Tuesday, March 31, 2009

Good deeds must be seen and felt

Adapted from malaysianinsider
MARCH 31 – Last week, the government announced that contracts worth a total of RM3.2billion will be awarded for projects identified under the RM60billion stimulus package.
This shows that the government is aware of the need for quick implementation of the stimulus package.

During the debate in parliament, members of parliament from both sides urged the government to ensure fast and transparent disbursement of funds under the mini-budget to restore the confidence of the rakyat and to effectively lend the economy a helping hand.

The dismal growth for the fourth quarter of 2008 and accelerating drop in exports expected in 2009 shows that the effect of the economic slowdown is already affecting Malaysia.

We do not have the luxury to be laid back and say that we are spared from the effect of this global crisis.

Aside from speedy disbursement of funds and execution of the projects, monitoring of the projects is equally important to ensure all bottlenecks are cleared. In the past, government projects have been synonymous with bureaucracy, requiring multiple approval and licenses before they can take off. This must change.

The government has to ensure that red tape does strangle the government’s or any goodwill or positive outcome will be watered down. Projects must be fast-tracked but always with proper transparent procedures that do not create doubt and suspicions on the process.

As I have mentioned in my previous posts and in parliament, whether Barisan Nasional is able to withstand the onslaught of the opposition in the next general election depends on how we handle the economic crisis and resolve the bread-and-butter issues.

It would be pointless to roll out one stimulus package after another if nothing gets implemented in a timely manner.

I am pleased that several committees are being set up to monitor the implementation of projects under the stimulus package, together with the coordination with other relevant agencies. This shows improvement compared to the first stimulus package.

Though this is a first step to ensure that projects can be pushed through the system, I hope that the proper follow-up actions, accountability and also authority is given to the committees to resolve problems instead being just more committees for the sake of having committees.

As seen in the first stimulus package announced in November 2008, only 16,386 projects worth RM1.67billion package have been awarded and implemented. Meanwhile the remaining 38,000 projects will be rolled out in April and completed in August 2009.

This may seem to be achievement as these projects are completed within less than one year since the stimulus package was tabled.

However, much is still not known about the nature of the 38,000 or the 16,386 projects.

With such big figures, both in the number of projects and amount to be spent, it can be mind-boggling for the rakyat. It is quite hard at times for people to relate to how a budget of RM60billion or a stimulus package is able to help them especially if they are not the direct beneficiaries.

As such, even though the government may be proactive in putting in place measures to mitigate the effects of the global crisis, the rakyat may perceive that the stimulus package is just a waste of money as it benefits only a few.

Thus it is equally vital that the Government emphasises the dissemination of information on the projects implemented, the progress and the target achieved to enable the rakyat to be informed on the work done by the Government.

I hope a website is set up to keep tabs on spending of the stimulus package will shed light on the details of the projects and relay information on how the government is assisting the rakyat and the economy.

The same scenario can be seen in the subsidy spending that takes up a huge portion of our budget every year. Since the subsidies are not really seen and not much information is provided on a daily basis, the net results have been taken for granted. Now it is expected that the Government must give subsidies or the rakyat will react negatively.

Nearly every sector is heavily subsidised by the Government, from petrol, diesel and cooking gas to wheat flour, bread, education, healthcare and many more. In 2009, the government is expected to spend RM27.9billion in subsidies.

But how long can the Government continue to fund subsidies, especially if revenue from commodities is on a downward trend?

Hence, I have always proposed that the government should reexamine the subsidy system by giving direct grants to cut down on inefficiencies and to generate political goodwill.

Alternatively, as a short term measure, the Government should educate the public more about subsidies by informing them about the subsidy on each packet of sugar, cooking oil, or each operation, medical check-up and also in terms of education.

Everyone knows it cost RM1 to register at a government hospital but how much subsidy is in the medication or treatment?

A breakdown of information to the micro level would enable the rakyat to understand where the subsidy is spent. If not, the RM27.9billion subsidy would not strike a chord with the rakyat and would just merely be an announcement figure.

If a detailed analysis is not available, it is time that the Government embark on a cost evaluation programme to enable it to understand the cost and to avoid any ballooning expenditure.

With the implementation of the first stimulus package and the mini budget which would be a priority of the top officials in the government, I hope that any bottlenecks and red tape that are identified can also be resolved permanently to avoid problems from recurring.

If any procedures need to be amended, restructured, scrapped or even abolished, it should be done now.

Through this process, the implementation of the mini budget would also provide the government a platform to improve its processes.. It can be done if there is sufficient political will and determination.





























