器。另一种工具是降低投资者的回报率，包括直接征税或不为投资者的流入资本提供利息。
韩国因资本流动的波动而对其货币造成压力，但韩国不是惟一受此困扰的东亚国家。这种压力的风险在于，资本流动会加速繁荣与萧条的周期，减少货币政策和审慎政策的作用。因为美国和欧洲的经常账户长期赤字，市场预期东亚国家的货币会持续升值，导致大量的资本流入东亚地区。问题在于，什么样的组合工具才能应对过量的资本流入？
难处在于，什么是正确的政策目标？是控制通胀还是保持增长？通胀的目标应该包括资产价格吗？如果担心大量的资本流入会干扰金融市场的稳定，那么综合的政策工具就是必要的，包括审慎监管、税收和收紧的货币政策。然而，利率政策的问题在于，国内利率与国际利率的差距越大，资本流入也越多。
别无选择
另一个问题是，资本管制是否全面、有效？有没有疏漏的地方？
东亚政策制定者面临的挑战是，虽然他们越来越意识到资本流入的威胁，但是除了采取宽泛的组合政策，可能别无选择。有些外汇储备大国允许国内居民购买外汇资产，因为他们相信，本地居民迟早能学会如何应对波动的汇率。
因为全球化的经济，每个国家都希望利用外资促进经济发展。这意味着我们要采用所有可行的工具减少资本流入带来的弊端，尤其需要加强审慎监管，并且对资本管制保持开放的心态
2010/06/24 10:51:46 AM
●拿督斯里沈联涛 香港证监会前主席大马国行前首席经济学家及助理行长
IMF认为，在某些情况下对新兴市场的资本流入进行管制，可以有效降低市场的波动性。这显然颠覆了IMF的传统观点，就是鼓励资本充分自由流动。
直到最近，经济理论还普遍认为，资本流入对发展中国家是有利的，可以带来有价值的外汇储备。1998年在亚洲金融危机中，马来西亚为了抑制汇率投机和资本外流，实行了外汇管制，这种政策违背了华盛顿共识，受到发达国家的批评。
但是，在全球金融危机爆发后，尤其是欧洲债务危机的出现，使世界货币基金组织（IMF）开始改变观念。韩国为了控制韩元的汇率波动，于6月中旬提出了一些新的政策建议：
第一，限制韩国银行的货币互换、掉期和其他衍生品交易总量占资本金的比例，国内银行不得超过50％，外资银行不得超过 250％。第二，提高国内银行的外汇流动性比率，同时要求外资银行建立一个流动性风险管理机制，类似于英国的制度。第三，对需要借外汇的韩国机构或个人采取新的规则。
颠覆传统观点
5月，德国联邦金融管理局（BaFin）单方面出台了针对衍生品交易的禁令，包括禁止无证券卖空，无担保进行欧元主权债务的违约掉期交易。德国出台这些禁令是为了帮助解决欧元债务危机，尽管这些措施只应用于德国的股市和衍生品交易市场。
2 月，IMF发布了一份报告：《资本流入：管制的作用》，在报告中IMF认为在某些情况下，对新兴市场的资本流入进行管制，可以有效降低市场的波动性。这显然颠覆了IMF的传统观点——鼓励资本充分自由流动。
这份报告的出台，是因为大量的资金流入可能破坏国内市场环境，于是需要新的工具来应对。传统的政策工具包括货币升值，提高外汇储备，收紧财政和货币政策，加强审慎监管以限制金融业和资本流动的风险。
缺乏明确证据
IMF 认为，“如果外汇储备足够多，那么汇率就不会被低估，如果资本的流动不可持续，那么资本管制可以有效管理资本的流入。”但IMF仍然认为，资本管制的有效性仍然缺乏明确的证据，因为资本管制似乎在一些特定的国家更有效，如已有资本流动限制或者有强大行政手段的国家。
当存在短期投机行为时，尤其是投资债务或货币存款，资本流入可以引发很大问题。比如，可能引起国内借贷的激增，尤其是对那些无法偿还外币债务的国内借款者。
资本流入的最大问题在于，它是顺周期性的。
资本在经济好的时候进来制造泡沫，然后在泡沫破灭时迅速撤离，引起市场崩溃。资本流入很大一部分是息差交易，它借入低利率货币，例如日元，然后投资高利率且有升值预期的货币。
在2009年，巴西为了限制资本流入，对国外投资者购买国内资产征税。
台湾也限制外国人购买固定存款的额度。
加强审慎监管 保持开放心态
最近，IMF的欧洲理事认为，更强的审慎监管可以有效降低欧洲新兴经济体的资本流入对信贷激增的刺激作用。
例如，可以采取一项措施，限制家庭部门的外币借款，以减少货币的不匹配度。也可以采取逆周期监管，要求银行在经济好的时候保持过量的资本金，以作为经济衰退时的缓冲器。另一种工具是降低投资者的回报率，包括直接征税或不为投资者的流入资本提供利息。
韩国因资本流动的波动而对其货币造成压力，但韩国不是惟一受此困扰的东亚国家。这种压力的风险在于，资本流动会加速繁荣与萧条的周期，减少货币政策和审慎政策的作用。因为美国和欧洲的经常账户长期赤字，市场预期东亚国家的货币会持续升值，导致大量的资本流入东亚地区。问题在于，什么样的组合工具才能应对过量的资本流入？
难处在于，什么是正确的政策目标？是控制通胀还是保持增长？通胀的目标应该包括资产价格吗？如果担心大量的资本流入会干扰金融市场的稳定，那么综合的政策工具就是必要的，包括审慎监管、税收和收紧的货币政策。然而，利率政策的问题在于，国内利率与国际利率的差距越大，资本流入也越多。
别无选择
另一个问题是，资本管制是否全面、有效？有没有疏漏的地方？
东亚政策制定者面临的挑战是，虽然他们越来越意识到资本流入的威胁，但是除了采取宽泛的组合政策，可能别无选择。有些外汇储备大国允许国内居民购买外汇资产，因为他们相信，本地居民迟早能学会如何应对波动的汇率。
因为全球化的经济，每个国家都希望利用外资促进经济发展。这意味着我们要采用所有可行的工具减少资本流入带来的弊端，尤其需要加强审慎监管，并且对资本管制保持开放的心态
Wednesday, June 16, 2010
经济眼：持有与抛售的原则？●叶德利
经济眼：持有与抛售的原则？●叶德利
2010/06/16 5:57:46 PM
●叶德利 金融学博士上海财经大学
现今许多面向初学者的投资书籍或文章，大都是各路投资高手的个人经验分享，特别是在行情变幻莫测之际，总会有让人紧跟到底的魔力。
无可否认，初学者开始时大都会跟随某些高手的投资经验入市。但是，这就好像别人的恋爱经验对我们而言只能是参考一样。
随着我们的人生阅历不断增加，我们必须建立自己对金融市场的系统性“常识”和“判断能力”，要促使自己比前人知道的事情懂得多一些。
在这些浩浩学问之中，初学者可能会经常可以看到一些似是而非的投资战略。例如我们经常会听到一些炒股高手大谈“股价变化的抛售原则”。这些抛售原则包括若股价上涨30%时要立即刻抛，或者股价下跌20% 就应该抛售来减少损失。
投资者一般都希望一些简单“数字”来简化投资决策。这些原则都宣称长痛不如短痛，只要这么做就不会犹疑不决或者后悔，但其实它们都是不恰当的。
若说我们用1000令吉购买的股票上涨了30%，即上涨到1300令吉时，公司状况实际上可能有了更大的改善，或者“与前期相比”本期预期收益率上涨了40%。这样的话，股价可能还有更大的上涨空间。
若剔除非理性的因素，股价的上涨或下跌都会反映一定的理由。但是，不考虑股价涨跌的理由，直接用个“数字”来概括抛售原则是极不合理的。
用好3%脑力判断股价
除此之外，有些投资规则则倡言以“个人买入价”为中心的，这也是一大问题。当然投资时肯定都比较在意“买入价”，但还是应该根据所持股票在各个时刻的股价，来决定抛售与否。
而个人买入价，对于股票市场上的其他投资者来说，并没有太多显著的影响，起码对于股市的走向不会产生太多的影响。
因此，若我们以“个人买入价”为中心，我们将逐渐变成以“自我为中心”。所以，看不到其他相关潜在因素的人，不适合股票投资这样的游戏。
到底在什么价位是适宜抛售呢？基本上我们可以说：“当购买股票的最初理由消失的时候”，我们就可以考虑抛售股票。
这是我们可以决定抛时机的一大原则。例如最初我们可以是因为股价收益率较低而购买股票。但是，当股价收益率始终没有上扬的利好消息，我们可以考虑抛售。
又或者股价没有变化但预期利率降低、收益率上涨时，就应该思考是不是抛售比较好？。
当股价大幅下跌时，我们必须冷静分析对该股票重新评价。所以， “事先决定售价原则”是不利的投资策略。
彼特林奇就曾比喻，我们在思考何时买进股票的时候，也应该同时思考何时卖出股票的问题。如果我们知道自己购买某只股票的初衷，自然就会清楚应该何时跟它说再见。基于长期价值投资的选股理念也是如此。
作为现代儒商典型代表的李嘉诚先生，也曾述说他在买进某产业的同时，也同时在思考何时卖出该产业的思考原则。
股票投资是一门艺术，不是一门科学。鉴于我们周围的商业环境和金融市场不断变化，笔者认为投资者应该具备随机应变的常识，不应该让自己束缚于某些数字游戏。
如笔者早前所言，需要电脑复杂计算的投资产品可以不必理会。股市上需要用到的全部数学知识，在我们上小学四年级的时候已经全部掌握了。
此外，依靠日常的工作经验和生活消费，用好自己脑力的3%，相信大家就足以判断某公司的股票是否应该多购进还是抛售。
2010/06/16 5:57:46 PM
●叶德利 金融学博士上海财经大学
现今许多面向初学者的投资书籍或文章，大都是各路投资高手的个人经验分享，特别是在行情变幻莫测之际，总会有让人紧跟到底的魔力。
无可否认，初学者开始时大都会跟随某些高手的投资经验入市。但是，这就好像别人的恋爱经验对我们而言只能是参考一样。
随着我们的人生阅历不断增加，我们必须建立自己对金融市场的系统性“常识”和“判断能力”，要促使自己比前人知道的事情懂得多一些。
在这些浩浩学问之中，初学者可能会经常可以看到一些似是而非的投资战略。例如我们经常会听到一些炒股高手大谈“股价变化的抛售原则”。这些抛售原则包括若股价上涨30%时要立即刻抛，或者股价下跌20% 就应该抛售来减少损失。
投资者一般都希望一些简单“数字”来简化投资决策。这些原则都宣称长痛不如短痛，只要这么做就不会犹疑不决或者后悔，但其实它们都是不恰当的。
若说我们用1000令吉购买的股票上涨了30%，即上涨到1300令吉时，公司状况实际上可能有了更大的改善，或者“与前期相比”本期预期收益率上涨了40%。这样的话，股价可能还有更大的上涨空间。
若剔除非理性的因素，股价的上涨或下跌都会反映一定的理由。但是，不考虑股价涨跌的理由，直接用个“数字”来概括抛售原则是极不合理的。
用好3%脑力判断股价
除此之外，有些投资规则则倡言以“个人买入价”为中心的，这也是一大问题。当然投资时肯定都比较在意“买入价”，但还是应该根据所持股票在各个时刻的股价，来决定抛售与否。
而个人买入价，对于股票市场上的其他投资者来说，并没有太多显著的影响，起码对于股市的走向不会产生太多的影响。
因此，若我们以“个人买入价”为中心，我们将逐渐变成以“自我为中心”。所以，看不到其他相关潜在因素的人，不适合股票投资这样的游戏。
到底在什么价位是适宜抛售呢？基本上我们可以说：“当购买股票的最初理由消失的时候”，我们就可以考虑抛售股票。
这是我们可以决定抛时机的一大原则。例如最初我们可以是因为股价收益率较低而购买股票。但是，当股价收益率始终没有上扬的利好消息，我们可以考虑抛售。
又或者股价没有变化但预期利率降低、收益率上涨时，就应该思考是不是抛售比较好？。
当股价大幅下跌时，我们必须冷静分析对该股票重新评价。所以， “事先决定售价原则”是不利的投资策略。
彼特林奇就曾比喻，我们在思考何时买进股票的时候，也应该同时思考何时卖出股票的问题。如果我们知道自己购买某只股票的初衷，自然就会清楚应该何时跟它说再见。基于长期价值投资的选股理念也是如此。
作为现代儒商典型代表的李嘉诚先生，也曾述说他在买进某产业的同时，也同时在思考何时卖出该产业的思考原则。
股票投资是一门艺术，不是一门科学。鉴于我们周围的商业环境和金融市场不断变化，笔者认为投资者应该具备随机应变的常识，不应该让自己束缚于某些数字游戏。
如笔者早前所言，需要电脑复杂计算的投资产品可以不必理会。股市上需要用到的全部数学知识，在我们上小学四年级的时候已经全部掌握了。
此外，依靠日常的工作经验和生活消费，用好自己脑力的3%，相信大家就足以判断某公司的股票是否应该多购进还是抛售。
SC obtained an injunction to refrain Datuk Ishak Ismail from dealing with trading gain of Kenmark
16/6 The SC has obtained an injunction to refrain Datuk Ishak Ismail from dealing with the RM 10.2 m proceeds from recent Kenmark shares sale.
16/6 The SC said the court has also asked Datuk Ishak Ismail to furnish details of all his assets locally and abroad within four days.
Thursday June 17, 2010
SC gets injunction against Ishak
By B.K. SIDHU
bksidhu@thestar.com.my
PETALING JAYA: In an unprecedented move, the Securities Commission (SC) obtained an ex parte injunction to refrain Datuk Ishak Ismail from dealing with the RM10.2mil worth of proceeds he got from the sale of his shares in troubled furniture maker, Kenmark Industrial Co (M) Bhd.
This is the first such case where the SC acted to prevent dealings in the cash proceeds from a share sale, but in the past the commission had obtained injunctions to prevent disposal of assets in the Swisscash case and stop usage of funds from land sale in the The Ayer Molek Rubber Co Bhd case.
Datuk Ishak Ismail has also been ordered by the KL High Court to furnish full details of his assets.
The SC obtained the injunction yesterday following its investigations into suspected breaches of securities laws by Ishak.
The commission is not about to stop where Kenmark is concerned. In fact it is actively investigating possible breaches of securities laws at the company, especially with respect to its previous board, management and key shareholders.
The SC said in a statement yesterday that the Kuala Lumpur High Court had also ordered Ishak to furnish within four days full and complete details of his assets, whether in Malaysia or elsewhere.
The SC said the RM10.2mil proceeds were from the sale of 58.7 million shares.
It is learnt that Ishak bought the Kenmark shares at between 5.8 and six sen each and subsequently sold them between June 9 and 11 at prices between 14 and 16 sen.
Ishak, the former majority shareholder of Kenmark, could not be reached for comments.
His entry and exit from Kenmark within 10 days from early June had raised eyebrows in the investing community. Ishak had said he was getting into Kenmark to help a friend (James Hwang, the managing director of Kenmark) and to offer re-employment to the company’s workers.
Ishak sold his entire direct and indirect 32% stake in the company after he failed to convince Hwang to come back to the company.
The Kenmark saga began when Hwang, a Taiwanese, disappeared mysteriously and that led to the closure of the company’s plants in Port Klang and Vietnam. Nearly a week after his disappearance, Hwang said his absence was due to an illness.
Soon after, Ishak made his brief entry.
Like the SC, Bursa Malaysia is also busy scrutinising documents for possible breaches while the Minority Shareholder Watchdog Group (MSWG) chief executive officer Rita Benoy Bushon wants those responsible for Kenmark’s troubles brought to book.
Kenmark shares continued to fall yesterday, shedding one sen, or 9%, to 10 sen on volume of 18 million shares.
Separately, Kenmark said in reply to a Bursa query that it did not know the identity of the new controlling shareholders following Ishak’s exit as a substantial shareholder.
On its Port Klang operations, it said workers had reported back for work on June 7. Its wood division resumed operations and the management is working towards fulfilling outstanding orders.
As for the printing division, the management was still assessing the condition of equipment and machinery to get them back into working order to meet deliveries, it said.
The equipment and machinery were substantially intact at its Vietnam plant and negotiations were ongoing with suppliers and financiers to resume operations there as soon as practicable, the company said.
Kenmark also said Ho Soo Woon, an executive director, was in charge of the day-to-day management and operations of the company.
The reply to Bursa was made on the collective approval by the four new directors, Datuk Abd Gani Yusof, Ho, Ahmad Azhar Abdullah and Woon Wai En.
“The Taiwanese directors, Hwang, Chen Wen-Ling and Chang Chin-Chuan, have not responded with any comments on the query (from Bursa),’’ Kenmark said.
16/6 The SC said the court has also asked Datuk Ishak Ismail to furnish details of all his assets locally and abroad within four days.
Thursday June 17, 2010
SC gets injunction against Ishak
By B.K. SIDHU
bksidhu@thestar.com.my
PETALING JAYA: In an unprecedented move, the Securities Commission (SC) obtained an ex parte injunction to refrain Datuk Ishak Ismail from dealing with the RM10.2mil worth of proceeds he got from the sale of his shares in troubled furniture maker, Kenmark Industrial Co (M) Bhd.
This is the first such case where the SC acted to prevent dealings in the cash proceeds from a share sale, but in the past the commission had obtained injunctions to prevent disposal of assets in the Swisscash case and stop usage of funds from land sale in the The Ayer Molek Rubber Co Bhd case.
Datuk Ishak Ismail has also been ordered by the KL High Court to furnish full details of his assets.
The SC obtained the injunction yesterday following its investigations into suspected breaches of securities laws by Ishak.
The commission is not about to stop where Kenmark is concerned. In fact it is actively investigating possible breaches of securities laws at the company, especially with respect to its previous board, management and key shareholders.
The SC said in a statement yesterday that the Kuala Lumpur High Court had also ordered Ishak to furnish within four days full and complete details of his assets, whether in Malaysia or elsewhere.
The SC said the RM10.2mil proceeds were from the sale of 58.7 million shares.
It is learnt that Ishak bought the Kenmark shares at between 5.8 and six sen each and subsequently sold them between June 9 and 11 at prices between 14 and 16 sen.
Ishak, the former majority shareholder of Kenmark, could not be reached for comments.
His entry and exit from Kenmark within 10 days from early June had raised eyebrows in the investing community. Ishak had said he was getting into Kenmark to help a friend (James Hwang, the managing director of Kenmark) and to offer re-employment to the company’s workers.
Ishak sold his entire direct and indirect 32% stake in the company after he failed to convince Hwang to come back to the company.
The Kenmark saga began when Hwang, a Taiwanese, disappeared mysteriously and that led to the closure of the company’s plants in Port Klang and Vietnam. Nearly a week after his disappearance, Hwang said his absence was due to an illness.
