tag:blogger.com,1999:blog-19741162.post5129114708782262333..comments2024-02-22T02:33:21.869+08:00Comments on Another Brick in the Wall: Making mountain out of ant-hills [up-dated]A Voicehttp://www.blogger.com/profile/01780035743502972342noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-19741162.post-80236997526774699802012-04-04T21:43:11.622+08:002012-04-04T21:43:11.622+08:00Tabung Haji has confirmed the sale of its Indonesi...Tabung Haji has confirmed the sale of its Indonesia plantations. So now who is lying?<br /><br />Tabung Haji to sell 95% stake in Riau plantation for RM2b<br />Tuesday, 03 April 2012 09:27 Siti Radziah Hamzah <br /><br />Lembaga Tabung Haji (TH) has conditionally accepted a proposal from an Indonesian-based company to acquire 95% of its equity interest in PT TH Indo Plantations (THIP), according to a spokesperson from TH.<br /><br />THIP is estimated to be worth RM2.3 billion, which includes 83,879ha of plantation land, one kernel crushing plant, six palm oil mills and one biomass plant in the province of Riau, Indonesia.<br /><br />If the deal goes through, TH is expected to make at least RM2.19 billion, which is to be satisfied via cash payments.<br /><br />It is understood that TH is actually discussing a price of above the market valuation of RM2.3 billion to sell the assets and has principally approved the deal.<br /><br />“The board of TH has principally approved the deal, subject to regulatory approvals from the Indonesians,” said the spokesperson, declining to reveal the identity of the Indonesian buyer.<br /><br />In a statement recently, TH group managing director/chief executive officer Datuk Ismee Ismail said TH had received the proposal in February 2011.<br /><br />“TH expects to utilise the proceeds from this divestment to be invested in other plantation assets.<br /><br />Plantation will continue to be one of the main investments sectors in TH, taking into consideration its steady cashflow and long-term prospects.<br /><br />“We believe that the offer received provides a good opportunity to realise the appreciation in value of its investment in THIP,” he added.<br /><br />THIP owns and operates 83,879ha of oil palm plantations since 1997.<br /><br />Compared to the value of its initial investment, the offer received will provide a favourable return on investment.<br /><br />“Transactions such as this will definitely benefit our depositors directly,” Ismee said.<br /><br />He added that TH will continue its efforts to manage its investment responsibly in the best interest of its seven million depositors, while ensuring competitive returns.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19741162.post-70407038445184959642012-04-02T14:55:30.652+08:002012-04-02T14:55:30.652+08:00During my career days of working in a bank and dea...During my career days of working in a bank and dealing with loan financing, we had a lot of problems with Tabung Haji as far as its investments is concern.Most of its joint venture deals that we had supported are either dead , half dead, in the brink of a fallout or gone kaput. Even we thought that Tabung Haji needs to be revamped because it has political masters that are not interested in making TH profitable but only to make money out of any JV.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19741162.post-10688672788715707692012-03-31T03:08:12.147+08:002012-03-31T03:08:12.147+08:00Politically, in the past 4 years, Husam is slowly ...Politically, in the past 4 years, Husam is slowly showing that he is not more than an anthill and not a mountain as when he first came into the picture of Kelantan politic.<br /><br />Unlike a mountain, his master/s can step on this anthill whenever they want.<br /><br />He's not in the same class as other typical Kelantan warlord/leader like Ku Li, Ibrahim Ali and Nik Aziz.Anonymousnoreply@blogger.com