Monday, March 23, 2009

Pertanyaan saya dalam perbahasan Mini Budget pada peringkat jawatankuasa di parlimen, 12 Mac 2009 我在第二财长进行第二套刺激经济配套委员会阶段总结时的提问

Tuan Chua Tee Yong [Labis]: Terima kasih Tuan Pengerusi, terima kasih kepada Yang Berhormat Menteri. Saya ada dua soalan. Tadi mengenai program-program mikro kredit di Butiran B.11. Masalahnya saya terus terang ialah tentang kadar faedah untuk pinjaman mikro kredit harus diturunkan pada paras yang lebih munasabah, kerana pada masa ini kemudahan-kemudahan mikro kredit yang diberikan tiada bezanya dengan kadar komersial yang mengenakan paras antara 18%-24%. Pada masa yang amat membebankan, harap-harap kerajaan boleh menimbangkan kadar yang lebih rendah supaya ia memberi lebih ruang untuk perniagaan. Selain itu, saya harap mikro kredit ini berdasarkan kepada merit dan tidak berdasarkan sebarang kuota kerana pada masa ini banyak yang memerlukan pinjaman ini.

Selain itu, dari segi Skim Jaminan Modal Kerja* adalah langkah baik dan wajar, akan tetapi saya ingin penjelasan mengenai masalah yang saya mendengar banyak aduan daripada syarikat SME, bahawa bank mula memberi tekanan dan berturut-turut ingin mengurangkan amount facility yang sudah diluluskan kepada syarikat SME. Alasan mereka ialah yearly process review, dengan izin. Masalahnya, semasa menghadapi kemelut ekonomi biasanya permintaan akan turun seperti manufacturing, textile dan sebagainya. Oleh itu, ia memang tidak wajar dan tidak munasabah bahawa syarikat itu akan mengaut keuntungan pada masa ini. Oleh itu, saya harap kerajaan dapat menimbang sama ada pada masa ini facilities tidak patut ditarik sekiranya syarikat-syarikat ini semua dapat membayar kadar faedah mereka. Sekian, terima kasih.

Tan Sri Nor Mohamed Yakcop [Menteri Kewangan Kedua]: Tuan Pengerusi, terima kasih Yang Berhormat Labis. Saya bersetuju bahawa 18% itu adalah terlalu tinggi untuk mikro kredit dan kerajaan akan berusaha untuk mengurangkan. Kalau ada pun kebanyakan mikro kredit adalah pada kadar yang lebih rendah dan kita akan gunakan merit dan tidak memerlukan kuota. Isu tentang syarikat-syarikat SME yang kerap juga mereka menyuarakan kesulitan yang dihadapi oleh mereka tentang mendapatkan pinjaman dan pembiayaan. Kerajaan telah beberapa kali berbincang dengan bank-bank dan telah meminta bank-bank jangan mengetatkan syarat-syarat untuk pinjaman kepada syarikat-syarikat dan harus mengambil satu aspek yang proaktif.

Akan tetapi inilah biasa yang berlaku dalam tiap-tiap krisis. Apa yang disebut Tuan Pengerusi, pendulum swing. Dalam masa selesa, bank memberi pinjaman, datang ke rumah, buat tawaran dan bagi payung, tetapi bila hujan mereka tarik balik payung yang diberi dalam suasana yang selesa. Jadi kerajaan telah beberapa kali minta bank jangan berbuat demikian.






*Skim Jaminan Modal Kerja: skim berjumlah RM5 bilion bagi membiayai modal kerja syarikat yang mempunyai dana pemegang ekuiti di bawah RM20 juta. Kerajaan akan menyediakan jaminan dengan nisbah 80:20, iaitu 80 peratus kerajaan dan 20 peratus institusi kewangan yang menyediakan pinjaman bagi membiayai modal kerja syarikat. Had pinjaman ialah RM10 juta bagi tempoh lima tahun.


Wednesday, March 18, 2009

Menjunjung Kasih Titah Ucapan Seri Paduka Baginda Yang di-Pertuan Agong感谢国家元首施政御词

Terima Kasih Tuan Yang di-Pertua, terima kasih kerana memberi peluang kepada saya untuk menjunjung kasih titah ucapan Seri Paduka Baginda Yang Di Pertua Agong. Banyak yang telah dibahaskan dan dijelaskan oleh Ahli-ahli Yang Berhormat mengenai cabaran ekonomi yang akan dihadapi oleh rakyat Malaysia. Pada masa yang sama terdapat juga pilihan raya kecil yang akan diadakan pada bulan April 2009 dan tambahan pula kali ini ada juga pilihan raya kecil di Batang Ai.