Soon after, Ishak made his brief entry.
Like the SC, Bursa Malaysia is also busy scrutinising documents for possible breaches while the Minority Shareholder Watchdog Group (MSWG) chief executive officer Rita Benoy Bushon wants those responsible for Kenmark’s troubles brought to book.
Kenmark shares continued to fall yesterday, shedding one sen, or 9%, to 10 sen on volume of 18 million shares.
Separately, Kenmark said in reply to a Bursa query that it did not know the identity of the new controlling shareholders following Ishak’s exit as a substantial shareholder.
On its Port Klang operations, it said workers had reported back for work on June 7. Its wood division resumed operations and the management is working towards fulfilling outstanding orders.
As for the printing division, the management was still assessing the condition of equipment and machinery to get them back into working order to meet deliveries, it said.
The equipment and machinery were substantially intact at its Vietnam plant and negotiations were ongoing with suppliers and financiers to resume operations there as soon as practicable, the company said.
Kenmark also said Ho Soo Woon, an executive director, was in charge of the day-to-day management and operations of the company.
The reply to Bursa was made on the collective approval by the four new directors, Datuk Abd Gani Yusof, Ho, Ahmad Azhar Abdullah and Woon Wai En.
“The Taiwanese directors, Hwang, Chen Wen-Ling and Chang Chin-Chuan, have not responded with any comments on the query (from Bursa),’’ Kenmark said.
Monday, June 14, 2010
全球富人哪里不一样？
全球富人哪里不一样？
* 投资致富
2010-06-14 10:09
人们总爱认为世界各地的人们追求财富的原因是一致的。按天性，人们喜欢过得舒适，喜欢拥有权力，喜欢由大量的物质和金钱而带来的选择和自由。
然而，事实上，对于财富的意义，世界各地的人们有不同的观念。
富裕史长短
影响财富看法
最近由巴克莱财富和莱德伯里研究新公布的巴克莱财富洞察研究报告（Barclay's Wealth Insights）指出，新兴市场国家的富人，相对于富裕史更长的欧洲有钱人以及富裕史没有那么长的美国有钱人，对于财富的看法非常不同。
这项研究共调查20个国家2000位拥有150万美元以上可投资资产的富人。他们拥有一些共识：来自世界各地区的绝大多数富人们认为，财富使他们买得起最好的产品，也使他们在生活中拥有了选择的自由，而且大多数人也认为财富是对辛勤工作的一种回报。
但他们观点的差异性则更有趣：
尊重：
亚洲和拉丁美洲富人（分别占49%和47%）更有可能说，财富“可以让我获得朋友和家人的尊重。”只有28%的欧洲人和38%的美国人说，获得尊重是财富带来的一种的副产品。
慈善：
约四分之三的美国和拉丁美洲受访者认为，财富使他们能向慈善机构捐款。相比之下，欧洲占了 57%，而亚洲为66%。
快乐：
大约有三分之二的欧洲和美国富人说，财富能给他们带来快乐。但在新兴市场国家里，财富对幸福感的影响更大，有76%的亚洲和拉丁美洲富人说，财富给他们带来了快乐。
榜样：
不到一半的美国和欧洲的富人说，富人“给他人树立了获取成功的重要榜样。”相比之下，有71% 的拉丁美洲以及61%的亚洲富人是这样认为的。
花钱：
欧洲的富人把钱花在旅游上以及家庭布置方面的可能性，大大超出其它地区的富人。拉丁美洲的富人似乎在教育方面最能慷慨解囊，而美国人在慈善事业上的贡献，则大大超过世界任何地区的富人。
从这些差异中我们可以读懂几个现象，最明显的是，在慈善事业方面，美国有比世界其他地区更正规且更优惠的税收制度。 （说美国人最“慷慨”未免过于笼统了。）
还有，全球金融危机可能已损害了富人的形像，即使在富人圈里也是如此。最后一点是，一个国家的富裕史越长，其国人就越不渴望财富能吸引别人的眼球和敬重。
星洲日报／投资致富‧财富万花筒‧2010.06.12
* 投资致富
2010-06-14 10:09
人们总爱认为世界各地的人们追求财富的原因是一致的。按天性，人们喜欢过得舒适，喜欢拥有权力，喜欢由大量的物质和金钱而带来的选择和自由。
然而，事实上，对于财富的意义，世界各地的人们有不同的观念。
富裕史长短
影响财富看法
最近由巴克莱财富和莱德伯里研究新公布的巴克莱财富洞察研究报告（Barclay's Wealth Insights）指出，新兴市场国家的富人，相对于富裕史更长的欧洲有钱人以及富裕史没有那么长的美国有钱人，对于财富的看法非常不同。
这项研究共调查20个国家2000位拥有150万美元以上可投资资产的富人。他们拥有一些共识：来自世界各地区的绝大多数富人们认为，财富使他们买得起最好的产品，也使他们在生活中拥有了选择的自由，而且大多数人也认为财富是对辛勤工作的一种回报。
但他们观点的差异性则更有趣：
尊重：
亚洲和拉丁美洲富人（分别占49%和47%）更有可能说，财富“可以让我获得朋友和家人的尊重。”只有28%的欧洲人和38%的美国人说，获得尊重是财富带来的一种的副产品。
慈善：
约四分之三的美国和拉丁美洲受访者认为，财富使他们能向慈善机构捐款。相比之下，欧洲占了 57%，而亚洲为66%。
快乐：
大约有三分之二的欧洲和美国富人说，财富能给他们带来快乐。但在新兴市场国家里，财富对幸福感的影响更大，有76%的亚洲和拉丁美洲富人说，财富给他们带来了快乐。
榜样：
不到一半的美国和欧洲的富人说，富人“给他人树立了获取成功的重要榜样。”相比之下，有71% 的拉丁美洲以及61%的亚洲富人是这样认为的。
花钱：
欧洲的富人把钱花在旅游上以及家庭布置方面的可能性，大大超出其它地区的富人。拉丁美洲的富人似乎在教育方面最能慷慨解囊，而美国人在慈善事业上的贡献，则大大超过世界任何地区的富人。
从这些差异中我们可以读懂几个现象，最明显的是，在慈善事业方面，美国有比世界其他地区更正规且更优惠的税收制度。 （说美国人最“慷慨”未免过于笼统了。）
还有，全球金融危机可能已损害了富人的形像，即使在富人圈里也是如此。最后一点是，一个国家的富裕史越长，其国人就越不渴望财富能吸引别人的眼球和敬重。
星洲日报／投资致富‧财富万花筒‧2010.06.12
Saturday, June 12, 2010
立港事件省思●冷眼
分享集:立港事件省思●冷眼
2010/06/12 11:45:01 AM
●冷眼
立港工业6月7日公布的第四季及全年业绩，对整个事件的发生原因，透露了一些端倪。
这份由一家顾问服务公司代为公布的未审核第四季报告，显示该公司最后一季亏蚀1亿4652万令吉，或是每股82仙。
但全年亏蚀反而比第四季为低，仅为1亿3702万令吉，或是每股72仙，这表示该公司全部亏蚀，是发生在第四季，说明了整个事件是累积到第四季才急转直下，并且是一发不可收拾。
尽管亏蚀严重，但每股净有形资产仍有1令吉14仙，上一个财务年结束时为1令吉89仙。除非是还有隐藏亏蚀没有浮现，或是继续严重亏蚀，股票还是有价值的。
细读该公司最后一季的资产负债表，我们发现该公司的流动资产（current assets）中，最大的项目为“应收账款”，高达1亿5234万令吉，上一财务年同时期为1亿6426万令吉，说明了应收账款一直高企不下，我们不知道该公司应收账款的详情，因此无法确定应收账款中是否有烂账。
应收账款
应收账款通常是账目中较易出毛病及较易作弊的地区。但这并不意味着该公司的账目在这个项目上有问题。在真相大白之前，我们不宜妄作猜测。
从第四季季报的“业务区分”中，我们发现该公司亏蚀最大的是“贸易”项目，高达8千714万令吉。而该季的贸易额仅为332万令吉。
亏蚀额比贸易额高出32倍，说明了亏蚀并不全部发生在最后一季，而是累积而成，只是该公司没有在每季加以注销而已，这也是我说“应收账款”最易出毛病的原因。
我并非单指立港工业，其他公司亦如此，我提醒大家在读公司账目时，特别注意这个项目，如果应收账款一直高企不下，而账期又异乎寻常的冗长，其中就可能有古怪，要特别警惕，这样的公司的股票以不买为妙。
其次，是该公司最后一季的木基产品营业量仅为1296万令吉，而亏蚀额高达5809万令吉，亏蚀额比营业量高4倍半，说明了并非全部出现在营业上，而是包括了特殊项目，究竟是什么，目前还不明朗，相信被委任的会计公司彻查后会有眉目。
从该公司的账目，我们可以得到该公司业务崩溃的一些珠丝马迹，其中之一是美国触发的金融海啸和欧洲债务触发的欧元危机，导致该公司的业务急转直下，该公司到去年12月31日的第三季，营业量为1亿0144万令吉，到今年3月31日的第4季暴跌至1876万令吉，下跌了超过四分之三。
非战之罪也
屋漏偏逢连夜雨，偏偏就在这个时候该公司为期5年的债务于今年9月到期，除非另有资金注入，否则，该公司眼见就无法依期还债。
根据该公司的 2009年年报，投资4000多万令吉设立的越南厂房及设备，在去年7月才投产，主要是装配LCD电视机，偏偏欧美市场的LCD电视机市场大跌，这方面的订单暴跌，LCD电视机价格大跌，使LCD售价竞争白热化，LCD制造厂为了削低成本，必然向LCD装配厂商的立港开刀，立港在这方面的业务亏蚀是无可避免。
公平的说，这是时势使然，非战之罪也。
流动债务
债务过高也是该公司无法渡过双重金融危机（美国在先；欧洲在后）的主因，刚公布的第四季季报显示该公司负债1亿3771万令吉。
在该公司营业大跌的时刻，偏偏长期债务5400万令吉又到期，从账目可以看出，这5400万令吉的长期债务已被移至“流动债务”（短期）项目下，表示必须在今年9月摊还，这就使该公司的财务雪上加霜，该公司之崩溃绝非偶然。
我们不了解该公司董事经理黄定国突然不告而别的原因，在这公司新大股东着手“救亡”时期，挽救公司比指责任何人更重要。因为股票是否仍有价值，胥视挽救是否成功而定。
立港事件的发生，相信出乎投资者意料之外。立港是一家具有相当悠久历史，而且业绩表现颇为不俗的上市公司，创于1988年；1997年上市次板；2001年升至主板。
转板时曾以一送二发红股，1配1发附加股（售价1令吉10仙），每一股附加股送1股涡轮，另又可以36.1仙认购1股涡轮。目前资本为1亿8174万令吉，面值为1令吉。
越南投资
上市以来的12年从未亏本，而且每年派发1.7仙至2仙的股息。
由1998年至2004年，每年每股净利由12仙至16仙不等。即使转入主板后亦如此，直到2005年起，盈利开始走下坡，每股净利跌至1仙至6仙之间，而且在此幅度内停留了5年之久，这可能也是该公司转战越南，从事LCD装配业的原因。
股价纪录显示，该公司的股价随着公司业绩的滑落而下降。
在过去5年中，股价始终在1令吉与80仙之间浮沉，股价相当稳定，相信这跟该公司不断回购自己的股票有关，纪录显示该公司由2006年起不断的从市场回购立港股票持续至今年6月2日公司崩溃前夕。
这也是可以理解的，因为2009年年报的大股东名单显示，持有27.61%股权的黄定国和另一名持有18.70%股权的台籍大股东陈文玲（译音），股票大部分抵押给国内外银行，股价暴跌可能引发逼仓行动。
6大启示
对散户来说，立港的崩溃是一个惨痛的教训，我们应该从中学习，尽量避免重蹈覆辙。
1.尽量避免买进业绩停滞不前的公司的股票，不要忘记立港业绩已5年没进展，尽管从未亏蚀。
2.尽量避免债务过高公司，尤其是周转金奇缺的公司，立港可以说是周转不灵的牺牲品。
3.注意账目中的“应收账款”和长期债务满期日期。长期债务最后一年变成短期债务，最易导致公司周转不灵。
4.避免竞争过分激烈，竞相削价或被逼削价抛售，以套取现金作为周转用途的公司。
5. 现金流量低的公司，不要买其股票。立港在最新的一季，现金枯竭，导致崩溃。
上市公司近千家，良莠不齐不足为奇，不要因为立港事件而对台资公司有偏见。
6.台资公司中有不少优秀者，纬钜、PIE、马来西亚中钢等都是没有债务，现金充沛和业绩表现优异的台资公司，足以与别国公司并驾齐驱。
2010/06/12 11:45:01 AM
●冷眼
立港工业6月7日公布的第四季及全年业绩，对整个事件的发生原因，透露了一些端倪。
这份由一家顾问服务公司代为公布的未审核第四季报告，显示该公司最后一季亏蚀1亿4652万令吉，或是每股82仙。
但全年亏蚀反而比第四季为低，仅为1亿3702万令吉，或是每股72仙，这表示该公司全部亏蚀，是发生在第四季，说明了整个事件是累积到第四季才急转直下，并且是一发不可收拾。
尽管亏蚀严重，但每股净有形资产仍有1令吉14仙，上一个财务年结束时为1令吉89仙。除非是还有隐藏亏蚀没有浮现，或是继续严重亏蚀，股票还是有价值的。
细读该公司最后一季的资产负债表，我们发现该公司的流动资产（current assets）中，最大的项目为“应收账款”，高达1亿5234万令吉，上一财务年同时期为1亿6426万令吉，说明了应收账款一直高企不下，我们不知道该公司应收账款的详情，因此无法确定应收账款中是否有烂账。
应收账款
应收账款通常是账目中较易出毛病及较易作弊的地区。但这并不意味着该公司的账目在这个项目上有问题。在真相大白之前，我们不宜妄作猜测。
从第四季季报的“业务区分”中，我们发现该公司亏蚀最大的是“贸易”项目，高达8千714万令吉。而该季的贸易额仅为332万令吉。
亏蚀额比贸易额高出32倍，说明了亏蚀并不全部发生在最后一季，而是累积而成，只是该公司没有在每季加以注销而已，这也是我说“应收账款”最易出毛病的原因。
我并非单指立港工业，其他公司亦如此，我提醒大家在读公司账目时，特别注意这个项目，如果应收账款一直高企不下，而账期又异乎寻常的冗长，其中就可能有古怪，要特别警惕，这样的公司的股票以不买为妙。
其次，是该公司最后一季的木基产品营业量仅为1296万令吉，而亏蚀额高达5809万令吉，亏蚀额比营业量高4倍半，说明了并非全部出现在营业上，而是包括了特殊项目，究竟是什么，目前还不明朗，相信被委任的会计公司彻查后会有眉目。
从该公司的账目，我们可以得到该公司业务崩溃的一些珠丝马迹，其中之一是美国触发的金融海啸和欧洲债务触发的欧元危机，导致该公司的业务急转直下，该公司到去年12月31日的第三季，营业量为1亿0144万令吉，到今年3月31日的第4季暴跌至1876万令吉，下跌了超过四分之三。
非战之罪也
屋漏偏逢连夜雨，偏偏就在这个时候该公司为期5年的债务于今年9月到期，除非另有资金注入，否则，该公司眼见就无法依期还债。
根据该公司的 2009年年报，投资4000多万令吉设立的越南厂房及设备，在去年7月才投产，主要是装配LCD电视机，偏偏欧美市场的LCD电视机市场大跌，这方面的订单暴跌，LCD电视机价格大跌，使LCD售价竞争白热化，LCD制造厂为了削低成本，必然向LCD装配厂商的立港开刀，立港在这方面的业务亏蚀是无可避免。
公平的说，这是时势使然，非战之罪也。
流动债务
债务过高也是该公司无法渡过双重金融危机（美国在先；欧洲在后）的主因，刚公布的第四季季报显示该公司负债1亿3771万令吉。
在该公司营业大跌的时刻，偏偏长期债务5400万令吉又到期，从账目可以看出，这5400万令吉的长期债务已被移至“流动债务”（短期）项目下，表示必须在今年9月摊还，这就使该公司的财务雪上加霜，该公司之崩溃绝非偶然。
我们不了解该公司董事经理黄定国突然不告而别的原因，在这公司新大股东着手“救亡”时期，挽救公司比指责任何人更重要。因为股票是否仍有价值，胥视挽救是否成功而定。
立港事件的发生，相信出乎投资者意料之外。立港是一家具有相当悠久历史，而且业绩表现颇为不俗的上市公司，创于1988年；1997年上市次板；2001年升至主板。
转板时曾以一送二发红股，1配1发附加股（售价1令吉10仙），每一股附加股送1股涡轮，另又可以36.1仙认购1股涡轮。目前资本为1亿8174万令吉，面值为1令吉。
越南投资
上市以来的12年从未亏本，而且每年派发1.7仙至2仙的股息。
由1998年至2004年，每年每股净利由12仙至16仙不等。即使转入主板后亦如此，直到2005年起，盈利开始走下坡，每股净利跌至1仙至6仙之间，而且在此幅度内停留了5年之久，这可能也是该公司转战越南，从事LCD装配业的原因。
股价纪录显示，该公司的股价随着公司业绩的滑落而下降。
在过去5年中，股价始终在1令吉与80仙之间浮沉，股价相当稳定，相信这跟该公司不断回购自己的股票有关，纪录显示该公司由2006年起不断的从市场回购立港股票持续至今年6月2日公司崩溃前夕。
这也是可以理解的，因为2009年年报的大股东名单显示，持有27.61%股权的黄定国和另一名持有18.70%股权的台籍大股东陈文玲（译音），股票大部分抵押给国内外银行，股价暴跌可能引发逼仓行动。
6大启示
对散户来说，立港的崩溃是一个惨痛的教训，我们应该从中学习，尽量避免重蹈覆辙。
1.尽量避免买进业绩停滞不前的公司的股票，不要忘记立港业绩已5年没进展，尽管从未亏蚀。
2.尽量避免债务过高公司，尤其是周转金奇缺的公司，立港可以说是周转不灵的牺牲品。
3.注意账目中的“应收账款”和长期债务满期日期。长期债务最后一年变成短期债务，最易导致公司周转不灵。
4.避免竞争过分激烈，竞相削价或被逼削价抛售，以套取现金作为周转用途的公司。
5. 现金流量低的公司，不要买其股票。立港在最新的一季，现金枯竭，导致崩溃。
上市公司近千家，良莠不齐不足为奇，不要因为立港事件而对台资公司有偏见。
6.台资公司中有不少优秀者，纬钜、PIE、马来西亚中钢等都是没有债务，现金充沛和业绩表现优异的台资公司，足以与别国公司并驾齐驱。
传联昌香港业务8月结业
分公司执行长上月辞职
传联昌香港业务8月结业
独家报导：张洁莹
更新: June 11, 2010 21:23
消息指联昌将退出香港市场，分析员相信举有助集团整合海外业务，转向竞争力较弱、成长空间较高国家发展。
（吉隆坡11日讯）国内银行业巨头之一联昌集团（CIMB，1023，主要板金融），积极扩展区域业务之余，却传出香港业务将在8月结业！
《中国报》探得可靠消息，联昌香港分公司已通知当地员工，最迟将在8月中正式遣散，部分行政职员将在下周二（15日）后离开。
海外网站则报导，联昌香港分公司总执行长已在5月辞职，当时集团公关透露，尚未指定人选接管业务。
本报就此事联络联昌集团公关部，惟公关透露由于涉及香港业务，需再确定后方能回复，至截稿前未有回应。
尽管如此，分析师认为，此举未必是坏事，缩小海外拓展范围、转向发展高潜能业务，将为公司带来更高回酬。
或配合中国布局
日前，该集团指出将在年底前挂牌泰国股市，提升公司在外国市场的知名度，言犹在耳即传出香港分公司将解散消息。
该名消息人士透露，公司尚未对外发布任何正式消息，亦不清楚会否公布此事，惟已向员工表明集团业务将撤离香港市场。
“公司并没有发出任何内部文告，惟将被解雇者已接获书面通知。”
香港业务并不是联昌集团近年重点发展的业务，但仍维持相当活跃的企业活动，并曾为本地数家重量级公司和海外企业在香港发行新股。
根据公司09财年年报，香港联昌的企业融资部门仅有8名职员，却在中型规模资本并购咨询业务占鳌头，交易值表现佳。
观察人士相信，联昌集团此决定，有可能是为了重新调整旗下海外业务，尤其在香港和中国业务方面。
该集团早在去年初未更换名称前，以人民币3亿4880万元（约1亿 6770万令吉），收购中国营口银行19.99%股权，进军中国银行业。
因私人理由离职
执行长职位悬空
联昌集团有意撤离香港市场一事早有预告，仅因市场慢热未有察觉端倪。
根据《亚元杂志》（Asiamoney）今年5月中的报导，香港联昌集团分公司总执行长兼董事经理黄志伟已因私人原因宣布离职。
当时报导引述本地公关发言人透露，黄志伟将由香港移民至其他国家，于是与公司达协议，在和平气氛下离职。
该公关亦透露，集团尚未决定指定人选，前来接管他的职务。
黄志伟于2002年加入吴玉钦证券行（GK Goh Securities），联昌集团则在2005年以1.42亿美元（约4.66亿令吉）收购吴玉钦证券行，借此踏足香港市场。
联昌接管该公司后，即由黄志伟管理该证券行业务，直至今年离职为止。
整合区域排阵有利发展
联昌集团近几年来积极进军区域市场，分析员相信，为了避免管理上顾此失彼，整合区域排阵有利集团发展。
英特太平洋证券研究主管安东尼达斯回应本报提问时指出，以联昌集团目前规模，结束或缩小海外业务范围未必是件坏事。
“一些市场如香港竞争过于激烈，盈利成长幅度将受限制，若联昌整合业务退出香港市场，有助集团其他方面的发展。”
他认为，该集团海外业务渐壮大，甚至扩展至发展空间较大的国家如越南等地，对公司在亚洲建立口碑有利。
“进军越南和区域其他金融较未发达的国家，将为银行建立'先驱'形象，拥有市场优势，成长空间可期。”
他以在泰国双边上市为例，将达到建立市场地位的目的，并且有望与其他在当地上市的外国公司一样获得成功。
“实际上泰国经济未真正受政局不稳定冲击，货币和股市等方面皆维持稳定水平。”
至于中国方面业务，尽管联昌集团已拥有中国营口银行股权，安东尼达斯认为，当地市场大获利可能性较微，暂时或不会是集团拓展目标。
05 年购吴玉钦证券
借此涉足大中华圈
联昌香港业务由2005年收购吴玉钦证券行后正式展开，成为该集团在大中华圈的投银臂膀。
吴玉钦证券行遭收购前，在新加坡拥有12%市占率，为当地第二大证券行。
另外，当时该公司在印尼也有3.2%的市场份额，在香港、伦敦和纽约亦有业务，该收购计划使联昌集团成为区域或环球化的公司。
联昌香港分公司实际设立于1991年，由香港金管局颁发专为商业投资而设的有限制银行执照（Restricted Banking License）。
该公司网站中透露，配合进军中国计划，香港联昌银行和证券行亦分别在 08年底和09年初，在上海设办事处，与当地投资者打好关系并趁机销售公司旗下产品。
配合计划，联昌集团亦在去年4月，收购中国营口银行 19.99%股权；当时总执行纳西尔表示希望借此进军中国回教金融市场。
联昌FTSE指数权重减至75%
马证交所与富时委员会（FTSE）根据股票流通量对马股进行半年评估，联昌集团指数权重由100%遭减至75%，惟今日股价维持上扬。
侨丰投资研究报告中指出，更新的评估中，联昌集团的投资比重（Investability Weighting）减至75%。
分析员认为，此举将使联昌投资比重落后大众银行（PBBANK，1295，主要板金融）和马银行（MAYBANK，1155，主板金融）。
“当局重估决定后，银行领域在马股的比重减至35%，电讯领域比重则增至15%。”
电讯领域比重因当局上调数码电讯（DIGI，6947，主要板基建）投资比重而提高，后者比重由40%提升至75%。
该文告中透露，上述更动将于本月21日生效，下一轮评估将于12月9日进行。
尽管投资比重遭削减，今日联昌集团股项走势依然火热，受投资者追捧。
开市时，联昌集团扬2仙至6.92令吉，尔后走势看俏，盘中持续上扬，交投热烈。
休市时，联昌集团扬3仙至6.93令吉，成交量524万4900股，为今日10大热门股项之一。
闭市时，联昌集团收 6.91令吉，微扬1仙，成交量1248万7400股。
财金术语
有限制银行执照
有限制银行执照（Restricted Banking License）为香港金融管理局定下的《银行业条例》中，受认可的金融机构之一。
有限制银行执照可接受公众50万港元（约21万令吉）及以上的定期存款、短期通知存款或通知存款，存款期不受限制。
有限制银行执照一般从事商业银行业务，及股票资本市场活动。
另外几种机构则分别为接受存款公司（deposit-taking company）、持照银行（licensed bank）及三级银行执照制度（Three-tier Banking System）。
传联昌香港业务8月结业
独家报导：张洁莹
更新: June 11, 2010 21:23
消息指联昌将退出香港市场，分析员相信举有助集团整合海外业务，转向竞争力较弱、成长空间较高国家发展。
（吉隆坡11日讯）国内银行业巨头之一联昌集团（CIMB，1023，主要板金融），积极扩展区域业务之余，却传出香港业务将在8月结业！
《中国报》探得可靠消息，联昌香港分公司已通知当地员工，最迟将在8月中正式遣散，部分行政职员将在下周二（15日）后离开。
海外网站则报导，联昌香港分公司总执行长已在5月辞职，当时集团公关透露，尚未指定人选接管业务。
本报就此事联络联昌集团公关部，惟公关透露由于涉及香港业务，需再确定后方能回复，至截稿前未有回应。
尽管如此，分析师认为，此举未必是坏事，缩小海外拓展范围、转向发展高潜能业务，将为公司带来更高回酬。
或配合中国布局
日前，该集团指出将在年底前挂牌泰国股市，提升公司在外国市场的知名度，言犹在耳即传出香港分公司将解散消息。
该名消息人士透露，公司尚未对外发布任何正式消息，亦不清楚会否公布此事，惟已向员工表明集团业务将撤离香港市场。
“公司并没有发出任何内部文告，惟将被解雇者已接获书面通知。”
香港业务并不是联昌集团近年重点发展的业务，但仍维持相当活跃的企业活动，并曾为本地数家重量级公司和海外企业在香港发行新股。
根据公司09财年年报，香港联昌的企业融资部门仅有8名职员，却在中型规模资本并购咨询业务占鳌头，交易值表现佳。
观察人士相信，联昌集团此决定，有可能是为了重新调整旗下海外业务，尤其在香港和中国业务方面。
该集团早在去年初未更换名称前，以人民币3亿4880万元（约1亿 6770万令吉），收购中国营口银行19.99%股权，进军中国银行业。
因私人理由离职
执行长职位悬空
联昌集团有意撤离香港市场一事早有预告，仅因市场慢热未有察觉端倪。
根据《亚元杂志》（Asiamoney）今年5月中的报导，香港联昌集团分公司总执行长兼董事经理黄志伟已因私人原因宣布离职。
当时报导引述本地公关发言人透露，黄志伟将由香港移民至其他国家，于是与公司达协议，在和平气氛下离职。
该公关亦透露，集团尚未决定指定人选，前来接管他的职务。
黄志伟于2002年加入吴玉钦证券行（GK Goh Securities），联昌集团则在2005年以1.42亿美元（约4.66亿令吉）收购吴玉钦证券行，借此踏足香港市场。
联昌接管该公司后，即由黄志伟管理该证券行业务，直至今年离职为止。
整合区域排阵有利发展
联昌集团近几年来积极进军区域市场，分析员相信，为了避免管理上顾此失彼，整合区域排阵有利集团发展。
英特太平洋证券研究主管安东尼达斯回应本报提问时指出，以联昌集团目前规模，结束或缩小海外业务范围未必是件坏事。
“一些市场如香港竞争过于激烈，盈利成长幅度将受限制，若联昌整合业务退出香港市场，有助集团其他方面的发展。”
他认为，该集团海外业务渐壮大，甚至扩展至发展空间较大的国家如越南等地，对公司在亚洲建立口碑有利。
“进军越南和区域其他金融较未发达的国家，将为银行建立'先驱'形象，拥有市场优势，成长空间可期。”
他以在泰国双边上市为例，将达到建立市场地位的目的，并且有望与其他在当地上市的外国公司一样获得成功。
“实际上泰国经济未真正受政局不稳定冲击，货币和股市等方面皆维持稳定水平。”
至于中国方面业务，尽管联昌集团已拥有中国营口银行股权，安东尼达斯认为，当地市场大获利可能性较微，暂时或不会是集团拓展目标。
05 年购吴玉钦证券
借此涉足大中华圈
联昌香港业务由2005年收购吴玉钦证券行后正式展开，成为该集团在大中华圈的投银臂膀。
吴玉钦证券行遭收购前，在新加坡拥有12%市占率，为当地第二大证券行。
另外，当时该公司在印尼也有3.2%的市场份额，在香港、伦敦和纽约亦有业务，该收购计划使联昌集团成为区域或环球化的公司。
联昌香港分公司实际设立于1991年，由香港金管局颁发专为商业投资而设的有限制银行执照（Restricted Banking License）。
该公司网站中透露，配合进军中国计划，香港联昌银行和证券行亦分别在 08年底和09年初，在上海设办事处，与当地投资者打好关系并趁机销售公司旗下产品。
配合计划，联昌集团亦在去年4月，收购中国营口银行 19.99%股权；当时总执行纳西尔表示希望借此进军中国回教金融市场。
联昌FTSE指数权重减至75%
马证交所与富时委员会（FTSE）根据股票流通量对马股进行半年评估，联昌集团指数权重由100%遭减至75%，惟今日股价维持上扬。
侨丰投资研究报告中指出，更新的评估中，联昌集团的投资比重（Investability Weighting）减至75%。
分析员认为，此举将使联昌投资比重落后大众银行（PBBANK，1295，主要板金融）和马银行（MAYBANK，1155，主板金融）。
“当局重估决定后，银行领域在马股的比重减至35%，电讯领域比重则增至15%。”
电讯领域比重因当局上调数码电讯（DIGI，6947，主要板基建）投资比重而提高，后者比重由40%提升至75%。
该文告中透露，上述更动将于本月21日生效，下一轮评估将于12月9日进行。
尽管投资比重遭削减，今日联昌集团股项走势依然火热，受投资者追捧。
开市时，联昌集团扬2仙至6.92令吉，尔后走势看俏，盘中持续上扬，交投热烈。
休市时，联昌集团扬3仙至6.93令吉，成交量524万4900股，为今日10大热门股项之一。
闭市时，联昌集团收 6.91令吉，微扬1仙，成交量1248万7400股。
财金术语
有限制银行执照
有限制银行执照（Restricted Banking License）为香港金融管理局定下的《银行业条例》中，受认可的金融机构之一。
有限制银行执照可接受公众50万港元（约21万令吉）及以上的定期存款、短期通知存款或通知存款，存款期不受限制。
有限制银行执照一般从事商业银行业务，及股票资本市场活动。
另外几种机构则分别为接受存款公司（deposit-taking company）、持照银行（licensed bank）及三级银行执照制度（Three-tier Banking System）。
Thursday, June 10, 2010
媽媽理財善用5步驟
媽媽理財善用5步驟
* 投資致富
2010-06-07 11:40
現代的媽媽除了要顧好家庭，也還得在職場上努力，想要成為聰明的理財媽媽，更應該將有限的時間做最佳的利用。
第1步
先從記賬開始
理財要及早規劃，但首要必須先瞭解家庭收支情況，瞭解有多少資金可以使用，再做適當的運用。家庭財產的統計可以讓自己清楚目前的總資產，這當中包括現金、首飾及汽車等動產及不動產等，充份清楚後再做經濟資源的配置，即可做好家庭的財產管理。家庭的收入與支出的統計應詳細分類並每天記錄支出，每月彙總並與5月的記錄比較，就能養成量入為出的習慣。
第2步
生活預算與投資理財賬戶分開
利用每月的流水賬參考支出明細表，可確切訂出家庭生活的預算，當每月現金入賬時再減去支出，有餘額就是可進行投資理財的資金。投資資金和生活支出一定要分開，才能確保投資理財持續穩定的進行，投資理財更應考量子女教育及退休生活的基金，以利再進行理財時規劃不同的投資標的。
第3步
理財資訊的取得
許多媽媽在進行理財規劃時，最常碰到的問題就是疑慮哪些理財工具適合自己，所以，媽媽學習理財的第一步，就是要瞭解如何取得理財資訊進而找到適合自己的理財工具。
最容易的管道除了可翻閱報章雜誌外，電視及網路是最快也最為廣泛的工具，媽媽也可以透過專業的投信公司與理財人員，諮詢理財規劃的相關事宜或是索取一些投資報告，透過這些資訊踏出理財的第一步。
第4步
投資理財應及早規劃
其實，累積一筆資金的方式不外乎“儲蓄”與“投資”，儲蓄讓生活不虞匱乏，並提供一定的保障，這部份可用定存或是保險的方式來滿足；至於在不影響生活條件且能達到投資目的的情況下，穩定性及風險也是投資時著重的要素之一，因此，可以定時定額方式進行規劃，利用每月不同時間的交易達到自然避險的效果，再選擇中長期趨勢向上的標的物，以小額進行投資，是一種負擔極輕的投資方式。
第5步
善用定時定額規劃子女教育及退休基金
子女教育基金與養老退休基金都是長期投資，所以更必須考量年齡、家庭收支及個人可承擔風險等，而定時定額投資可藉由投資期間的累積，來避免短期波動的風險，對於規劃子女教育金、退休基金或追求更高品質的生活方式都有極大的幫助，因此，也最適合每月餘錢不多的雙薪家庭。當然，若在財力許可之下，每月1 萬令吉或1萬令吉以上也可投資，如能持之以恆，一點一滴也能積沙成塔，早日達成理財目標。
星洲日報／投資致富‧財富教室‧2010.06.05
* 投資致富
2010-06-07 11:40
現代的媽媽除了要顧好家庭，也還得在職場上努力，想要成為聰明的理財媽媽，更應該將有限的時間做最佳的利用。
第1步
先從記賬開始
理財要及早規劃，但首要必須先瞭解家庭收支情況，瞭解有多少資金可以使用，再做適當的運用。家庭財產的統計可以讓自己清楚目前的總資產，這當中包括現金、首飾及汽車等動產及不動產等，充份清楚後再做經濟資源的配置，即可做好家庭的財產管理。家庭的收入與支出的統計應詳細分類並每天記錄支出，每月彙總並與5月的記錄比較，就能養成量入為出的習慣。
第2步
生活預算與投資理財賬戶分開
利用每月的流水賬參考支出明細表，可確切訂出家庭生活的預算，當每月現金入賬時再減去支出，有餘額就是可進行投資理財的資金。投資資金和生活支出一定要分開，才能確保投資理財持續穩定的進行，投資理財更應考量子女教育及退休生活的基金，以利再進行理財時規劃不同的投資標的。
第3步
理財資訊的取得
許多媽媽在進行理財規劃時，最常碰到的問題就是疑慮哪些理財工具適合自己，所以，媽媽學習理財的第一步，就是要瞭解如何取得理財資訊進而找到適合自己的理財工具。
最容易的管道除了可翻閱報章雜誌外，電視及網路是最快也最為廣泛的工具，媽媽也可以透過專業的投信公司與理財人員，諮詢理財規劃的相關事宜或是索取一些投資報告，透過這些資訊踏出理財的第一步。
第4步
投資理財應及早規劃
其實，累積一筆資金的方式不外乎“儲蓄”與“投資”，儲蓄讓生活不虞匱乏，並提供一定的保障，這部份可用定存或是保險的方式來滿足；至於在不影響生活條件且能達到投資目的的情況下，穩定性及風險也是投資時著重的要素之一，因此，可以定時定額方式進行規劃，利用每月不同時間的交易達到自然避險的效果，再選擇中長期趨勢向上的標的物，以小額進行投資，是一種負擔極輕的投資方式。
第5步
善用定時定額規劃子女教育及退休基金
子女教育基金與養老退休基金都是長期投資，所以更必須考量年齡、家庭收支及個人可承擔風險等，而定時定額投資可藉由投資期間的累積，來避免短期波動的風險，對於規劃子女教育金、退休基金或追求更高品質的生活方式都有極大的幫助，因此，也最適合每月餘錢不多的雙薪家庭。當然，若在財力許可之下，每月1 萬令吉或1萬令吉以上也可投資，如能持之以恆，一點一滴也能積沙成塔，早日達成理財目標。
星洲日報／投資致富‧財富教室‧2010.06.05
发展12项主要经济领域 打造“大吉隆坡”
发展12项主要经济领域 打造“大吉隆坡”
2010/06/10 2:31:42 PM
●南洋网
（吉隆坡10日讯）首相拿督斯里纳吉宣布，政府设定国家关键经济领域，将着力发展12项主要经济领域，包括打造“大吉隆坡”（Greater Kuala Lumpur）。
纳吉说，“大吉隆坡”将成为国家经济发展的火车头，政府将致力将吉隆坡打造成世界级的大都市。
此外，政府将成立“经济转型单位”，专司推行发展国家关键经济领域的事宜。
而该12项协助国家成为高收入经济体的国家关键经济领域，也是政府将在今年10月公布的经济转型计划的重点领域，它们包括了：
1.石油及天然气
2.棕油及相关产品
3. 金融服务
4.批发与零售
5.旅游
6.通讯与资讯科技
7.教育服务
8. 电子与电器
9.商业服务
10.私人医护服务
11.农业
12.大吉隆坡计划
纳吉还说，政府会特别着重投入上述领域中具有高科技含量的项目，包括生物科技、纳米科技、高技术工程等等项目的发展。
“至于没有被提及的领域，政府也不会忽视它们的发展。如绿色工艺、汽车工业、宇航、物流领域等，仍旧会透过各内阁部门给予关注及发展。”
2010/06/10 2:31:42 PM
●南洋网
（吉隆坡10日讯）首相拿督斯里纳吉宣布，政府设定国家关键经济领域，将着力发展12项主要经济领域，包括打造“大吉隆坡”（Greater Kuala Lumpur）。
纳吉说，“大吉隆坡”将成为国家经济发展的火车头，政府将致力将吉隆坡打造成世界级的大都市。
此外，政府将成立“经济转型单位”，专司推行发展国家关键经济领域的事宜。
而该12项协助国家成为高收入经济体的国家关键经济领域，也是政府将在今年10月公布的经济转型计划的重点领域，它们包括了：
1.石油及天然气
2.棕油及相关产品
3. 金融服务
4.批发与零售
5.旅游
6.通讯与资讯科技
7.教育服务
8. 电子与电器
9.商业服务
10.私人医护服务
11.农业
12.大吉隆坡计划
纳吉还说，政府会特别着重投入上述领域中具有高科技含量的项目，包括生物科技、纳米科技、高技术工程等等项目的发展。
“至于没有被提及的领域，政府也不会忽视它们的发展。如绿色工艺、汽车工业、宇航、物流领域等，仍旧会透过各内阁部门给予关注及发展。”
Wednesday, June 9, 2010
PM tables RM230bil 10th Malaysia Plan
Published: Thursday June 10, 2010 MYT 9:35:00 AM
Updated: Thursday June 10, 2010 MYT 2:00:28 PM
PM tables RM230bil 10th Malaysia Plan
KUALA LUMPUR: The Government has allocated RM230bil for development expenditure under the 10th Malaysia Plan. The allocation will comprise 55% for the economic sector, 30% for the social sector, 10% for security sector and 5% for general administration.