Walaupun kemenangan pilihanraya kecil ini adalah penting, lebih banyak tumpuan perlu diberi untuk mengurangkan impak kemelut ekonomi. Jika impak serta isu ekonomi dapat ditangani dengan baik, saya percaya ia akan memulihkan kepercayaan rakyat kepada parti BN. Maka parti BN perlulah memastikan agar masalah ekonomi perlu diberi keutamaan nombor satu.

Kita amat menghargai inisiatif yang diambil oleh Kerajaan untuk menyelamatkan ekonomi negara yang kian lesu, akan tapi kita juga ingin menegaskan bahawa lebih banyak maklumat secara terperinci mengenai pakej rangsangan RM7 bilion ini perlu dihebahkan kepada orang ramai. Ini kerana kita sering terdengar rungutan dari rakyat bahawa mereka tidak dapat merasai impak yang dibawa oleh pakej rangsangan tersebut .

Saya rasa faktor utama yang menyebabkan orang ramai mempunyai persepsi sedemikian ialah kerana kebanyakan fokus utama pakej rangsangan yang diumumkan dahulu adalah lebih kepada projek infrastruktur dan pembinaan yang mengambil masa untuk dilaksanakan kerana ia melibatkan banyak proses persediaan seperti pengambilan tanah, penyediaan spesifikasi teknikal, pelantikan kontraktor dan sebagainya. Oleh itu masa yang agak lama diperlukan sebelum wang suntikan tersebut dapat mengalir sepenuhnya ke dalam pasaran ekonomi.

Selain itu, saya dapati bahawa Kerajaan tidak menyediakan maklumat secara terperinci mengenai RM1 bilion yang diumumkan untuk Pembangunan Modal Insan. Perancangan teliti mengenai program yang akan dianjurkan atau dilaksanakan adalah penting untuk memastikan wang ini diguna sepenuh-penuhnya tanpa pembaziran. Kita juga harus ingat, walaupun pembangunan modal insan adalah penting, tapi lebih mustahak lagi ialah memastikan mereka yang telah dilatih terus menetap dan menyumbangkan kemahiran yang mereka perolehi untuk pembangunan negara kita.

Di samping itu, kerajaan juga mengumumkan bahawa penggajian pekerja asing yang baru dibekukan dan menyeru agar majikan memberhentikan pekerja asing terlebih dahulu sebelum memberhentikan pekerja tempatan. Persoalannya ialah, memandang kebanyakan pekerja tempatan dibayar gaji yang lebih tinggi dari pekerja asing, maka tentu sekali majikan akan memberhentikan pekerja tempatan dahulu demi menjimatkan kos operasi.

Justeru itu, Kementerian Sumber Manusia perlulah memberitahu rakyat langkah-langkah pemantauan dan pendekatan yang digunakan supaya rakyat yakin matlamat kerajaan untuk menjamin peluang pekerja kepada pekerja tempatan dan mengurangkan penggantungan pekerja asing dapat dicapai. Langkah seperti memberi double tax deduction kepada syarikat yang mengupah pekerja tempatan yang telah diberhentikan kerja tentu akan mengalakkan syarikat untuk mengupah perkerja tempatan.

Selain itu, saya berpendapat bahawa RM2 billion yang diumumkan untuk membantu syarikat-syarikat SME adalah tidak mencukupi. Seperti yang ditegaskan oleh Ahli-ahli berhormat lain, SME memberi banyak sumbangan kepada negara kita. 99% dari syarikat tempatan yang beroperasi menjalankan perniagaan terdiri daripada syarikat SME. SME menyumbangkan sebanyak 32% kepada Keluaran Dalam Negara Kasar (KDNK) negara kita serta menyediakan peluang pekerjaan kepada 56% kepada guna tenaga di Malaysia. Oleh itu, untuk mengurangkan kadar pengangguran dan untuk membantu SME dengan lebih efektif, maka saya mencadangkan dana yang lebih besar patut di beri kepada SME. Tanpa bantuan kewangan, SME mungkin gulung tikar dan menyebabkan kadar pengangguran yang lebih tinggi.

Yang Amat Berhormat Timbalan Perdana Menteri merangkap Menteri Kewangan dijangka akan membentangkan bajet mini pada 10 Mac 2009 akan datang. Walaupun saya tidak mengetahui jumlah peruntukan yang akan diumumkan untuk pakej rangsangan kali ini, namun saya ingin memberikan beberapa cadangan untuk dimasukkan ke dalam bajet-mini ini ;

Pertamanya, kerajaan mesti bersikap telus dengan memberi penjelasan bagaimana jumlah yang diumumkan dapat merangsang ekonomi. Maklumat terperinci mengenai program dan projek serta kayu pengukuran perlu digariskan untuk memberi rakyat gambaran yang jelas mengenai hasil yang akan dicapai daripada pelaksanaan Bajet Mini ini.

Projek yang diumumkan juga perlulah mencapai matlamat meningkatkan daya saing serta produktiviti rakyat, industri dan negara kita. Projek mega yang menyediakan peluang kejayaan yang nipis tidak patut diberi pertimbangan. Sebaliknya projek yang memberi impak serta-merta kepada pertumbuhan ekonomi perlu dilaksanakan.

Oleh itu, saya cadangkan supaya buat masa ini, kerajaan menangguhkan dahulu pelaburan dalam koridor-koridor ekonomi yang memerlukan banyak pelaburan infrastruktur dan mengambil jangka masa yang panjang untuk membawa pulangan ekonomi.

Selain itu pada hari kita mendapat berita bahawa tol di negara kita akan dinaikkan. Di sini saya ingin memberi cadangan kepada kerajaan agar PLUS diambil alih. Ini akan menunjuk keprihatian kerajaan Barisan Nasional terhadap rakyat dan mengelak rakyat dari berdepan dengan kenaikan tol setiap tiga tahun.

Saya tidak ingin berulas panjang mengenai cadangan ini dan maklumat terperinci akan saya masukkan dalam column malaysianinsider dan malaysiakini.

Secara ringkas, hanya 25% saham PLUS yang terdapat di open market. Dengan tawaran harga di antara RM3.50 hingga RM4.00, maka kerajaan hanya perlu membelanjakan sebanyak RM4.55billion atau RM5.2billion.

Tambahan pula kita perlu ingat kerajaan masih hutang PLUS sebanyak RM1.7billion mengikut keputusan untung rugi pada 30 September 2008. Dengan mengambil alih PLUS, jika kerajaan membayar habis hutang RM1.7billion, amoun ini boleh di bayar balik dan sebagai pemegang saham kerajaan akan mendapat RM1.53 billion dan EPF juga akan mendapat RM170 million.

Dari segi viability business, saya juga telah mengkaji dan mendapati bahawa PLUS tetap untung antara RM400 juta hingga RM600 juta walaupun segala gantirugi dari kerajaan tidak diambil kira. Oleh itu saya harap PLUS diambil alih tahun ini memandang harga saham yang rendah dan keperluan untuk menaikkan tol pada tahun ini jika mengikut kontrak.

Walaupun Kita mengalu-alukan langkah Kerajaan memperkenalkan pakej rangsangan yang lebih besar, tapi kita harus sedar bahawa ini akan menyebabkan negara kita mencatat defisit yang lebih tinggi. Ini kerana negara kita tidak seperti Amerika Syarikat yang boleh membiayai defisit mereka dengan mencetak lebih banyak wang disebabkan permintaan mata wang dolar dalam perdagangan antarabangsa.

Dari segi pendapatan kita mungkin secara konservatif penurunan harga komoditi akan mengurangkan sumber pendapatan kita sekurang-kurangnya RM36 billion pada tahun 2009. Oleh itu kerajaan perlulah mengadakan banyak langkah atau lebih langkah untuk memastikan perbelanjaan setiap kementerian, jabatan, agensi dapat dikurangkan. Selain itu semua pelaburan yang tidak mendatangkan pulangan yang positif patut dihentikan.

Malah di kawasan saya terdapat dua projek di mana peruntukkan tidak sampai-sampai walaupun telah diluluskan beberapa tahun dahulu. Murid-murid SJK(C) Labis dan SJK(C) Sungai Karas sedang menunggu peruntukkan yang dijanjikan untuk menyelesaikan masalah anai-anai yang mengancam keselamatan mereka. Jangan hampakan orang di kawasan Labis

Di samping itu, sudah tiba masanya bagi Kerajaan memastikan supaya pelaburan-pelaburan di syarikat dipantau, diawasi supaya membawa pulangan yang diharapkan dan tidak membawa kerugian. Contohnya ialah seperti pelaburan di syarikat Pempena oleh Kementerian Pelancongan atau pelaburan di Amerika Syarikat Columbia Aircraft Manufacturing Coporation di mana sebanyak RM537 juta telah hangus dibelanja oleh pengurus yang boros. Hanya RM25 juta dapat diselamatkan. Projek privatisation air di Sabah yang menyebabkan kerajaan negeri dibebankan dengan hutang sebanyak RM888 million.