This was revealed by Prime Minister Datuk Seri Najib Tun Razak in his speech, when tabling the 10MP in Parliament on Thursday.
The key points of the 10th Malaysia Plan are:
Prime Minister Datuk Seri Najib Tun Razak tabling the 10 Malaysia Plan in the Dewan Rakyat.
- The gross national income per capita is targeted to increase to RM38,850, or US$12,140, in 2015. This requires achieving real GDP growth of 65 per annum. Growth will be led by the services.
- The 10MP is based on 10 ideas:
First: Internally driven, externally aware.
Second: Leveraging on our diversity internationally.
Third: Transforming to a high-income nation through specialisation.
Fourth: Unleashing productivity-led growth and innovation.
Fifth: Nurturing, attracting and retaining top talent.
Sixth: Ensuring equality of opportunities and safeguarding the vulnerable.
Seventh: Concentrated growth, inclusive development.
Eighth: Supporting effective and smart partnerships.
Ninth: Valuing our environmental endowments.
10th: The Government as a competitive corporation.
- To achieve the aspirations of the 10MP, five key strategic thrusts have been identified. They are:
First: Designing Government philosophy and approach to transform Malaysia using NKRA methodology.
Second: Creating a conducive environment for unleashing economic growth.
Third: Moving towards inclusive socio-economic development.
Fourth: Developing and retaining a first-world talent base.
Fifth: Building an environment that enhances quality of life.
- The Government will focus on efforts to develop non-physical infrastructure, including human capital development such as skills development and strong innovation capabilities. The 10MP allocation for non-physical infrastructure will be increased to 40%, compared with 21.8% in the 9MP.
Focus will be given to skills development programmes, R&D activities and venture capital funding geared towards promoting a higher level of innovation in the country.
- The main approach in transforming to a high-income economy will be to adopt strategies based on specialisation, given that strong and sustainable competitiveness is difficult to achieve without specialisation.
This Plan will focus on 12 national key economic areas or NKEAs which have potential to generate high income. Apart from 11 sectors, Greater Kuala Lumpur has also been selected as an NKEA as it has the potential to become a world-class city that can be a driver of economic growth. Details of the NKEA will be finalised in the Economic Transformation Programme, which will be announced in October.
The NKEAs are: (i) Oil and gas; (ii) Palm oil and related products; (iii) Financial services; (iv) Wholesale and retail; (v) Tourism; (vi) Information and communications technology (ICT); (vii) Education services; (viii) Electrical and electronic; (ix) Business services; (x) Private healthcare; (xi) Agriculture (xii) Greater Kuala Lumpur
An Economic Transformation Unit will be established to plan and coordinate the implementation and development of the NKEAs.
- The achievement of the 6% per annum growth target for the 10MP period requires a significant leap in investment activities, led by a more dynamic private sector. To achieve this goal, the Malaysian Investment Development Authority (MIDA) has been corporatised and rebranded.
In addition, business regulations which are outdated will be abolished. Towards this end, the Malaysian Productivity Corporation (MPC) will be restructured to spearhead a comprehensive review of business regulations and improve processes and procedures to increase productivity and competitiveness of major economic sectors.
- Healthy competition is needed to make the economy more efficient and dynamic. For this, the Competition Law will be introduced to provide a regulatory framework against market manipulation and cartel practices that may affect market efficiency. A Competition Commission and Appeal Tribunal will be established to ensure more orderly and effective implementation of the law.
- Smart and effective partnerships between the public and private sectors will be established to drive the economic transformation agenda. This new wave of public-private partnership (PPP) will ensure equitable sharing of risks and returns.
To date, 52 high-impact projects have been identified for implementation. These include:
First: Seven highway projects at an estimated cost of RM15bil. Among the projects are the West Coast Expressway, Guthrie-Damansara Expressway, Sungai Juru Expressway and Paroi-Senawang-KLIA Expressway.
Second: Two coal electricity generation plants at an estimated cost of RM10bil.
Third: Development of the Malaysian Rubber Board's land in Sungai Buloh, Selangor, covering an area of 3,300 acres at an estimated cost of RM10bil.
- An important measure in the 10MP is improving the method of financing for public venture capital companies. Currently, government financing for public venture capital companies, such as the Malaysian Technology Development Corporation and Malaysian Venture Capital, is provided through long-term loans. In this Plan, financing will be in the form of equity to match the risk profile of venture capital investment. For this purpose, the Mudharabah Innovation Fund (MIF), with an allocation of RM500mil, will be introduced to provide risk capital to government venture capital companies. To bridge the financing gap between the early stage of commercialisation and venture capital financing for high tech products, the Government will set up a Business Growth Fund with an initial allocation of RM150mil. The aim of this fund is to support these companies until they can generate sufficient commercial value to attract venture capital financing and other forms of financing.
- To ensure that the SMEs have better access to financing facilities, the Government established the Working Capital Guarantee Scheme totalling RM7bil and the Industry Restructuring Loan Guarantee Scheme totalling RM3bil, announced under the Second Economic Stimulus Package. The entire RM7bil under the Working Capital Guarantee Scheme has been approved. In view of the encouraging response to the Working Capital Guarantee Scheme, the Government will provide an additional RM3bil under 10MP, making it a total of RM10bil.
Prime Minister Datuk Seri Najib Tun Razak is flanked by his deputy Tan Sri Muhyiddin Yassin (r)and Tan Sri Mohd Nor Yacob (L) on arrival at the parliament house.
- The bumiputra development agenda will continue to be addressed in line with the concept of growth with distribution. In view of the increasingly challenging global and domestic economic environment, there is a need to transform the agenda to enhance participation among competitive and resilient bumiputra companies. This new approach will be based on four key principles: market-friendly, needs-based, merit-based and transparency.
- Five strategic initiatives to strengthen the bumiputra development agenda have been identified for implementation:
First: Increasing equity ownership through institutionalisation. In this regard, private equity programmes in government-linked investment companies, such as Permodalan Nasional Berhad (PNB), Lembaga Tabung Angkatan Tentera and Tabung Haji will be renewed, strengthened and expanded to consolidate and pool various funds to broaden ownership and control of Bumiputra equity.
Second: Increasing bumiputra property ownership. In this context, Pelaburan Hartanah Berhad will establish a Real Estate Investment Trusts (REITs) to facilitate Bumiputra investment in commercial and industrial properties and benefit from property appreciation. In addition, Kg Baru, Kuala Lumpur, will be redeveloped to enable landowners to realise and unlock the value of their properties without affecting Malay ownership.
Third: Improving skill and entrepreneurial development programmes and funding through various Bumiputra development agencies. An integrated development package will be provided to the Bumiputra Commercial and Industrial Community (BCIC) to strengthen their competitiveness and resilience.
Fourth: Developing professional bumiputra employment in a more holistic manner.
Fifth: Establishing a high-level council to plan, coordinate and monitor the implementation of the bumiputra development agenda. The Prime Minister will lead this Council, made up of relevant cabinet ministers, senior government officials and the private sector. The Economic Planning Unit in the Prime Minister's Department will be the secretariat to the Council. The Project Management Unit in the Finance Ministry will monitor the implementation of programmes to ensure their efficient and effective implementation.
- Specific focus will be given to disadvantaged groups, especially those living in the interior, in long houses in Sabah and Sarawak, as well as the orang asli and estate workers in Peninsular Malaysia.
- The Government is also considering granting land titles to the orang asli and bumiputras of Sabah and Sarawak.
- Focus will also be given to improving the quality of life of workers in estates and displaced estate workers. Water supply will be provided to 182 estates, up to 1,000 acres in size and located less than 5km from the water mains, costing RM109mil.
- Skills training will be provided, especially to school dropouts from various ethnic groups, to enhance their employability.
- Residents in Chinese new villages will also be given assistance. They will be provided soft loans to assist them pay their land premiums and renewals of leasehold. The loan will be channelled through Bank Simpanan Nasional and an initial fund of RM100mil will be provided.
- In addition, the Cabinet Committees for Indians as well as Sabah and Sarawak Bumiputra affairs will continue to address the issues of the respective communities.
- To improve the quality of students, the proportion of graduate teachers in primary schools will be increased from 28 to 60%.
- The performance of students in critical subjects, particularly the National Language, English, Science and Mathematics, will also be improved by increasing the number of quality teachers.
- In order to meet the demand for quality Mandarin language teachers in Chinese National Schools and National Schools, those with Unified Examination Certification and Sijil Pelajaran Malaysia or SPM will be considered for enrolment into the Chinese Language Programme in Institutes of Teacher Education.
- For purposes of renovating and upgrading government-aided schools, a sum of RM280mil will be allocated for 2011 and 2012. Each category of government-aided school, namely Chinese schools, Tamil schools, religious schools and mission schools will receive an allocation of RM70mil for the first two years of the Plan. In addition, assistance will be provided to pay electricity and water bills, up to RM2,000 ringgit per month per government-aided school, benefiting about 1,900 government-aided schools.
- To improve the competence of graduates, their employability will be one of the KPIs of universities. Financial allocation to universities will depend on the achievement of their KPI targets. In addition, the Government will grant gradual autonomy to the universities to improve their performance.
- In order to promote and encourage R&D activities among the higher education institutions, the Government has declared UM, UKM, UPM and USM as research universities. To further enhance R&D activities and programmes under the 10MP, Universiti Teknologi Malaysia (UTM) to be elevated to the status of a research university.
- Currently, the country has approximately 1.9 million foreign workers. However, the continued reliance on unskilled foreign workers will hinder country's aspiration to shift to higher value-added economic activities. Therefore, the foreign worker employment policy will be streamlined by introducing different levy rates according to the ratio of foreign workers to total workers in the company, and vary according to the skill level of the foreign workers. Higher rates will apply for lower-skilled workers. The rates will be increased yearly.
- To attract more skilled workers into the country, the Government will establish a Talent Corporation, which will identify skill shortages in key sectors, and attract and retain necessary skilled human capital.
- The Government aims to provide an attractive and comfortable living environment for city dwellers to live, work and play. Open spaces and green areas will be created and improved. Among the initiatives to be implemented are the transformation of the Lake Gardens in Kuala Lumpur into a botanical garden and the setting up of a Malaysia Truly Asia Tourism Centre in Kuala Lumpur.
- Waterfront areas of cities will be beautified and turned into attractive spaces, similar to the restoration of the Malacca River waterfront.
- Focus will be given to increasing the coverage of basic infrastructure such as roads, electricity and water supply, and communication networks to rural areas. The government will build 6,300km of paved roads in Peninsular Malaysia, 2,500km in Sabah and 2,800km in Sarawak, which is expected to benefit 3.3 million people.
- The Government will also improve rural water supply with a target of 99% in Peninsular Malaysia, 98% in Sabah and 95% in Sarawak. This will involve the extension of water supply to 117,000 homes in Peninsular Malaysia, 112,700 in Sabah and 87,400 in Sarawak.
- In line with the "Greater Kuala Lumpur" NKEA, the Government will further enhance the public transportation network in Kuala Lumpur with the implementation of the high-capacity Mass Rapid Transit system. This is an iconic project in our capital city that will be highly beneficial to commuters and have large spillovers to the economy.
When completed, the system is expected to cover a radius of 20km from the city centre with a total length of about 150km, and when fully operational, will serve up to two million passenger trips per day from 480,000 trips on current urban rail systems.
The construction of bus and rail terminals such as the Gombak Integrated Transport Terminal, will ensure that public transport runs smoothly. These measures are expected to increase the public transport modal share in Greater KL from 12% in 2009 to 30% in 2015.
Efforts to enhance the public land transport system will also be expanded to other cities. For this purpose, a Bus Rapid Transit system will be introduced in Iskandar, Johor, while the number of public buses in Pulau Pinang will be increased by 200 buses to enable the expansion of 26 routes with an added capacity of 75,000 passengers per day.
- Healthcare access, coverage and quality will continue to be improved under 10MP. Among the major initiatives are the construction of eight hospitals, including specialist hospitals, 197 clinics and 50 additional 1Malaysia clinics, which are expected to be ready in the first half of the 10MP.
- Seventy-eight thousand affordable houses will be built during the Plan period. Related laws will also be tightened and enforcement enhanced to ensure the quality of affordable houses built.
A fund of RM500mil will be established for the repair and maintenance works of public and private low-cost housing. This fund will be allocated on a matching grant basis, where half of the contribution will be borne by the Government and the other half by the management committee or residents' association.
- Steps will be will be taken to increase the participation of women at all levels in both the public and private sectors, including entrepreneurial ventures. Existing laws and related regulations will be reviewed to create a more conducive environment that encourages greater female participation in the workforce. Private sector is urged to increase the participation of women, especially in senior positions, such as chief executive officers and members of Board of Directors.
- By 2020, it is estimated that there will be 3.4 million senior citizens. The Government realises that harnessing this pool of resource is valuable and this group should be given the opportunity to remain healthy, active and productive in their golden years. In line with this, programmes will focus on enhancing elderly-friendly infrastructure, improving access to affordable healthcare, ensuring adequate provision of homes and improving financial security as well as employment opportunities.
- The Government will also promote environmentally-friendly housing by introducing guidelines and a green rating system. Putrajaya and Cyberjaya will serve as flagship green townships. The Government will take the lead in adopting green building standards.
New Government buildings will be designed to meet green standards. Energy efficiency of existing buildings will be enhanced and as a showcase example, the Prime Minister's Office complex will be upgraded to meet the Gold Standard Green rating.
- Beginning with the 10th Plan, the implementation of programmes and projects on a rolling plan basis will be introduced. With this approach, allocation for programmes and projects will be provided on a two-year basis beginning 2011-2012.
This allows commitment to be made based on the financial position of the Government and provides flexibility to respond to new priorities and changes in the global and domestic economic environment.
The detailed list of the programmes and projects for the first rolling plan will be ready by the end of August 2010.
Updated: Thursday June 10, 2010 MYT 2:00:28 PM
PM tables RM230bil 10th Malaysia Plan
KUALA LUMPUR: The Government has allocated RM230bil for development expenditure under the 10th Malaysia Plan. The allocation will comprise 55% for the economic sector, 30% for the social sector, 10% for security sector and 5% for general administration.
This was revealed by Prime Minister Datuk Seri Najib Tun Razak in his speech, when tabling the 10MP in Parliament on Thursday.
The key points of the 10th Malaysia Plan are:
Prime Minister Datuk Seri Najib Tun Razak tabling the 10 Malaysia Plan in the Dewan Rakyat.
- The gross national income per capita is targeted to increase to RM38,850, or US$12,140, in 2015. This requires achieving real GDP growth of 65 per annum. Growth will be led by the services.
- The 10MP is based on 10 ideas:
First: Internally driven, externally aware.
Second: Leveraging on our diversity internationally.
Third: Transforming to a high-income nation through specialisation.
Fourth: Unleashing productivity-led growth and innovation.
Fifth: Nurturing, attracting and retaining top talent.
Sixth: Ensuring equality of opportunities and safeguarding the vulnerable.
Seventh: Concentrated growth, inclusive development.
Eighth: Supporting effective and smart partnerships.
Ninth: Valuing our environmental endowments.
10th: The Government as a competitive corporation.
- To achieve the aspirations of the 10MP, five key strategic thrusts have been identified. They are:
First: Designing Government philosophy and approach to transform Malaysia using NKRA methodology.
Second: Creating a conducive environment for unleashing economic growth.
Third: Moving towards inclusive socio-economic development.
Fourth: Developing and retaining a first-world talent base.
Fifth: Building an environment that enhances quality of life.
- The Government will focus on efforts to develop non-physical infrastructure, including human capital development such as skills development and strong innovation capabilities. The 10MP allocation for non-physical infrastructure will be increased to 40%, compared with 21.8% in the 9MP.
Focus will be given to skills development programmes, R&D activities and venture capital funding geared towards promoting a higher level of innovation in the country.
- The main approach in transforming to a high-income economy will be to adopt strategies based on specialisation, given that strong and sustainable competitiveness is difficult to achieve without specialisation.
This Plan will focus on 12 national key economic areas or NKEAs which have potential to generate high income. Apart from 11 sectors, Greater Kuala Lumpur has also been selected as an NKEA as it has the potential to become a world-class city that can be a driver of economic growth. Details of the NKEA will be finalised in the Economic Transformation Programme, which will be announced in October.
The NKEAs are: (i) Oil and gas; (ii) Palm oil and related products; (iii) Financial services; (iv) Wholesale and retail; (v) Tourism; (vi) Information and communications technology (ICT); (vii) Education services; (viii) Electrical and electronic; (ix) Business services; (x) Private healthcare; (xi) Agriculture (xii) Greater Kuala Lumpur
An Economic Transformation Unit will be established to plan and coordinate the implementation and development of the NKEAs.
- The achievement of the 6% per annum growth target for the 10MP period requires a significant leap in investment activities, led by a more dynamic private sector. To achieve this goal, the Malaysian Investment Development Authority (MIDA) has been corporatised and rebranded.
In addition, business regulations which are outdated will be abolished. Towards this end, the Malaysian Productivity Corporation (MPC) will be restructured to spearhead a comprehensive review of business regulations and improve processes and procedures to increase productivity and competitiveness of major economic sectors.
- Healthy competition is needed to make the economy more efficient and dynamic. For this, the Competition Law will be introduced to provide a regulatory framework against market manipulation and cartel practices that may affect market efficiency. A Competition Commission and Appeal Tribunal will be established to ensure more orderly and effective implementation of the law.
- Smart and effective partnerships between the public and private sectors will be established to drive the economic transformation agenda. This new wave of public-private partnership (PPP) will ensure equitable sharing of risks and returns.
To date, 52 high-impact projects have been identified for implementation. These include:
First: Seven highway projects at an estimated cost of RM15bil. Among the projects are the West Coast Expressway, Guthrie-Damansara Expressway, Sungai Juru Expressway and Paroi-Senawang-KLIA Expressway.
Second: Two coal electricity generation plants at an estimated cost of RM10bil.
Third: Development of the Malaysian Rubber Board's land in Sungai Buloh, Selangor, covering an area of 3,300 acres at an estimated cost of RM10bil.
- An important measure in the 10MP is improving the method of financing for public venture capital companies. Currently, government financing for public venture capital companies, such as the Malaysian Technology Development Corporation and Malaysian Venture Capital, is provided through long-term loans. In this Plan, financing will be in the form of equity to match the risk profile of venture capital investment. For this purpose, the Mudharabah Innovation Fund (MIF), with an allocation of RM500mil, will be introduced to provide risk capital to government venture capital companies. To bridge the financing gap between the early stage of commercialisation and venture capital financing for high tech products, the Government will set up a Business Growth Fund with an initial allocation of RM150mil. The aim of this fund is to support these companies until they can generate sufficient commercial value to attract venture capital financing and other forms of financing.
- To ensure that the SMEs have better access to financing facilities, the Government established the Working Capital Guarantee Scheme totalling RM7bil and the Industry Restructuring Loan Guarantee Scheme totalling RM3bil, announced under the Second Economic Stimulus Package. The entire RM7bil under the Working Capital Guarantee Scheme has been approved. In view of the encouraging response to the Working Capital Guarantee Scheme, the Government will provide an additional RM3bil under 10MP, making it a total of RM10bil.
Prime Minister Datuk Seri Najib Tun Razak is flanked by his deputy Tan Sri Muhyiddin Yassin (r)and Tan Sri Mohd Nor Yacob (L) on arrival at the parliament house.
- The bumiputra development agenda will continue to be addressed in line with the concept of growth with distribution. In view of the increasingly challenging global and domestic economic environment, there is a need to transform the agenda to enhance participation among competitive and resilient bumiputra companies. This new approach will be based on four key principles: market-friendly, needs-based, merit-based and transparency.
- Five strategic initiatives to strengthen the bumiputra development agenda have been identified for implementation:
First: Increasing equity ownership through institutionalisation. In this regard, private equity programmes in government-linked investment companies, such as Permodalan Nasional Berhad (PNB), Lembaga Tabung Angkatan Tentera and Tabung Haji will be renewed, strengthened and expanded to consolidate and pool various funds to broaden ownership and control of Bumiputra equity.
Second: Increasing bumiputra property ownership. In this context, Pelaburan Hartanah Berhad will establish a Real Estate Investment Trusts (REITs) to facilitate Bumiputra investment in commercial and industrial properties and benefit from property appreciation. In addition, Kg Baru, Kuala Lumpur, will be redeveloped to enable landowners to realise and unlock the value of their properties without affecting Malay ownership.
Third: Improving skill and entrepreneurial development programmes and funding through various Bumiputra development agencies. An integrated development package will be provided to the Bumiputra Commercial and Industrial Community (BCIC) to strengthen their competitiveness and resilience.
Fourth: Developing professional bumiputra employment in a more holistic manner.
Fifth: Establishing a high-level council to plan, coordinate and monitor the implementation of the bumiputra development agenda. The Prime Minister will lead this Council, made up of relevant cabinet ministers, senior government officials and the private sector. The Economic Planning Unit in the Prime Minister's Department will be the secretariat to the Council. The Project Management Unit in the Finance Ministry will monitor the implementation of programmes to ensure their efficient and effective implementation.
- Specific focus will be given to disadvantaged groups, especially those living in the interior, in long houses in Sabah and Sarawak, as well as the orang asli and estate workers in Peninsular Malaysia.
- The Government is also considering granting land titles to the orang asli and bumiputras of Sabah and Sarawak.
- Focus will also be given to improving the quality of life of workers in estates and displaced estate workers. Water supply will be provided to 182 estates, up to 1,000 acres in size and located less than 5km from the water mains, costing RM109mil.
- Skills training will be provided, especially to school dropouts from various ethnic groups, to enhance their employability.
- Residents in Chinese new villages will also be given assistance. They will be provided soft loans to assist them pay their land premiums and renewals of leasehold. The loan will be channelled through Bank Simpanan Nasional and an initial fund of RM100mil will be provided.
- In addition, the Cabinet Committees for Indians as well as Sabah and Sarawak Bumiputra affairs will continue to address the issues of the respective communities.
- To improve the quality of students, the proportion of graduate teachers in primary schools will be increased from 28 to 60%.
- The performance of students in critical subjects, particularly the National Language, English, Science and Mathematics, will also be improved by increasing the number of quality teachers.
- In order to meet the demand for quality Mandarin language teachers in Chinese National Schools and National Schools, those with Unified Examination Certification and Sijil Pelajaran Malaysia or SPM will be considered for enrolment into the Chinese Language Programme in Institutes of Teacher Education.
- For purposes of renovating and upgrading government-aided schools, a sum of RM280mil will be allocated for 2011 and 2012. Each category of government-aided school, namely Chinese schools, Tamil schools, religious schools and mission schools will receive an allocation of RM70mil for the first two years of the Plan. In addition, assistance will be provided to pay electricity and water bills, up to RM2,000 ringgit per month per government-aided school, benefiting about 1,900 government-aided schools.
- To improve the competence of graduates, their employability will be one of the KPIs of universities. Financial allocation to universities will depend on the achievement of their KPI targets. In addition, the Government will grant gradual autonomy to the universities to improve their performance.
- In order to promote and encourage R&D activities among the higher education institutions, the Government has declared UM, UKM, UPM and USM as research universities. To further enhance R&D activities and programmes under the 10MP, Universiti Teknologi Malaysia (UTM) to be elevated to the status of a research university.
- Currently, the country has approximately 1.9 million foreign workers. However, the continued reliance on unskilled foreign workers will hinder country's aspiration to shift to higher value-added economic activities. Therefore, the foreign worker employment policy will be streamlined by introducing different levy rates according to the ratio of foreign workers to total workers in the company, and vary according to the skill level of the foreign workers. Higher rates will apply for lower-skilled workers. The rates will be increased yearly.
- To attract more skilled workers into the country, the Government will establish a Talent Corporation, which will identify skill shortages in key sectors, and attract and retain necessary skilled human capital.
- The Government aims to provide an attractive and comfortable living environment for city dwellers to live, work and play. Open spaces and green areas will be created and improved. Among the initiatives to be implemented are the transformation of the Lake Gardens in Kuala Lumpur into a botanical garden and the setting up of a Malaysia Truly Asia Tourism Centre in Kuala Lumpur.
- Waterfront areas of cities will be beautified and turned into attractive spaces, similar to the restoration of the Malacca River waterfront.
- Focus will be given to increasing the coverage of basic infrastructure such as roads, electricity and water supply, and communication networks to rural areas. The government will build 6,300km of paved roads in Peninsular Malaysia, 2,500km in Sabah and 2,800km in Sarawak, which is expected to benefit 3.3 million people.
- The Government will also improve rural water supply with a target of 99% in Peninsular Malaysia, 98% in Sabah and 95% in Sarawak. This will involve the extension of water supply to 117,000 homes in Peninsular Malaysia, 112,700 in Sabah and 87,400 in Sarawak.
- In line with the "Greater Kuala Lumpur" NKEA, the Government will further enhance the public transportation network in Kuala Lumpur with the implementation of the high-capacity Mass Rapid Transit system. This is an iconic project in our capital city that will be highly beneficial to commuters and have large spillovers to the economy.
When completed, the system is expected to cover a radius of 20km from the city centre with a total length of about 150km, and when fully operational, will serve up to two million passenger trips per day from 480,000 trips on current urban rail systems.
The construction of bus and rail terminals such as the Gombak Integrated Transport Terminal, will ensure that public transport runs smoothly. These measures are expected to increase the public transport modal share in Greater KL from 12% in 2009 to 30% in 2015.
Efforts to enhance the public land transport system will also be expanded to other cities. For this purpose, a Bus Rapid Transit system will be introduced in Iskandar, Johor, while the number of public buses in Pulau Pinang will be increased by 200 buses to enable the expansion of 26 routes with an added capacity of 75,000 passengers per day.
- Healthcare access, coverage and quality will continue to be improved under 10MP. Among the major initiatives are the construction of eight hospitals, including specialist hospitals, 197 clinics and 50 additional 1Malaysia clinics, which are expected to be ready in the first half of the 10MP.
- Seventy-eight thousand affordable houses will be built during the Plan period. Related laws will also be tightened and enforcement enhanced to ensure the quality of affordable houses built.
A fund of RM500mil will be established for the repair and maintenance works of public and private low-cost housing. This fund will be allocated on a matching grant basis, where half of the contribution will be borne by the Government and the other half by the management committee or residents' association.
- Steps will be will be taken to increase the participation of women at all levels in both the public and private sectors, including entrepreneurial ventures. Existing laws and related regulations will be reviewed to create a more conducive environment that encourages greater female participation in the workforce. Private sector is urged to increase the participation of women, especially in senior positions, such as chief executive officers and members of Board of Directors.
- By 2020, it is estimated that there will be 3.4 million senior citizens. The Government realises that harnessing this pool of resource is valuable and this group should be given the opportunity to remain healthy, active and productive in their golden years. In line with this, programmes will focus on enhancing elderly-friendly infrastructure, improving access to affordable healthcare, ensuring adequate provision of homes and improving financial security as well as employment opportunities.
- The Government will also promote environmentally-friendly housing by introducing guidelines and a green rating system. Putrajaya and Cyberjaya will serve as flagship green townships. The Government will take the lead in adopting green building standards.
New Government buildings will be designed to meet green standards. Energy efficiency of existing buildings will be enhanced and as a showcase example, the Prime Minister's Office complex will be upgraded to meet the Gold Standard Green rating.
- Beginning with the 10th Plan, the implementation of programmes and projects on a rolling plan basis will be introduced. With this approach, allocation for programmes and projects will be provided on a two-year basis beginning 2011-2012.
This allows commitment to be made based on the financial position of the Government and provides flexibility to respond to new priorities and changes in the global and domestic economic environment.
The detailed list of the programmes and projects for the first rolling plan will be ready by the end of August 2010.
立港工业·独资子公司 遭银行催缴6000万欠款
立港工业·独资子公司 遭银行催缴6000万欠款
2010/06/09 11:32:24 AM
●南洋商报
（吉隆坡8日讯） 立港工业（Kenmark，7030，主板消费产品股）及独资子公司Bilion Dynamic，分别被进出口银行追讨1631万4614.55令吉及4492万2695.72令吉的款项。
根据该公司向马交所报备的文件，旗下独资子公司Billion Dynamic，拖欠一笔为数4000万令吉的出货后信贷融资款项。
至于立港工业，则拖欠一笔出货前及出货后信贷融资，总数达1500万令吉。
在此之前，立港工业也分别接获国贸银行（EON Bank）和进口銀行（Exim Bank）的贷款追讨信。
据悉，立港工业分别于5月12日被进出口銀行追讨三项贷款超过6000万令吉，以及于5月28日被国贸资本追讨767万令吉的贷款。
黄定国减码至7.96%
与此同时，公司也在报备文件中指出，董事经理黄定国的股权已经减持至 7.96%，或相等于1419万3792股。
根据4月23日的资料，黄定国当时的持股权还高达29.93%，或5336万3092股。
另外，立港工业在今天稍晚向马交所报备公司业绩报告时除了具体说明稍早前所宣布总值达1亿4160万令吉的“行政开支”外，还说董事会努力收回应收款项。
“不过，目前我们还无法公布回收（应收款项）时间表，因为我们需要多一点时间了解欠方资料。”
就这点而言，立港工业说，管理层已被交待前往公司大楼收集所有可能的文件，以便尔后追回应收款项。
“董事会已要求管理层准备每周现金流预测，以让董事会决定融资规模。”
立港工业还说，已和主要债权银行洽谈目前的融资便利，以确保公司可以继续营运。
2010/06/09 11:32:24 AM
●南洋商报
（吉隆坡8日讯） 立港工业（Kenmark，7030，主板消费产品股）及独资子公司Bilion Dynamic，分别被进出口银行追讨1631万4614.55令吉及4492万2695.72令吉的款项。
根据该公司向马交所报备的文件，旗下独资子公司Billion Dynamic，拖欠一笔为数4000万令吉的出货后信贷融资款项。
至于立港工业，则拖欠一笔出货前及出货后信贷融资，总数达1500万令吉。
在此之前，立港工业也分别接获国贸银行（EON Bank）和进口銀行（Exim Bank）的贷款追讨信。
据悉，立港工业分别于5月12日被进出口銀行追讨三项贷款超过6000万令吉，以及于5月28日被国贸资本追讨767万令吉的贷款。
黄定国减码至7.96%
与此同时，公司也在报备文件中指出，董事经理黄定国的股权已经减持至 7.96%，或相等于1419万3792股。
根据4月23日的资料，黄定国当时的持股权还高达29.93%，或5336万3092股。
另外，立港工业在今天稍晚向马交所报备公司业绩报告时除了具体说明稍早前所宣布总值达1亿4160万令吉的“行政开支”外，还说董事会努力收回应收款项。
“不过，目前我们还无法公布回收（应收款项）时间表，因为我们需要多一点时间了解欠方资料。”
就这点而言，立港工业说，管理层已被交待前往公司大楼收集所有可能的文件，以便尔后追回应收款项。
“董事会已要求管理层准备每周现金流预测，以让董事会决定融资规模。”
立港工业还说，已和主要债权银行洽谈目前的融资便利，以确保公司可以继续营运。
Tuesday, June 8, 2010
陈志远没误导股东？ 交易所：“没说过”
陈志远没误导股东？ 交易所：“没说过”
2010/06/09 10:27:51 AM
●南洋商报
（吉隆坡8日讯）正当爱胜阁的赌球执照扑溯迷离之际，马来西亚交易所今天傍晚否认曾经发表过“免除（成功集团主席丹斯里）陈志远不法行为”的声明。
马交所是针对“马来西亚局内人”今天较早前引述它指称陈志远在宣布爱胜阁获得财政部发出赌球执照的课题上，并没有误导股东，而特地于晚上发文告，郑重澄清。
根据“马来西亚局内人”今早的报道，大马交易所表示，大家不应在此课题上质疑成功集团，毕竟爱胜阁不可能在毫无条件下获得赌球执照。
报道也指出，成功集团并没有在此课题上误导其股东及大马交易所。
“局内人”重写新闻
傍晚时分，马交所针对“局内人”以“马交所免除陈志远不法行为”为题的新闻，发表文告澄清，它不曾这么说过。
文告说，马交所当时是要有关记者参考成功机构有限公司于本月12日针对重发有关执照的条件（参考2.4.2条文）所作的宣布。
马交所进一步强调，它不曾说过“鉴于建议中的条件，成功机构并没有蓄意误导股东或马交所”。
文告说：“我们严正关注这项引述马交所，但实际上马交所却不曾发表过的声明。”
“局内人”较后也根据马交所的文告，重写有关新闻，标题改成“马交所不谈陈志远有否违法”。
2010/06/09 10:27:51 AM
●南洋商报
（吉隆坡8日讯）正当爱胜阁的赌球执照扑溯迷离之际，马来西亚交易所今天傍晚否认曾经发表过“免除（成功集团主席丹斯里）陈志远不法行为”的声明。
马交所是针对“马来西亚局内人”今天较早前引述它指称陈志远在宣布爱胜阁获得财政部发出赌球执照的课题上，并没有误导股东，而特地于晚上发文告，郑重澄清。
根据“马来西亚局内人”今早的报道，大马交易所表示，大家不应在此课题上质疑成功集团，毕竟爱胜阁不可能在毫无条件下获得赌球执照。
报道也指出，成功集团并没有在此课题上误导其股东及大马交易所。
“局内人”重写新闻
傍晚时分，马交所针对“局内人”以“马交所免除陈志远不法行为”为题的新闻，发表文告澄清，它不曾这么说过。
文告说，马交所当时是要有关记者参考成功机构有限公司于本月12日针对重发有关执照的条件（参考2.4.2条文）所作的宣布。
马交所进一步强调，它不曾说过“鉴于建议中的条件，成功机构并没有蓄意误导股东或马交所”。
文告说：“我们严正关注这项引述马交所，但实际上马交所却不曾发表过的声明。”
“局内人”较后也根据马交所的文告，重写有关新闻，标题改成“马交所不谈陈志远有否违法”。
No contradiction between Najib, Vincent Tan
Watchman: If you examine the words used, they are not contradictory. Vincent Tan said approval has been given. The Finance Ministry said the licence has not been issued (presumably only approval has been given), but public views were still being sought.
This begs the question of why approval was given first and only then public views were sought. Shouldn't it be the other way round? Seek public views first and then, if favourable, give approval. But then again, this 1Malaysia. We always do things belakang first.
Loyal Malaysian: PM Najib Abdul Razak has misread non-Muslims sentiments - he expected a majority to favour his decision and thus allow him to carry through the sports betting licence, purportedly in the interests of the non-Muslim populace. But widespread opposition even among non-Muslims gave him a very big headache.
Harrisman: I think it is a case of the government of the day backtracking when they see the groundswell of support against gambling, in the hope that they will not lose the support of the common man.
Kancil: I think all the opposition MPs should demand for this to be referred to the parliamentary rights and privileges committee. Let them have a taste of their own medicine. Please pursue this relentlessly.
Reprint the letter to Bursa Malaysia in the local media. Citizens do not mind contributing to the cost of placing the advertisement.
If it anybody's found lying, they must be admonished in the most severe manner possible, so that no one will ever think of 'misleading' Parliament. Initiate action against Bursa also if it does not take action.