Bagi mengelakkan kerugian yang berterusan dan kesilapan yang sama diulangi, maka adalah perlu kerajaan menekankan budaya akauntabiliti di kalangan pihak pengurusan atasan syarikat-syarikat pelaburan Kerajaan. Dengan ini barulah kerajaan boleh mengelakkan pembaziran wang pelaburan bernilai berjuta-juta yang dilaporkan berlaku setiap tahun.

Saya harap cadangan-cadangan yang dikemukakan di Dewan Yang Mulia ini akan dapat diambil kira dan dikaji dengan lebih teliti oleh pihak Kerajaan. Dengan itu saya mohon menyokong, Sekian, terima kasih.





















政府必须监督中央或州政府的投资,确保获得投资回酬。举个例子,隶属旅游部的马来西亚旅游发展机构(Pempena)因投资而面对亏损的问题不应该再发生。不过,根据总审计司署的报告,一些政府及州机构已面对数以百万令吉计的亏损。举个例子,中央政府在美国哥伦比亚飞机制造公司(Amerika Syarikat Columbia Aircraft Manufacturing Coporation)投资5亿3704万令吉,不过却被公司经理挥霍,最后只能取回2500万令吉;另外,沙巴州政府水供私营化计划的失败也导致该州政府负债8亿8800万令吉。



Saturday, March 14, 2009








Friday, March 13, 2009
















Wednesday, March 11, 2009

Measures that are in place to-date but not enough

Adapted from malaysianinsider.com

March 4 - Everyone is aware of the adversity facing us in Malaysia in 2009. At the same time, we will be going through numerous by-elections and every party is scouring to ensure they win.

Winning the by-election is important but I believe BN must not lose sight of the bigger picture.
Whether BN will survive the 13th general election will mainly be judged based on how the government reduce, minimise or mitigate the impact of the economic slowdown.

Hence it is of utmost importance that relevant effective measures that are announced are implemented without delay.

The government has announced various piecemeal measures starting from the RM7 billion stimulus package followed by steps like providing RM2 billion loans to SME, freezing of intake of foreign workers and many more.

The problem is that the effect of the above announcement has not been visible and impact is not felt by the people.

The RM7billion announced is still in the implementation stage and the lack of details and how it will boost the economy has undermine the public confidence in the stimulus package.

The main reason for the delay in effect I believe is due to the nature of the stimulus package whereby approximately RM4billion is related to infrastructure and construction.

Time and resources is required for the preparation of tender specifications, appointment of contractor, land acquisition, time for completion of the project and others.

In addition there is a lack of information on how the RM1billion set aside for the development of human capital will helped in stimulating the economy.

For the money to be put to good use, a detail programme, objective, purpose and target group needs to be identified. The government needs to ensure that the target group receive the necessary support and that the fund is not mainly infrastructure spending.

Nevertheless, the expenditure will not benefit the country in the long term if the government does not address the reason for the brain drain.

What we will be doing ultimately is to train people on behalf of other countries as these people will migrate if the underlying reasons like low pay and lack of opportunities are not resolved.

The government has also set aside RM100mil for the retraining of retrenched workers. This measure is lauded as retraining is essential for the development of workers but I feel the amount may not be adequate.

Looking at the predictions by the Malaysian Employer Federation that at minimum 200,000 workers will be jobless that means each employee will only receive a re-training benefit of RM500 or less.

It is hard to estimate the expected number of workers that would be jobless as there are a lot of conflicting figures.

This is followed by the measure to freeze the intake of foreign workers in a bid to avoid competition of employment between Malaysian and foreigners.

The move will avoid the problem from being worsening but more measure needs to be in place in order to show that the government cares for the job security of local workers.

We cannot deny that running a business is about making profit, thus there is a huge incentive to employ foreign workers due to their lower pay and benefits.

Hawkers and restaurant and even hotels frontline are mainly occupied by foreigners that they have become an integral part of the work force.

Their numbers are worrying as the population of foreign workers is equivalent if not more than most of the minority race in Malaysia. The Human resource ministry must come out with follow up steps to reduce the dependency of foreign workers.

But with the bringing in, approval of visas and control of foreign workers remains overlapping with other Ministries it is unlikely any improvement can be seen unless some nasty incident happens resulting in the government responding with knee-jerk reactions.

What must be clear is that the foreign workers are not at fault; rather the people having the licenses and trading foreign workers like commodities are the one that is the ultimate arbitrage profiteers.

After announcing the freeze in the intake of foreign workers, there has been silence as to what are the subsequent measures to ensure that the objective is met.

The government should consider the realignment on the authority of foreign workers and to ensure only one ministry is in charge to avoid confusion and conflicting rules.