Artchan: Vincent Tan would not dare jump the gun to announce that approval was given if it was not given. So it must be Najib. But we have to give credit where it is due. Some people can lie with a bloody straight face.
Rocky: We know who is lying. They will make a play of words, they'll say it was a reissue of the license, it wasn't a new licence, blah, blah, blah. Maybe they'll refer the PM to the rights and privileges committee but don't hope for a fair hearing because he will be found innocent.
Beetle: We either have a lying, dishonest PM or a lying businessman. If the licence was not approved, how is it that VT (Vincent Tan) was able to sell his Ascot Sports shares to the tune of RM525 million?
Did VT cheat the shareholders of Berjaya Corp by releasing false information to the public to con the shareholders? The PM and his crony, VT, have to come clean on this matter.
Doc: Time and time again, it is the same scenario with Umno. After trying to bulldoze an unfavourable proposition for personal gain or to satisfy their cronies, without much thought on the ramifications of their exercise, Umno ends up being faced with stiff resistance from the opposition politicians and the rakyat.
As usual Umno will be caught with their pants down with no valid answer to offer for their act. That's when stupidity sets in and plagues Umno politicians' minds, and they will end up doing something stupid. In this case, deny that the issue ever happened and claim all this was the work of the opposition blowing things out of control.
Umno, Umno, Umno. When are you going to learn these most important lessons:
i) the opposition is strong in Parliament;
ii) don't assume the rakyat are stupid and can be manipulated;
iii) the Internet helps spread Umno's follies faster than wildfire.
Sports betting deal stinks: analyst
Malaysian First: It's obvious that the Finance Ministry has misled Vincent Tan. He is the victim here.
Of course, he is not going to sue or take any action against Najib, who is the finance minister - you just have to eat humble pie this time round. He needs the government more than the government needs him. He cannot afford to make Najib angry. There is just too much dealings between them.
Remember the "correct, correct, correct" episode? That's how it is, Vincent Tan. Just swallow this embarrassing blow and wait for the next business deal. I'm sure you won't lose out.
Malaysiasakit: If Berjaya has made an announcement at Bursa Malaysia that it has the sports betting licence, it really means it has been granted the licence. No ifs and buts, because making a false announcement can result in severe penalties and even imprisonment.
This begs the question of why approval was given first and only then public views were sought. Shouldn't it be the other way round? Seek public views first and then, if favourable, give approval. But then again, this 1Malaysia. We always do things belakang first.
Loyal Malaysian: PM Najib Abdul Razak has misread non-Muslims sentiments - he expected a majority to favour his decision and thus allow him to carry through the sports betting licence, purportedly in the interests of the non-Muslim populace. But widespread opposition even among non-Muslims gave him a very big headache.
Harrisman: I think it is a case of the government of the day backtracking when they see the groundswell of support against gambling, in the hope that they will not lose the support of the common man.
Kancil: I think all the opposition MPs should demand for this to be referred to the parliamentary rights and privileges committee. Let them have a taste of their own medicine. Please pursue this relentlessly.
Reprint the letter to Bursa Malaysia in the local media. Citizens do not mind contributing to the cost of placing the advertisement.
If it anybody's found lying, they must be admonished in the most severe manner possible, so that no one will ever think of 'misleading' Parliament. Initiate action against Bursa also if it does not take action.
Artchan: Vincent Tan would not dare jump the gun to announce that approval was given if it was not given. So it must be Najib. But we have to give credit where it is due. Some people can lie with a bloody straight face.
Rocky: We know who is lying. They will make a play of words, they'll say it was a reissue of the license, it wasn't a new licence, blah, blah, blah. Maybe they'll refer the PM to the rights and privileges committee but don't hope for a fair hearing because he will be found innocent.
Beetle: We either have a lying, dishonest PM or a lying businessman. If the licence was not approved, how is it that VT (Vincent Tan) was able to sell his Ascot Sports shares to the tune of RM525 million?
Did VT cheat the shareholders of Berjaya Corp by releasing false information to the public to con the shareholders? The PM and his crony, VT, have to come clean on this matter.
Doc: Time and time again, it is the same scenario with Umno. After trying to bulldoze an unfavourable proposition for personal gain or to satisfy their cronies, without much thought on the ramifications of their exercise, Umno ends up being faced with stiff resistance from the opposition politicians and the rakyat.
As usual Umno will be caught with their pants down with no valid answer to offer for their act. That's when stupidity sets in and plagues Umno politicians' minds, and they will end up doing something stupid. In this case, deny that the issue ever happened and claim all this was the work of the opposition blowing things out of control.
Umno, Umno, Umno. When are you going to learn these most important lessons:
i) the opposition is strong in Parliament;
ii) don't assume the rakyat are stupid and can be manipulated;
iii) the Internet helps spread Umno's follies faster than wildfire.
Sports betting deal stinks: analyst
Malaysian First: It's obvious that the Finance Ministry has misled Vincent Tan. He is the victim here.
Of course, he is not going to sue or take any action against Najib, who is the finance minister - you just have to eat humble pie this time round. He needs the government more than the government needs him. He cannot afford to make Najib angry. There is just too much dealings between them.
Remember the "correct, correct, correct" episode? That's how it is, Vincent Tan. Just swallow this embarrassing blow and wait for the next business deal. I'm sure you won't lose out.
Malaysiasakit: If Berjaya has made an announcement at Bursa Malaysia that it has the sports betting licence, it really means it has been granted the licence. No ifs and buts, because making a false announcement can result in severe penalties and even imprisonment.
Hwang hives Kenmark stake to 8%
Wednesday June 9, 2010
Hwang hives Kenmark stake to 8%
By B.K. SIDHU
bksidhu@thestar.com.my
PETALING JAYA: The Kenmark Industrial Co (M) Bhd saga continues with the man in the middle of the controversy, James Hwang, shrinking his stake in the furniture maker from 29.93% as at April 23 to 7.96% currently.
This should explain the heavy selling of the shares on May 31 to June 2 by several brokerages in the country and the buyer could well be Datuk Ishak Ismail, who now directly and indirectly controls 32% stake in Kenmark.
With Hwang’s stake down, Ishak is the single largest shareholder in the furniture maker. Hwang is still managing director of the company and is ill in China.
Kenmark’s shares were suspended by Bursa Malaysia at 9am yesterday pending clarification from the company as to why it posted such a shocking set of financial results with a net loss of RM146mil for the fourth quarter ended March 31, 2010.
Gani ... ‘We have now established the policies.’
The new directors were also hauled up by both Bursa and the Securities Commission to explain the huge losses.
By yesterday evening, Kenmark made all the necessary announcements and it must have furnished enough information for Bursa to allow its shares to resume trading today. Its shares were last traded at 27 sen.
“We met the authorities yesterday and explained the situation. They understand that we are new and they have been very helpful. We need to regularise and work on a new plan to move forward,’’ Kenmark executive chairman Datuk Abd Gani Yusof said.
Kenmark on Monday reported a net loss of RM146mil for 4Q10 versus a net loss of RM84,000 in the same corresponding period a year ago.
The company blamed lower revenue, higher cost of sales, provisions for doubtful debts and impairment of assets by certain subsidiaries for the huge losses.
Kenmark’s troubles began when Hwang disappeared and news of his disappearances triggered massive selling of the stock which plunged 68% on May 31.
On the same day, 413 of its employees were locked out from its premises at Port Klang after EON Bank appointed receivers to seal up the plant to protect its interest. Kenmark is a PN17 company.
The net loss was a huge drop, said Gani. The new directors found that there were no proper policies on debtors in place.
“We have now established the policies and hope to write back a lot,’’ Gani said.
In reply to queries from Bursa, Kenmark detailed out the breakdown of the RM141.6mil administrative expenses it provided for.
Of this, RM69mil was for doubtful debt, RM12mil for un-realised foreign exchange losses, RM41mil for impairment for fixed assets (two assets in China and one in Taiwan), RM3mil bank charges and exchange losses, and RM4mil for other administrative expenses.
It has five companies owing it money to the tune of RM44mil and the credit terms are 180 days. The company hopes to begin collection to recover the amounts.
Kenmark says it has no write down on inventories and the board wants the management team to come up with a weekly cashflow projection to ascertain funding requirements.
Yesterday Kenmark directors also met up with EON Bank officials to discuss on financing. It also hopes to solve amicably the demands for repayment of RM60mil by Export-Import Bank of Malaysia.
With the financial results submitted, Ho Soon Woon, one of the four new directors appointed to Kenmark last week will leave today for Vietnam to assess the situation at its plant there.
Hwang hives Kenmark stake to 8%
By B.K. SIDHU
bksidhu@thestar.com.my
PETALING JAYA: The Kenmark Industrial Co (M) Bhd saga continues with the man in the middle of the controversy, James Hwang, shrinking his stake in the furniture maker from 29.93% as at April 23 to 7.96% currently.
This should explain the heavy selling of the shares on May 31 to June 2 by several brokerages in the country and the buyer could well be Datuk Ishak Ismail, who now directly and indirectly controls 32% stake in Kenmark.
With Hwang’s stake down, Ishak is the single largest shareholder in the furniture maker. Hwang is still managing director of the company and is ill in China.
Kenmark’s shares were suspended by Bursa Malaysia at 9am yesterday pending clarification from the company as to why it posted such a shocking set of financial results with a net loss of RM146mil for the fourth quarter ended March 31, 2010.
Gani ... ‘We have now established the policies.’
The new directors were also hauled up by both Bursa and the Securities Commission to explain the huge losses.
By yesterday evening, Kenmark made all the necessary announcements and it must have furnished enough information for Bursa to allow its shares to resume trading today. Its shares were last traded at 27 sen.
“We met the authorities yesterday and explained the situation. They understand that we are new and they have been very helpful. We need to regularise and work on a new plan to move forward,’’ Kenmark executive chairman Datuk Abd Gani Yusof said.
Kenmark on Monday reported a net loss of RM146mil for 4Q10 versus a net loss of RM84,000 in the same corresponding period a year ago.
The company blamed lower revenue, higher cost of sales, provisions for doubtful debts and impairment of assets by certain subsidiaries for the huge losses.
Kenmark’s troubles began when Hwang disappeared and news of his disappearances triggered massive selling of the stock which plunged 68% on May 31.
On the same day, 413 of its employees were locked out from its premises at Port Klang after EON Bank appointed receivers to seal up the plant to protect its interest. Kenmark is a PN17 company.
The net loss was a huge drop, said Gani. The new directors found that there were no proper policies on debtors in place.
“We have now established the policies and hope to write back a lot,’’ Gani said.
In reply to queries from Bursa, Kenmark detailed out the breakdown of the RM141.6mil administrative expenses it provided for.
Of this, RM69mil was for doubtful debt, RM12mil for un-realised foreign exchange losses, RM41mil for impairment for fixed assets (two assets in China and one in Taiwan), RM3mil bank charges and exchange losses, and RM4mil for other administrative expenses.
It has five companies owing it money to the tune of RM44mil and the credit terms are 180 days. The company hopes to begin collection to recover the amounts.
Kenmark says it has no write down on inventories and the board wants the management team to come up with a weekly cashflow projection to ascertain funding requirements.
Yesterday Kenmark directors also met up with EON Bank officials to discuss on financing. It also hopes to solve amicably the demands for repayment of RM60mil by Export-Import Bank of Malaysia.
With the financial results submitted, Ho Soon Woon, one of the four new directors appointed to Kenmark last week will leave today for Vietnam to assess the situation at its plant there.
Kenmark shares down
Published: Wednesday June 9, 2010 MYT 11:04:00 AM
Kenmark shares down
KUALA LUMPUR: Troubled furniture maker Kenmark Industrial, the company which posted massive losses for the fourth quarter ended March 31, 2010 (Q4), saw its share price plunge from 26 sen at open to 18.5 sen at 10.30am Wednesday trade.
Kenmark’s counter was suspended by Bursa Malaysia at 9am yesterday pending clarification from the company on its losses for Q4.
The company revealed a net loss of RM146 million for Q4 versus RM84,000 for the same period a year ago.
Kenmark shares down
KUALA LUMPUR: Troubled furniture maker Kenmark Industrial, the company which posted massive losses for the fourth quarter ended March 31, 2010 (Q4), saw its share price plunge from 26 sen at open to 18.5 sen at 10.30am Wednesday trade.
Kenmark’s counter was suspended by Bursa Malaysia at 9am yesterday pending clarification from the company on its losses for Q4.
The company revealed a net loss of RM146 million for Q4 versus RM84,000 for the same period a year ago.
Monday, June 7, 2010
立港没有避风港●陈金阙
经济眼:立港没有避风港●陈金阙
2010/06/03 5:42:26 PM
●陈金阙
http://www.nanyang.com.my/NewsCenter/articleDetail.asp?type=N&ID=155609&SID=29&CID=25
古人曾说：“冰冻三尺，非一日之寒”，不过以今日的科技，要生产出厚达三尺的冰，倒也不需要等冬天。我们，就好像活在古代的人类，而立港工业 （Kenmark）的董事经理，就深谙快速三尺冰冻之道，转眼间公司倒台、人也施展轻功杳如黄鹤；而可怜的独立董事，到上星期才知道原来他们的伙伴身怀绝 技，秘而不宣，大呼上当不已。
我们翻阅去年（2009年）财报，才发现原来一名“受骗”的独立董事再那文竟是公司主席（Chairman），曾任许多金融界及政府部门高职。她在年报的主席致词中还声声表现出对公司业务甚有信心。另一位被“蒙在鼓里”的独立董事颜伟忠（译音）也是绘测界的知名人士。
当稳当公司独立董事
年 报透露，2008年五月公司所有董事都有上马股市所规定的企业监管课程。这说明了独立董事们要注意的两个情况，1)大马的董事在醒觉自己的责任方面有待加 强--不是填鸭式的上课及开会，就已履行董事任务；2)做董事的要慎选公司，不然任你如何清高，如何有学识，一旦被人有心设计，沾上麻烦你不死也一身蚁， 日后被人前人后指指点点只能怪自己不带眼识人。
如何亏损、亏损数额，早有报章报道，这里不再赘述。不过，我们从此事得到一个领悟：如果要 做独立董事，记得找一个有很稳的避风港的公司董事来做。有问题的公司，比比皆是，如何祸不及自己，才是高明的董事。让我带大家看看避风港之一--回教基金 局如何教你化险为夷，逢凶化吉。
早在2000年，笔者曾有一个胸口永远的痛（其实笔者胸口永远的痛不只一个，还有很多)），那就是误信达 康(dotcom)热潮，8令吉买了一个叫绿田（lityan）的公司。没想到科技泡沫爆破，我守了几年，忍痛以1令吉止蚀离场。没料到他连年亏损，建议 重组几次都不成功，掉到剩下2至3仙不讲，还要被除牌。最后还是他背后的大股东回教基金局(LTH)出手，才免去除牌一劫。我看到独立董事来来去去，就是 有棵大树(回教基金局)好遮荫，没惹祸上身。
回教基金局在绿田(现称Theta Edge)的重组，固可喻为元气大伤，但也可解为冷手捡个热煎堆。以重组情况来看，8变1削资，几乎是永无翻身之地。不过，其实背后另有文章。这一重组， 回教基金局在注资加认购新股之下，股权由18%变成51%，而所有债主皆面对80-90%不同等级的减免，而且是以新股抵债。至于原有股东，只能眼巴巴的 看着自己的100股权被稀释至12股，连公积金局（哈！他也是小股东）也无能避免（股额由600万变成760千股）。
回教基金局食髓知 味，在近期又打算如法泡制，弥补之前投资的失误。财务受困的MEMS科技，日前也效法绿田，宣布10变1削资大重组，回教基金局借子公司Theta Edge(前身就是绿田)注资2000万认购新股，股权由10%变成32%，成功控制MEMS科技。大部分债主面对50-70%不同等级的减免，而且也是 以新股抵债。原有股东更惨，看着自己的100股权被稀释至10股。独立董事有何看法？会否辞职抗议？
回教基金局陷困拉慕尼亚
据 我所知，至少还有一间受困公司，也让回教基金局深陷其中，那就是拉慕尼亚(Ramunia)。回教基金局控制了拉慕尼亚25%，账面上亏损同样不在少数。 以回教基金局的实力，大可在解决MEMS科技的问题时，来个左右开弓，也对拉慕尼亚开刀，来个连消带打，问题公司悉数纳入旗下，一扫市面上对他差劲的投资 所给的负面批评。不过，到时拉慕尼亚的股东可寝食难眠了。
在此，想问问那些没有避风港的董事，你希望和避风港共处吗？万一避风港象回教基金局那样行动，你认为这是仗义相助，还是趁火打劫？你觉得对不起可怜的小股东吗？
at 5:39:00 PM 0 comments Links to this post
Labels: 好文推荐阅读, 陈金阙
2010/06/03 5:42:26 PM
●陈金阙
http://www.nanyang.com.my/NewsCenter/articleDetail.asp?type=N&ID=155609&SID=29&CID=25
古人曾说：“冰冻三尺，非一日之寒”，不过以今日的科技，要生产出厚达三尺的冰，倒也不需要等冬天。我们，就好像活在古代的人类，而立港工业 （Kenmark）的董事经理，就深谙快速三尺冰冻之道，转眼间公司倒台、人也施展轻功杳如黄鹤；而可怜的独立董事，到上星期才知道原来他们的伙伴身怀绝 技，秘而不宣，大呼上当不已。
我们翻阅去年（2009年）财报，才发现原来一名“受骗”的独立董事再那文竟是公司主席（Chairman），曾任许多金融界及政府部门高职。她在年报的主席致词中还声声表现出对公司业务甚有信心。另一位被“蒙在鼓里”的独立董事颜伟忠（译音）也是绘测界的知名人士。
当稳当公司独立董事
年 报透露，2008年五月公司所有董事都有上马股市所规定的企业监管课程。这说明了独立董事们要注意的两个情况，1)大马的董事在醒觉自己的责任方面有待加 强--不是填鸭式的上课及开会，就已履行董事任务；2)做董事的要慎选公司，不然任你如何清高，如何有学识，一旦被人有心设计，沾上麻烦你不死也一身蚁， 日后被人前人后指指点点只能怪自己不带眼识人。
如何亏损、亏损数额，早有报章报道，这里不再赘述。不过，我们从此事得到一个领悟：如果要 做独立董事，记得找一个有很稳的避风港的公司董事来做。有问题的公司，比比皆是，如何祸不及自己，才是高明的董事。让我带大家看看避风港之一--回教基金 局如何教你化险为夷，逢凶化吉。
早在2000年，笔者曾有一个胸口永远的痛（其实笔者胸口永远的痛不只一个，还有很多)），那就是误信达 康(dotcom)热潮，8令吉买了一个叫绿田（lityan）的公司。没想到科技泡沫爆破，我守了几年，忍痛以1令吉止蚀离场。没料到他连年亏损，建议 重组几次都不成功，掉到剩下2至3仙不讲，还要被除牌。最后还是他背后的大股东回教基金局(LTH)出手，才免去除牌一劫。我看到独立董事来来去去，就是 有棵大树(回教基金局)好遮荫，没惹祸上身。
回教基金局在绿田(现称Theta Edge)的重组，固可喻为元气大伤，但也可解为冷手捡个热煎堆。以重组情况来看，8变1削资，几乎是永无翻身之地。不过，其实背后另有文章。这一重组， 回教基金局在注资加认购新股之下，股权由18%变成51%，而所有债主皆面对80-90%不同等级的减免，而且是以新股抵债。至于原有股东，只能眼巴巴的 看着自己的100股权被稀释至12股，连公积金局（哈！他也是小股东）也无能避免（股额由600万变成760千股）。
回教基金局食髓知 味，在近期又打算如法泡制，弥补之前投资的失误。财务受困的MEMS科技，日前也效法绿田，宣布10变1削资大重组，回教基金局借子公司Theta Edge(前身就是绿田)注资2000万认购新股，股权由10%变成32%，成功控制MEMS科技。大部分债主面对50-70%不同等级的减免，而且也是 以新股抵债。原有股东更惨，看着自己的100股权被稀释至10股。独立董事有何看法？会否辞职抗议？
回教基金局陷困拉慕尼亚
据 我所知，至少还有一间受困公司，也让回教基金局深陷其中，那就是拉慕尼亚(Ramunia)。回教基金局控制了拉慕尼亚25%，账面上亏损同样不在少数。 以回教基金局的实力，大可在解决MEMS科技的问题时，来个左右开弓，也对拉慕尼亚开刀，来个连消带打，问题公司悉数纳入旗下，一扫市面上对他差劲的投资 所给的负面批评。不过，到时拉慕尼亚的股东可寝食难眠了。
在此，想问问那些没有避风港的董事，你希望和避风港共处吗？万一避风港象回教基金局那样行动，你认为这是仗义相助，还是趁火打劫？你觉得对不起可怜的小股东吗？
at 5:39:00 PM 0 comments Links to this post
Labels: 好文推荐阅读, 陈金阙
Monday, June 7, 2010 经济眼：这个游戏不是你玩的 ●陈金阙
经济眼：这个游戏不是你玩的 ●陈金阙
2010/06/06 6:28:19 PM
●陈金阙 财务规划者
http://www.nanyang.com.my/NewsCenter/articleDetail.asp?type=N&ID=156580&SID=29&CID=25
周末遇到笑嘻嘻的小黄，忍不住问他甚么事情这么高兴？他得意洋洋的说：“你上篇文章提到的立港，让我赚了大钱。”
我听了好奇心油然而生，便问他：“这怎么说来？”他一副莫测高深的样子对我说：“你们这些讲究基本投资的学者，是赚不到这些钱的，”他摇摇头说：“这个游戏不是你们玩的。”
在 追问之下，我才知道，他发挥了“明知山有虎，偏向虎山行”的大无畏精神，在别人大事抛售立港工业(Kenmark)的股票时，大胆买进，然后在股价反弹时 大力沽出，短短三天里面，赚了个满堂红。我粗略算一下，如果在6月1日以4仙买进，6月4日以28仙卖出，马上赚了6倍，果然是天降横财。而我们这些所谓 的以基本研究作投资者，无论如何也不可能去买一间出了问题，眼看就要停牌重组的公司，原来逆向投资，也可以作此解法。
交易量偌缴足资本
不过，换着历史再重演一次，我也是不敢犯险。我观察了这几天的立港股票以及大股东的动作，不禁疑心大起，心想如果证券委员会不抽丝剥茧，追根究底，来查个水落石出，实在是难逃助长投机午弊风气之嫌。
我 们看到立港工业发生问题之后，股价两天内下滑到最低3.5仙，再反弹至11.5仙才停牌。立港工业缴足资本为1亿8174万股，6月1-2日的成交量分别 为1亿9110万股及1亿3874万股，一天的交易量约为整间公司的缴足资本，令人怀疑票数从哪里来，哪里来这么多卖家和买家。大马交易所怎不采取行动， 调查股票交易者的背景或早一步将之列为指定股项(designated stock)？
时机巧妙起死回生
随着股票停牌， 董事经理黄定国（译音）致函澄清身体不适，以及“适时”引进新的大股东，股票在6月4日复牌后戏剧性的大涨，一洗几日前云端滑落的颓势，最后以26仙挂 收，造就小黄的横财。新大股东依萨曾是马股市的大红人，他以高姿态登场，在短短两天之内，控制了32.46%股权，没有抵触全购条例，其精确度令人赞叹。 不但如此，还以迅雷不及掩耳的手段撤换公司董事，连之前急如热锅上的蚂蚁的两位独立董事一并换掉（有说是辞职） 。
再拜读公司陆陆续续发出的文告，业务上的问题，似乎没甚么大不了，只要公司在15天之内呈上季度财报，各银行或债权人收回追债命令，就可洗脱PN17的罪名了吧？难道这是个美丽的误会？
对 小黄来说，这个误会，真是太美了，托黄氏宗亲（立港工业前大股东姓黄）不省人事的洪福，他发了笔小财。对大多数不知情的忠实股东，破坏已经造成，这可是永 远难忘的噩梦！先是公司突然要倒了，执行董事全不见了，问你怕没？在惊慌抛售，庆幸还拿回一点渣的当儿，董事们又一个个出现，公司的救星也出现了，看来一 切业务又如常，只不过你的股票已转到救星的手，不属于自己了。你怀疑这是一个精心泡制的“巧局”吗？作为一个正常的生意人，在这个非常时期接手立港，放言 将之起死回生，你怀疑他是毫不知情，好象小黄这样，只是恰巧路过，遇到这个毕生难觅的好机会吗？哀哉对立港工业失去信心、在这两天忍痛割爱的小股东！
有时股票交易的确是有如赌场，愿赌服输。不过，如果当股民是傻瓜，乱设计仙人跳，同时牵涉到内线交易，这可不能算是公平交易。执法单位不能保持缄默，必须挺身而出，伸张正义，将犯规者绳之以法，还求救无门的小股东一个公道。
小黄说得对，不在公平的平台较劲，这类投机游戏不适合我玩。
at 5:42:00 PM
Labels: 好文推荐阅读, 陈金阙
2010/06/06 6:28:19 PM
●陈金阙 财务规划者
http://www.nanyang.com.my/NewsCenter/articleDetail.asp?type=N&ID=156580&SID=29&CID=25
周末遇到笑嘻嘻的小黄，忍不住问他甚么事情这么高兴？他得意洋洋的说：“你上篇文章提到的立港，让我赚了大钱。”
我听了好奇心油然而生，便问他：“这怎么说来？”他一副莫测高深的样子对我说：“你们这些讲究基本投资的学者，是赚不到这些钱的，”他摇摇头说：“这个游戏不是你们玩的。”
在 追问之下，我才知道，他发挥了“明知山有虎，偏向虎山行”的大无畏精神，在别人大事抛售立港工业(Kenmark)的股票时，大胆买进，然后在股价反弹时 大力沽出，短短三天里面，赚了个满堂红。我粗略算一下，如果在6月1日以4仙买进，6月4日以28仙卖出，马上赚了6倍，果然是天降横财。而我们这些所谓 的以基本研究作投资者，无论如何也不可能去买一间出了问题，眼看就要停牌重组的公司，原来逆向投资，也可以作此解法。
交易量偌缴足资本
不过，换着历史再重演一次，我也是不敢犯险。我观察了这几天的立港股票以及大股东的动作，不禁疑心大起，心想如果证券委员会不抽丝剥茧，追根究底，来查个水落石出，实在是难逃助长投机午弊风气之嫌。
我 们看到立港工业发生问题之后，股价两天内下滑到最低3.5仙，再反弹至11.5仙才停牌。立港工业缴足资本为1亿8174万股，6月1-2日的成交量分别 为1亿9110万股及1亿3874万股，一天的交易量约为整间公司的缴足资本，令人怀疑票数从哪里来，哪里来这么多卖家和买家。大马交易所怎不采取行动， 调查股票交易者的背景或早一步将之列为指定股项(designated stock)？
时机巧妙起死回生
随着股票停牌， 董事经理黄定国（译音）致函澄清身体不适，以及“适时”引进新的大股东，股票在6月4日复牌后戏剧性的大涨，一洗几日前云端滑落的颓势，最后以26仙挂 收，造就小黄的横财。新大股东依萨曾是马股市的大红人，他以高姿态登场，在短短两天之内，控制了32.46%股权，没有抵触全购条例，其精确度令人赞叹。 不但如此，还以迅雷不及掩耳的手段撤换公司董事，连之前急如热锅上的蚂蚁的两位独立董事一并换掉（有说是辞职） 。
再拜读公司陆陆续续发出的文告，业务上的问题，似乎没甚么大不了，只要公司在15天之内呈上季度财报，各银行或债权人收回追债命令，就可洗脱PN17的罪名了吧？难道这是个美丽的误会？
对 小黄来说，这个误会，真是太美了，托黄氏宗亲（立港工业前大股东姓黄）不省人事的洪福，他发了笔小财。对大多数不知情的忠实股东，破坏已经造成，这可是永 远难忘的噩梦！先是公司突然要倒了，执行董事全不见了，问你怕没？在惊慌抛售，庆幸还拿回一点渣的当儿，董事们又一个个出现，公司的救星也出现了，看来一 切业务又如常，只不过你的股票已转到救星的手，不属于自己了。你怀疑这是一个精心泡制的“巧局”吗？作为一个正常的生意人，在这个非常时期接手立港，放言 将之起死回生，你怀疑他是毫不知情，好象小黄这样，只是恰巧路过，遇到这个毕生难觅的好机会吗？哀哉对立港工业失去信心、在这两天忍痛割爱的小股东！
有时股票交易的确是有如赌场，愿赌服输。不过，如果当股民是傻瓜，乱设计仙人跳，同时牵涉到内线交易，这可不能算是公平交易。执法单位不能保持缄默，必须挺身而出，伸张正义，将犯规者绳之以法，还求救无门的小股东一个公道。
小黄说得对，不在公平的平台较劲，这类投机游戏不适合我玩。
at 5:42:00 PM
Labels: 好文推荐阅读, 陈金阙
理财有道:想要还是需要? ●黄凯顺
理财有道:想要还是需要?
2010/06/03 11:29:32 AM
●黄凯顺
在我们的日常生活中，每天所接触到的东西有些是你真正需要的，可是，有些东西看起来好像需要，但如果冷静下来，细心考虑，却不是那么的需要。
比方说，你的朋友买了新的手机，一台比你更炫更漂亮的手机，你心里的欲望就产生了，你也想要换手机，即使你现有的手机还用得好好的，但你会不断的去想。而且还会设法为自己编一个很好的理由拥有一台新手机。
当你的同事换了车子，你也想换，或许你并不需要那么大的车子，或许你并没有足够的钱，但你会一想再想，甚至会找出很美丽的借口来说服自己去拥有它！
其实，一个人的需要非常简单，而且很少，你需要什么呢？食物、阳光、空气、水、需要有房子住，需要休息睡觉，这些都是一些简单的东西，都是必要的需求，需要很容易就被满足。
欲望驾驭
但你为什么有那么多不满？因为你“想要”一部更好的车子，更豪华的房子，更大的钻戒，更多人的羡慕。欲望非常复杂，欲求总是想要更多不必要的东西。
俗语说得对，一个人贫困时只要一点东西，富裕时需要许多东西，贪婪时却要一切东西。如果不懂得管理自己的欲望，你会不断地滋长自己的欲求，这欲求可以是时尚的流行服饰、进口汽车、有品牌的皮包，也可以是地位、是名声……只要留意看你自己，你的欲望一直在驾驭你。日子原可以过得很轻松简单的，但你却过得如此负担，因为你把能量都浪费在那些不必要的东西上面。
我就曾目睹这样的个案：一位出来社会工作不久的朋友，原来是驾着一辆二手快要还清的国产车，过着安居乐业的生活。自从看见朋友出了一辆新款的进口汽车后，便对它情有独钟，非要把它弄到手不可。
满足需求
偏偏当时她的工作收入并没有能力支付那辆车。因此，她开始加班，找外快，以赚取额外收入来换取那心爱的轿车。当我问起她为什么要这么辛苦来换取不在能力范围以内的奢侈品时，她意然的回答说：因为那辆车很省油，所以很值得买！我的天啊，就这么简单的理由可以让一个人付上那么大的代价来满足自己的欲望！
需要是必要的，需要是“必需品”；想要是不必要的，想要是“奢侈品”。满足需求，并不是满足欲求，不要将这两者搞混。人们常把想要当成需要，又把奢侈品变成必需品，问题就出在这里。
身体需要放松，身体需要休息；但欲望却不放过你。所以我们必须了解“需要”与“想要”的差别。你可以满足身体，可以满足需要；但你无需满足欲望，欲望总是想要比多还要更多，那是无止尽的！
2010/06/03 11:29:32 AM
●黄凯顺
在我们的日常生活中，每天所接触到的东西有些是你真正需要的，可是，有些东西看起来好像需要，但如果冷静下来，细心考虑，却不是那么的需要。
比方说，你的朋友买了新的手机，一台比你更炫更漂亮的手机，你心里的欲望就产生了，你也想要换手机，即使你现有的手机还用得好好的，但你会不断的去想。而且还会设法为自己编一个很好的理由拥有一台新手机。
当你的同事换了车子，你也想换，或许你并不需要那么大的车子，或许你并没有足够的钱，但你会一想再想，甚至会找出很美丽的借口来说服自己去拥有它！
其实，一个人的需要非常简单，而且很少，你需要什么呢？食物、阳光、空气、水、需要有房子住，需要休息睡觉，这些都是一些简单的东西，都是必要的需求，需要很容易就被满足。
欲望驾驭
但你为什么有那么多不满？因为你“想要”一部更好的车子，更豪华的房子，更大的钻戒，更多人的羡慕。欲望非常复杂，欲求总是想要更多不必要的东西。
俗语说得对，一个人贫困时只要一点东西，富裕时需要许多东西，贪婪时却要一切东西。如果不懂得管理自己的欲望，你会不断地滋长自己的欲求，这欲求可以是时尚的流行服饰、进口汽车、有品牌的皮包，也可以是地位、是名声……只要留意看你自己，你的欲望一直在驾驭你。日子原可以过得很轻松简单的，但你却过得如此负担，因为你把能量都浪费在那些不必要的东西上面。
我就曾目睹这样的个案：一位出来社会工作不久的朋友，原来是驾着一辆二手快要还清的国产车，过着安居乐业的生活。自从看见朋友出了一辆新款的进口汽车后，便对它情有独钟，非要把它弄到手不可。
满足需求
偏偏当时她的工作收入并没有能力支付那辆车。因此，她开始加班，找外快，以赚取额外收入来换取那心爱的轿车。当我问起她为什么要这么辛苦来换取不在能力范围以内的奢侈品时，她意然的回答说：因为那辆车很省油，所以很值得买！我的天啊，就这么简单的理由可以让一个人付上那么大的代价来满足自己的欲望！
需要是必要的，需要是“必需品”；想要是不必要的，想要是“奢侈品”。满足需求，并不是满足欲求，不要将这两者搞混。人们常把想要当成需要，又把奢侈品变成必需品，问题就出在这里。
身体需要放松，身体需要休息；但欲望却不放过你。所以我们必须了解“需要”与“想要”的差别。你可以满足身体，可以满足需要；但你无需满足欲望，欲望总是想要比多还要更多，那是无止尽的！
Saturday, June 5, 2010
What’s going on in Kenmark?
Saturday June 5, 2010
What’s going on in Kenmark?
By B.K. SIDHU
bksidhu@thestar.com.my
OVER 20 years of sweat equity by the founders and employees of Kenmark Industrial Co (M) Bhd must have seemed to have come crashing down in just a span of a week.
The only one who has the answers to the strange and unexpected developments in the company is 59-year-old Taiwanese national Hwang Ding Kuo @ James Hwang, the company’s managing director. But his sudden “disappearance” and surprising reappearance days later with an apologetic note that he was taken ill and unconscious, has in fact, added more fodder to the unusual circumstances.
Along with Hwang, two other Taiwanese directors had also gone missing.
The uncertainty had led the share price to nose dive, wiping out some RM100mil in market value over this week.
The factory in Port Klang
The business
Kenmark is a big supplier of goods to the international supermarket chain Wal-Mart and other global stores either directly or via its agents.
The predicament in a nutshell – the company failed to submit its financial records on time; two creditor banks has asked the company to pay up; several banks and stockbroking firms have force sold the shares in the open market and its suppliers, to put it mildly are worried.
The first red flag had come from Bursa Malaysia with its query to the company on the unusual market activity, points out Rita Benoy Bushon, chief executive officer of the Minority Shareholder Watchdog Group (MSWG). Suspicions were further heightened when it failed to issue its fourth quarter results.
Rita is calling for Bursa Malaysia and the Securities Commission to conduct a thorough investigation on the matter and if wrongdoing is ascertained, to mete out the necessary penalties.
In a written reply, Bursa Malaysia said it was investigating the matter and “will pursue enforcement action for any breaches of the listing requirements.”
“Bursa Malaysia had engaged with the company’s independent directors, external auditors and officials to ascertain the state of affairs of the company immediately when the issues came to light,” it added.
In comes Ishak
And just as market observers found themselves gobsmacked by the slew of strange developments in the company, the story took on another dimension. Datuk Ishak Ismail, who made his mark in Malaysia’s corporate stage in the early 90s but had bowed out of the limelight in early 2000 following a conviction by the securities regulator, has emerged as the single largest shareholder of Kenmark after acquiring a 32% block.
Kenmark’s new directors (from left) Ho Soo Woon, Datuk Abd Gani Yusof and Woon Wai En at the press conference on Friday.
Ishak and Hwang are old pals. In fact, Ishak was the bumiputera shareholder of Kenmark with a 20% stake when the company was listed in 1997 but had subsequently unwound his holdings.
Ishak tells the StarBizWeek that he had received a call from Hwang on Monday night to “help out”.
Based on announcements to Bursa Malaysia, BHLB Trustee Bhd, a trust for Ishak’s family, scooped up 30 million shares or 16.83% stake in Kenmark on Tuesday. A day later, he used another vehicle, Unioncity Enterprise Ltd to acquire 27 million shares or 15.53% of Kenmark, raising his stake to 32.36%, just shy of the trigger point for a mandatory general offer.
Based on Kenmark’s share price over the two days of the acquisition, it can be assumed that he had acquired the shares at not more than 8 sen apiece. When trading on Kenmark’s shares resumed on Friday, the counter shot up to 26 sen, a 126% gain from its last traded price of 11.5 sen. This means Ishak could be sitting on a paper gain of some RM10mil.