Clear guidelines must be issued as to the usage of foreign workers for which sector, the limit on foreign workers and many more must be set taking into account feedback from the relevant industry affected by the change.

Meanwhile Government should explore if the options for companies that employ local workers that have lost their job are entitled to double tax deduction for the first six months to encourage reemployment of local workers.

Obviously re-employment of workers that have resigned from the same company cannot qualify to avoid abuse.

In terms of the Small Medium Enterprises (SME), the RM2billion whereby the funds are guaranteed by Bank Negara is a positive move to assist the SME in this difficult time.

However there is a limitation of RM500,000 for each business hence only 4,000 SME will receive this loan assuming if every approved loan is RM500,000.

The amount should be increased in the next stimulus package to enable more SME to receive loan assistance. This is in view that in 2007, 132,000 SME has obtained loan totalling RM63.2billion.

Helping the SME would definitely reduce the impact on the economic slowdown as SME employs 56 per cent of our workforce and contribute 32 per cent of our country GDP.

I have highlighted all these in parliament but due to time constraint I have not be able to elaborate in detail the points mentioned above.

With this in mind, I have urged the Government in parliament to ensure that the Second stimulus package also known as mini budget must be fast in implementation, transparent and also wide reaching. Projects announced must be for the rakyat and not to enrich a small group.

With that in mind, I eagerly await for the second stimulus package.

Friday, March 6, 2009


转载自《南洋商报》, 4/3/2009








他说,如果有1500万辆车子注册上路,每辆车子平均每月保持着50令吉余额,这意味着,南北大道公司每年预先收取的现金总额为7亿5千万令吉 。



Tuesday, March 3, 2009



A) 南北大道公司股东结构

根据2007的年常年报告,南北大道公司 (PLUS) 的主要股东如下:


假设政府机构在南北大道公司拥有的股权结构维持不变以及PLUS没有额外发出新股股或从债券转换增加新股,,那么在公开市场自由浮动的股票约为1,297,514,414 (总计13亿股) 。

B) 收购价格

根据过去8年的闭市股价记录,南北大道公司的最高收盘价从不高过3令吉40仙 。假设献议收购所有在公开市场自由浮动股票的价位为每股3令吉50仙至4令吉,那么收购总额为45亿5千万至52亿令吉之间。该收购价格比南北大道公司在2009年2月10日收盘时报的2令吉90仙高出21至38%,甚至比南北大道公司过去8年来的最高收盘价高出3至18%。

南北大道公司在公开市场的剩余股份一旦全被收购,它将因为不符合交易所的上市要求而除牌。一旦完成收购,南北大道公司 90 %的股份将归政府拥有,公众则通过公积金局持有另外10 %的股份。

C) 收购的理由


南北大道公司2004至2007年的税前盈利是42亿6千万令吉,扣除赔偿后则是20亿800万。根据媒体报道,南北大道的总建筑成本是59亿4千万令吉。简单来说,假如违约的赔偿金一起计算在内,南北大道路费的回酬是71 %(税前盈利除总建筑成本),扣除违约的赔偿后还可取得35 %回酬,平均每年的回酬为17.75 % 或在扣除违约的赔偿后,过去4年也取得平均每年8.7 %回酬 。

南北大道公司的股本回报分析显示,这门生意是可行的,因为扣除大道赔偿前的股本回报率是22 %至24 % ,而扣除大道收费赔偿后也有10 %至13 %股本回报率。








· 将17亿令吉用来削减债务,从而减少利息成本,省下的利息成本可用来减少债务。若以公司2008年9月30日的财务状况来计算,每年的利息大约是6 % 。如果用这笔钱來缴付债务,就可省下1亿500万令吉的利息。

· 将17亿令吉分发给南北大道公司的股东。若以股息或资本偿还的方式分发,在新的股权结构下,政府将可得到15亿令吉,公积金局则获得2亿令吉。假设献议收购价格是每股3令吉50仙,政府通过上述方式所获得的股息,有助降低其收购成本至30亿2千万令吉 (RM4.55billion – RM1.53billion),而剩下的1亿7千万令吉可以分发给公积金局的会员。








如果有1千500万辆车子注册上路,如果每辆车子平均每月保持着50令吉余额,这意味着南北大道公司每年预先收取的现金总额为7亿5千万令吉 ! 这不仅能改善公司的流动现金,若以3%年利率计算,南北大道公司每月还能赚取月180万令吉的存息.


南北大道公司于2009年1月1日宣布了一系列的优惠配套,其中包括佳节期间非繁忙时段,以及午夜至清晨7时行车可享有10 %+10 %的过路费折扣。电子付费频用者则享有5 %的回扣。提供上述优惠的高速公路包括南北大道(NSE)、新巴生河流域大道(NKVE)、联邦大道第二阶段(FH-R2),芙波大道(SPDH)以及宜利大道(ELITE)。根据亚欧美证券银行的计算,这些优惠的影响微乎其微,因为只为期两年期间,总收入( 盈利) 损失约4千万, 其中 5 %的回扣将转化为每年只是260万的“收入损失”。



目前,精明通行器或精明卡(smart tag)已在所有高速大道通用,但却经常发生精明卡阅读器在交通繁忙时段出现故障而导致大排长龙,让用户大吐苦水。因此,公司应拨出一笔资金,加固阅读器及精明卡车道的效率,以期达到新加坡和伦敦系统的稳定性,车子在无需减速情况下供阅读器扫读。





A) Shareholder of PLUS

Based on the 2007 annual report the major shareholders of PLUS are as follows:

UEM Group Berhad is a wholly owned subsidiary of Khazanah Nasional Berhad. Taking into account the government agencies (EPF and Khazanah), the government has an effective interest of 74% in PLUS. Assuming the shareholding structure of the government agencies remains and no additional PLUS shares has been issued or converted from bonds the number of shares in the open market or free float shares amounts to approximately 1,297,514,414 (Round up 1.3billion shares).
B) Price of acquisition

Based on the price chart above the highest closing price for PLUS is not higher than RM3.40. Assuming a share price of RM3.50 to RM4.00 per share is offered for the acquisition of the remainder shares, the total acquisition price is between RM4.55billion to RM5.2billion. The offer price is 21% to 38% higher than 10/02/09 closing price at RM2.90 and 3% to 18% higher than the highest closing price for PLUS.

With the acquisition of the remaining shares from the open market, PLUS would be delisted as it would not meet Bursa listing requirements. The remaining shares could be acquired via Khazanah or UEM Group Berhad and it should not be difficult to obtain waiver from acquiring the 10% stake from EPF. Upon completion PLUS is take over as the Government would hold 90% stake while the public through EPF would hold 10% stake.

C) Reason for acquisition

1. Good returns and avoid ‘leakages’

Based on the recent review of the toll agreement, there have been numerous claims that the agreement are lop sided and only beneficial to the toll concessionaire. Through the take over of PLUS the Government and EPF would be the ultimate beneficiary. Dividend income or revenue sharing to be received could then form part of the Government operating budget or a similar structure to Petronas could be established.

The accumulated profit before tax from financial year end 2004 to 2007 is RM4.26billion and RM2.08billion if toll compensations are excluded. Based on the media report the total cost of construction for the PLUS highway is RM5.94billion. Simplistically the return on the highway to PLUS is 71% (profit before tax/total construction cost) when the toll compensation is included and 35% if the toll compensation is excluded translating into average return of 17.75% per annum or 8.7% per annum for the latter during the 4 year period.

Analysing the return on equity (ROE) (Profit before tax/shareholders equity) would indicate that the business is viable as the ROE is ranging from 22% to 24% inclusive of toll compensation and 10% to 13% if toll compensation is excluded. Profit before tax is used in the calculation for easier computation as income generated through the concession is tax exempt hence taxation has minimal impact.

As PLUS is guaranteed to be profitable through the various terms and compensation the acquisition of the remaining shares would not be detrimental to the Government. Currently the benefits of PLUS is also shared with 25% minority shareholders and any major decision taken would require the board to take into consideration the welfare of the minority shareholders.

2. Requirement to increase toll every three years can be waived or minimised

The concession agreement was signed in 1988 and is for 50 years thus ending in 2038 unless there are extensions.

The toll rate currently is set at 14.96sen per km and by 2038 the toll rate is expected to increase until 29.16sen per km which is double. As PLUS is listed and have minority shareholders, waiver or reduction of contracted toll increase would pose some problems. Furthermore the PLUS is expected to increase the toll rate in January 2009 and if the toll is not increased the compensation expected to be paid by the Government is approximately RM180million.

However with the acquisition of the remaining free float shares from the market, the shareholders of PLUS would comprise of the Government and EPF. With only two parties holding the stake in PLUS i.e. Government and EPF, the impending decision of toll increase every three years can be waived or minimised. From the financial aspect, if you analyse the profit and loss statement of the PLUS for the financial year 2004 to 2007, it indicates that PLUS have generated a profit of RM400million to RM600million yearly even if the gross compensation from the Government for not increasing the toll is excluded. Meanwhile the cash flow generated from operations excluding any receipt from Government compensation for not increasing the toll is RM1.1billion to RM1.4billion yearly from 2004 to 2007.