When contacted by the StarBizWeek, Ishak who was in Baghdad, explained why he had acquired the shares: “It is a good company. I checked and there was nothing wrong with the operations. There is just some misunderstanding. What I am thinking now is how we can get the business operations re-started. I have been an investor before and this company is involved in a lot of export business. Imagine the foreign earnings it brings into Malaysia.
“There is also another aspect. About 400 jobs are at stake if the plant does not restart. So, I wanted to help bring the employees back to work. So, it is not about (grabbing) an opportunity but doing a social service. What is wrong with that?’’ he asks.
How much did he acquire the shares for? “I do not know. The purchases were done by the trustees. They make independent decisions,’’ he replies.
Still, many observers expect Ishak to exit not too long from now, pocketing some handsome capital gains. Will that happen? “It all depends on the trustees, it is not about me. This is a family trust and I am not in control of the trust. But this (Kenmark) is a good company,’’ he adds.
Lost confidence
Meanwhile, 133 Malaysian workers of the total workforce of 413 employed by Kenmark are seeking RM1.4mil in damages for being locked out of the factory at the Labour Court in Port Klang. The claims were for termination benefits, compensation in lieu of notice and unused leave.
Quite clearly, the four new directors on board have an uphill battle ahead to regain lost confidence. After their first board meeting on Thursday, they had proceeded to the factory in Port Klang but were barred from entering the premises. On Friday, they met up with the senior team.
CLICK to view graphic
“We just met key management staff and asked them what is required to restart the whole production again. We will take it from there,’’ said newly appointed executive chairman Datuk Abd Gani Yusof.
At the start
Kenmark was set up in Taiwan back in 1978. Kenmark Industrial Co Ltd, which had a factory in Nei Hu, Taipeh, set up its first overseas plant a decade later in 1988. The plant in Malaysia began operations in 1989 on a 10-acre site in Port Klang.
Hwang, the founder of the company, is said to be a very enterprising man; within a short span, the operations expanded to Singapore, Australia, London, Hong Kong, Vietnam, US and China.
The Malaysian operations was listed on Bursa Malaysia in 1997. There are two other Taiwanese directors in the company - Chen Wen-Ling and Chang Chin-Chuan. Chen owned 18.7% stake in the company, according to the company’s latest annual report. With Hwang, the Taiwanese collectively owned 46.4% of Kenmark.
A substantial amount of these shares, it is believed, were pledged to banks and several stockbroking firms for share margin financing. Given the counter’s free fall over the week, many of these shares were force sold, which led many to believe that this is how Ishak could have accumulated his interest in the company.
Domino effect
On Wednesday, after Hwang had “disappeared”, the factory in Malaysia was shut down.
Some suppliers, spooked by the developments, were believed to have taken back their supplies.
On May 27, the company’s two independent directors Zainab Abu Bakar and Yeunh Wee Tiong had called off the audit committee meeting because Hwang had failed to appear. They could not reach Hwang or the two other Taiwanese directors.
Much to their dismay, Zainab and Yuenh had found the factory sealed. They both had stepped down from the board on Thursday.
One of the creditors, EON Bank had caught wind of these developments and wasted little time engaging their solicitors to seal the company. The company received letters of demand from EON Bank and Export-Import Bank for some RM71mil.
In a statement to Bursa yesterday, Kenmark said “There were some trade bills due for payment at the end of May 2010 but due to the unfortunate situation last week ... the trade bills could not be paid and EON Bank in safeguarding their interest had then appointed the Receivers.”
As for its Vietnam plant, Kenmark said that it has learnt from Hwang that the local authorities were requested to take control of the operating premises to safeguard the assets when some looting occurred during the absence of senior management staff.’
Hell breaks loose
On Monday, the situation worsened. The staff who turned up for work that day were told to go home. On that same day, Kenmark’s independent directors had updated officials from Bursa Malaysia on these developments, which led the latter to slap the company with a PN17 status.
After two days of wild speculation, Hwang appeared with his apologetic note that he was “sorry for the confusion” and that he was “taken ill in China ... and was in a delirious state from lack of sleep and was in and out of consciousness.”
Naturally, most found the excuse hard to swallow.
“It shows total disregard of shareholders, suppliers and employees. Even if he was not around, how could anyone expect the company to run rudderless?,” asks an observer.
Those who are close to Hwang say that he largely handled the business on his own, preferring that to delegating the work to the rest at top management. “This could explain the chaos his absence had resulted in,” says a source.
The task ahead
Since then, four professional managers have been appointed to the board. They are Ho Soo Woon, Ahmed Azhar Bin Abdullah, Woon Wai En, Datuk Abd. Gani Bin Yusof. Woon was formerly with Vads Bhd while Ho has his own family business. Gani has several businesses of his own but not much is known about Ahmed.
Evidently, the team is determined to get things back to normalcy. One of the most urgent matters that needs to be addressed is that the company needs to submit the fourth quarter results. The directors have failed to get an extension of time to June 30 from Bursa Securities to submit its results as the application was submitted less than fifteen days prior to the due date for submission.
“The Directors do not have access to the accounting records as yet and shall endeavour to have the results released as soon as available,” it said in a note to Bursa Malaysia late Friday.
Time is not a luxury it has. Bursa has given Kenmark till June 8 to submit the results, failing which the trading of shares will be suspended.
Analysts expect the group’s showing in the fourth quarter to be “less impressive” as orders from the European markets have been soft due to the economic slowdown.
In the company’s latest annual report, it had stated that it will focus on strengthening the wood-based business as margins were better than the LCD television business unit which was facing stiff competition. It also expected demand for wood-based products to remain stagnant until the economy in the European and North American markets pick up.
About 78% of Kenmarks business, said the analyst is export driven; one of its largest export markets for its furniture products is Europe. As such, he expects the weakening Euro to put a damper on the company’s latest results.
For the year ended March 2009, Kenmark made a net profit of RM3.8mil on the back of RM259mil sales compared to RM10.1mil and RM308mil a year ago.
Questions left unanswered
Without a doubt, the whole debacle has raised key corporate governance issues. The unusual market activity in the counter also needs to be prodded further by the authorities.
Was this simply a case of one thing leading to another? Or is there more to it than meets the eye?
“From a corporate governance view, it is astonishing that it has reached this stage. Some processes and checks and balances had failed. If so, how and why?” asked a peeved observer.
Related Stories:
Kenmark among firms that broke listing rules
Ishak – no newcomer to corporate controversy
Stock an easy buy after force-selling
Directors shed some light
A bizarre run of events
What’s going on in Kenmark?
By B.K. SIDHU
bksidhu@thestar.com.my
OVER 20 years of sweat equity by the founders and employees of Kenmark Industrial Co (M) Bhd must have seemed to have come crashing down in just a span of a week.
The only one who has the answers to the strange and unexpected developments in the company is 59-year-old Taiwanese national Hwang Ding Kuo @ James Hwang, the company’s managing director. But his sudden “disappearance” and surprising reappearance days later with an apologetic note that he was taken ill and unconscious, has in fact, added more fodder to the unusual circumstances.
Along with Hwang, two other Taiwanese directors had also gone missing.
The uncertainty had led the share price to nose dive, wiping out some RM100mil in market value over this week.
The factory in Port Klang
The business
Kenmark is a big supplier of goods to the international supermarket chain Wal-Mart and other global stores either directly or via its agents.
The predicament in a nutshell – the company failed to submit its financial records on time; two creditor banks has asked the company to pay up; several banks and stockbroking firms have force sold the shares in the open market and its suppliers, to put it mildly are worried.
The first red flag had come from Bursa Malaysia with its query to the company on the unusual market activity, points out Rita Benoy Bushon, chief executive officer of the Minority Shareholder Watchdog Group (MSWG). Suspicions were further heightened when it failed to issue its fourth quarter results.
Rita is calling for Bursa Malaysia and the Securities Commission to conduct a thorough investigation on the matter and if wrongdoing is ascertained, to mete out the necessary penalties.
In a written reply, Bursa Malaysia said it was investigating the matter and “will pursue enforcement action for any breaches of the listing requirements.”
“Bursa Malaysia had engaged with the company’s independent directors, external auditors and officials to ascertain the state of affairs of the company immediately when the issues came to light,” it added.
In comes Ishak
And just as market observers found themselves gobsmacked by the slew of strange developments in the company, the story took on another dimension. Datuk Ishak Ismail, who made his mark in Malaysia’s corporate stage in the early 90s but had bowed out of the limelight in early 2000 following a conviction by the securities regulator, has emerged as the single largest shareholder of Kenmark after acquiring a 32% block.
Kenmark’s new directors (from left) Ho Soo Woon, Datuk Abd Gani Yusof and Woon Wai En at the press conference on Friday.
Ishak and Hwang are old pals. In fact, Ishak was the bumiputera shareholder of Kenmark with a 20% stake when the company was listed in 1997 but had subsequently unwound his holdings.
Ishak tells the StarBizWeek that he had received a call from Hwang on Monday night to “help out”.
Based on announcements to Bursa Malaysia, BHLB Trustee Bhd, a trust for Ishak’s family, scooped up 30 million shares or 16.83% stake in Kenmark on Tuesday. A day later, he used another vehicle, Unioncity Enterprise Ltd to acquire 27 million shares or 15.53% of Kenmark, raising his stake to 32.36%, just shy of the trigger point for a mandatory general offer.
Based on Kenmark’s share price over the two days of the acquisition, it can be assumed that he had acquired the shares at not more than 8 sen apiece. When trading on Kenmark’s shares resumed on Friday, the counter shot up to 26 sen, a 126% gain from its last traded price of 11.5 sen. This means Ishak could be sitting on a paper gain of some RM10mil.
When contacted by the StarBizWeek, Ishak who was in Baghdad, explained why he had acquired the shares: “It is a good company. I checked and there was nothing wrong with the operations. There is just some misunderstanding. What I am thinking now is how we can get the business operations re-started. I have been an investor before and this company is involved in a lot of export business. Imagine the foreign earnings it brings into Malaysia.
“There is also another aspect. About 400 jobs are at stake if the plant does not restart. So, I wanted to help bring the employees back to work. So, it is not about (grabbing) an opportunity but doing a social service. What is wrong with that?’’ he asks.
How much did he acquire the shares for? “I do not know. The purchases were done by the trustees. They make independent decisions,’’ he replies.
Still, many observers expect Ishak to exit not too long from now, pocketing some handsome capital gains. Will that happen? “It all depends on the trustees, it is not about me. This is a family trust and I am not in control of the trust. But this (Kenmark) is a good company,’’ he adds.
Lost confidence
Meanwhile, 133 Malaysian workers of the total workforce of 413 employed by Kenmark are seeking RM1.4mil in damages for being locked out of the factory at the Labour Court in Port Klang. The claims were for termination benefits, compensation in lieu of notice and unused leave.
Quite clearly, the four new directors on board have an uphill battle ahead to regain lost confidence. After their first board meeting on Thursday, they had proceeded to the factory in Port Klang but were barred from entering the premises. On Friday, they met up with the senior team.
CLICK to view graphic
“We just met key management staff and asked them what is required to restart the whole production again. We will take it from there,’’ said newly appointed executive chairman Datuk Abd Gani Yusof.
At the start
Kenmark was set up in Taiwan back in 1978. Kenmark Industrial Co Ltd, which had a factory in Nei Hu, Taipeh, set up its first overseas plant a decade later in 1988. The plant in Malaysia began operations in 1989 on a 10-acre site in Port Klang.
Hwang, the founder of the company, is said to be a very enterprising man; within a short span, the operations expanded to Singapore, Australia, London, Hong Kong, Vietnam, US and China.
The Malaysian operations was listed on Bursa Malaysia in 1997. There are two other Taiwanese directors in the company - Chen Wen-Ling and Chang Chin-Chuan. Chen owned 18.7% stake in the company, according to the company’s latest annual report. With Hwang, the Taiwanese collectively owned 46.4% of Kenmark.
A substantial amount of these shares, it is believed, were pledged to banks and several stockbroking firms for share margin financing. Given the counter’s free fall over the week, many of these shares were force sold, which led many to believe that this is how Ishak could have accumulated his interest in the company.
Domino effect
On Wednesday, after Hwang had “disappeared”, the factory in Malaysia was shut down.
Some suppliers, spooked by the developments, were believed to have taken back their supplies.
On May 27, the company’s two independent directors Zainab Abu Bakar and Yeunh Wee Tiong had called off the audit committee meeting because Hwang had failed to appear. They could not reach Hwang or the two other Taiwanese directors.
Much to their dismay, Zainab and Yuenh had found the factory sealed. They both had stepped down from the board on Thursday.
One of the creditors, EON Bank had caught wind of these developments and wasted little time engaging their solicitors to seal the company. The company received letters of demand from EON Bank and Export-Import Bank for some RM71mil.
In a statement to Bursa yesterday, Kenmark said “There were some trade bills due for payment at the end of May 2010 but due to the unfortunate situation last week ... the trade bills could not be paid and EON Bank in safeguarding their interest had then appointed the Receivers.”
As for its Vietnam plant, Kenmark said that it has learnt from Hwang that the local authorities were requested to take control of the operating premises to safeguard the assets when some looting occurred during the absence of senior management staff.’
Hell breaks loose
On Monday, the situation worsened. The staff who turned up for work that day were told to go home. On that same day, Kenmark’s independent directors had updated officials from Bursa Malaysia on these developments, which led the latter to slap the company with a PN17 status.
After two days of wild speculation, Hwang appeared with his apologetic note that he was “sorry for the confusion” and that he was “taken ill in China ... and was in a delirious state from lack of sleep and was in and out of consciousness.”
Naturally, most found the excuse hard to swallow.
“It shows total disregard of shareholders, suppliers and employees. Even if he was not around, how could anyone expect the company to run rudderless?,” asks an observer.
Those who are close to Hwang say that he largely handled the business on his own, preferring that to delegating the work to the rest at top management. “This could explain the chaos his absence had resulted in,” says a source.
The task ahead
Since then, four professional managers have been appointed to the board. They are Ho Soo Woon, Ahmed Azhar Bin Abdullah, Woon Wai En, Datuk Abd. Gani Bin Yusof. Woon was formerly with Vads Bhd while Ho has his own family business. Gani has several businesses of his own but not much is known about Ahmed.
Evidently, the team is determined to get things back to normalcy. One of the most urgent matters that needs to be addressed is that the company needs to submit the fourth quarter results. The directors have failed to get an extension of time to June 30 from Bursa Securities to submit its results as the application was submitted less than fifteen days prior to the due date for submission.
“The Directors do not have access to the accounting records as yet and shall endeavour to have the results released as soon as available,” it said in a note to Bursa Malaysia late Friday.
Time is not a luxury it has. Bursa has given Kenmark till June 8 to submit the results, failing which the trading of shares will be suspended.
Analysts expect the group’s showing in the fourth quarter to be “less impressive” as orders from the European markets have been soft due to the economic slowdown.
In the company’s latest annual report, it had stated that it will focus on strengthening the wood-based business as margins were better than the LCD television business unit which was facing stiff competition. It also expected demand for wood-based products to remain stagnant until the economy in the European and North American markets pick up.
About 78% of Kenmarks business, said the analyst is export driven; one of its largest export markets for its furniture products is Europe. As such, he expects the weakening Euro to put a damper on the company’s latest results.
For the year ended March 2009, Kenmark made a net profit of RM3.8mil on the back of RM259mil sales compared to RM10.1mil and RM308mil a year ago.
Questions left unanswered
Without a doubt, the whole debacle has raised key corporate governance issues. The unusual market activity in the counter also needs to be prodded further by the authorities.
Was this simply a case of one thing leading to another? Or is there more to it than meets the eye?
“From a corporate governance view, it is astonishing that it has reached this stage. Some processes and checks and balances had failed. If so, how and why?” asked a peeved observer.
Related Stories:
Kenmark among firms that broke listing rules
Ishak – no newcomer to corporate controversy
Stock an easy buy after force-selling
Directors shed some light
A bizarre run of events
Wednesday, June 2, 2010
Kenmark's MD has been unwell and unconscious
June 2, 2010--According to Bursa's announcement at 16:49 today, the Independent Directors has today received a letter through the e-mail from Mr Hwang Ding Kuo @James Hwang, the Managing Director of Kenmark Industrial Co. (M) Bhd(Kenmark) informing of his present whereabout. Mr James Hwang has also requested the company to release a press statement for him.
Mr James Hwang in his letter has stated that he has been unwell and unconscious and was also uncontactable. He has now regained full consciousness but still physically weak. In the letter Mr James Hwang has proposed the appointment of Mr Ho Soo Woon, Encik Ahmed Azhar Bin Abdullah, Mr Woon Wain En, Datuk Adu. Gani Bin Yusof to manage the issues that have arisen in his absence. Two are proposed to be Executive Directors.
The Independent Directors will convene a meeting tomorrow morning by teleconference with the Taiwanese directors to consider the appointment and make the necessary announcement.
Blogger: This is very interesting. It seems that the factory in Taiwan and Vietnam have run into trouble a week ago. James said he was unwell. Then who is taking care of him while he was unconscious.
On the same day at 17:52:22, there is a notice of shares buy back by the company on May 17, 2010, 36,000 units was bought between 0.865 to 0.89.
That is to say before James disappeared, there was a share buy-back program by the company. What did the company trying to do?
There is another announcement by Bursa on 17:56:04 that the company has received a letter of demand for a sum of RM 20,903,078.28 from EON Bank to be paid within 7 days from the date of the letter on June 1, 2010.
Kenmark is actively traded today with 139.7million shares changed hand. It is suspended on 4:43pm. It is the top volume counter today.
The newspaper's report about Kenmark's sudden closure
Mr James Hwang in his letter has stated that he has been unwell and unconscious and was also uncontactable. He has now regained full consciousness but still physically weak. In the letter Mr James Hwang has proposed the appointment of Mr Ho Soo Woon, Encik Ahmed Azhar Bin Abdullah, Mr Woon Wain En, Datuk Adu. Gani Bin Yusof to manage the issues that have arisen in his absence. Two are proposed to be Executive Directors.
The Independent Directors will convene a meeting tomorrow morning by teleconference with the Taiwanese directors to consider the appointment and make the necessary announcement.
Blogger: This is very interesting. It seems that the factory in Taiwan and Vietnam have run into trouble a week ago. James said he was unwell. Then who is taking care of him while he was unconscious.
On the same day at 17:52:22, there is a notice of shares buy back by the company on May 17, 2010, 36,000 units was bought between 0.865 to 0.89.
That is to say before James disappeared, there was a share buy-back program by the company. What did the company trying to do?
There is another announcement by Bursa on 17:56:04 that the company has received a letter of demand for a sum of RM 20,903,078.28 from EON Bank to be paid within 7 days from the date of the letter on June 1, 2010.
Kenmark is actively traded today with 139.7million shares changed hand. It is suspended on 4:43pm. It is the top volume counter today.
The newspaper's report about Kenmark's sudden closure
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