This clearly shows that if PLUS is take over and held by the Government and EPF the possibility of waiving toll increase can be carried out both financially or legally. Even if there is any toll increase it would not be based on contractual rates but more to sustain operations of the company and for loan repayment purposes.

3. Options for the toll compensation owed to PLUS

The latest quarterly reporting figures show that the government owes PLUS RM1.7b as at 30/09/08. If the amount is being fully paid, the Government has a few options ;

- The amount can be used to pare down debt and hence reduce interest cost. Any savings in interest cost can be channelled back to reduce debt. Based on the financial results for 30/09/08 the calculated interest rate per annum is approximately 6%. The expected interest savings is RM105million yearly if the amount received is channelled towards repayment of debts.

- Distributing the repayment of RM1.7billion to shareholders of PLUS. The distribution through dividend or capital repayment based on the new shareholdings structure would be RM1.5billion to the Government and RM200million to EPF. The dividend received would reduce the acquisition price of the Government to RM3.02billion (RM4.55billion – RM1.53billion) assuming offer price RM3.50 per share and the bumper payment of RM170million to EPF can be distributed to the contributors.

4. Possible toll reduction in the future

As at 30/09/08 the long term borrowings of PLUS amounts to RM9.4billion and the dividend announced for financial year 2007 is RM700million. If yearly dividend announced and received is assumed to RM700million and the entire amount is channelled for repayment of debts, PLUS can settle the long term borrowing in 14 years based on the financial results as at 30 September 2008. There should not be any problems on the short term borrowings as the cash and cash equivalent of the company as at 30 September 2008 is RM2billion while the current liabilities is RM1.3billion.

With the reduction in borrowings the cash flow savings and expenses is estimated to RM454million yearly based on 2007 financial figures. This would reduce the cost of operations of PLUS and hence a reduction of toll fee is possible.

5. Easier implementation of measures that are ‘people friendly’

As the shareholders are only the Government and EPF, decision making would be faster and new measures can be implemented to assist the people;

a) Providing a smart tag with touch and go card for every vehicle with a minimum deposit.

The cost of each smart tag with touch and go card is assumed to be at RM75 and the deposit to be placed is RM20. The initial capital cost for providing smart tag would be high but if the distribution is done in stages this would alleviate the strain on the company. The implementation of all lanes using smart tag would also reduce the company’s staff cost and overhead (air conditioning work place, cashier machine) for ticket collection and receipt of money. The staff can be transferred to other department like setting up top up counters at rest stops for easy reload or for administrative work. In the long run it would beneficial for the company as providing the smart tag would be ’one-off only’.

Assuming there are 15million registered vehicles on the road and if vehicles maintains an average balance of RM50 monthly the total amount cash in advance received by PLUS would be approximately RM750million!!!. Not only this improves the cashflow of PLUS, on a daily basis PLUS would be able to earn interest income of approximately RM61k or RM1.8million per month assuming interest rate is 3%p.a.

b) Providing discount during non-peak periods in the daytime

PLUS has announced some travel incentive package effective 1 January 2009, which includes a 10%+10% discount for off-peak travel during festive season and travelling time between midnight and 7am as well as a 5% rebate for heavy electronic toll-payment users.
The expressways involved are NSE, NKVE, FHR2, SPDH and Elite. Calculations by Aseambankers indicate minimal impact from these incentives. As it is only for a two-year period, total earnings loss is about RM40mil. The 5% rebate would translate into a “revenue loss” of just RM2.6mil annually.

Hence, as a gesture of goodwill, with the take over of PLUS, the government could vary the discount provided or offer more incentive accordingly to control traffic during festive period instead of limiting only to midnight which has poses many health, security and safety issues.

c) More efficient tag reader and tag lanes

With smart tag being the official tag reader for all highways it puzzles lots of users on the effectiveness of the smart tag that is prone to error reading which has cause many long queues especially during peak hours. Some funds should be allocated to provide smart tag readers and smart tag lane that are both efficient and effective similar to Singapore and london whereby cars do not need to slow down to enable the tag to respond. We are always proud of Malaysia’s technological advancement hence problems like this should not exist and should have been resolved especially since smart tag is the designated tag used for all highways.


In summary by acquiring the remaining shares of PLUS, the Government and EPF being the shareholder of PLUS would be able to establish policies and measures to ensure that the rakyat are not burdened due to legal requirements and avoid the Government from incurring additional toll compensation every three years. Politically it would create transparency and at the same time mitigate some of lop sided terms in the agreement.