Selasa, 6 Mac 2012

Dr. Boo Cheng Hau's Trilingual Blog: SAY WHAT YOU LIKE

Dr. Boo Cheng Hau's Trilingual Blog: SAY WHAT YOU LIKE

Come clean on KPRJ share sale

Posted: 06 Mar 2012 05:36 AM PST


Free Malaysia Today

K Pragalath
 | March 6, 2012
Johor Menteri Besar Abdul Ghani Othman must explain why the state government is selling Kumpulan Prasarana Rakyat Johor.
PETALING JAYA: The Johor state government must explain the rationale behind the sale of shares in state-owned subsidiary Kumpulan Prasarana Rakyat Johor (KPRJ) during next week's State Legislative Assembly sitting.
DAP's Skudai state assemblyman Dr Boo Cheng Hau wants Menteri Besar Abdul Ghani Othman to clear the air because it is believed that the state had no 'direct reason' to do so.
"I want the (Johor) Menteri Besar Abdul Ghani Othman to present a White Paper on this matter during the assembly sitting next week.
"I also want him to explain how the trade is in the best interest of the state.
"The state government had no direct reason to sell KPRJ's shares even though KPRJ had recorded a loss of RM 25 million," said Boo when contacted today.
Boo was commenting on KPRJ's move to sell 33.15% share stakes in Tebrau Teguh Berhad to Iskandar Waterfront Holdings (IWH).
The offer is for 222 million ordinary shares of 50 sen each in Tebrau Teguh, which works out to a a total RM168.72 million. Announcement for the sale was made on Jan 31.
Boo also questioned the sale on the grounds that Tebrau Teguh had a petroleum refinery integrated development project in Tebrau, Johor which is worth RM15 billion.
He also raised concern over the methods used to sell the stakes, highlighting the lack of open tender for the sale of the shares.
"Why was it sold to a private entity without an official evaluation? Was it only deliberated by its board of directors?"
Last month KPRJ confirmed it would remain an indirect shareholder despite a reduction of its shares in Tebrau Teguh.
'Scrap CIQ charges'
On another matter, Boo who is also Johor DAP chief called for Projek Lebuhraya Utara Selatan (Plus Bhd) to cease its toll collection at Customs Immigration and Quarantine (CIQ) complex in Johor.
"Some 60,000 vehicles had entered Singapore that way for the past 20 years and Plus had made RM1.3 billion in profits, " he said adding that the toll at the CIQ complex was RM2.90 one way and that it was time that the toll "is abolished".
To make matters worse for motorists, the newly constructed Eastern Dispersal Link (EDL) that connects to nearby township Pandan charges RM12.40 for a two way trip.
In light of this, Boo said that the Tionghua Association has agreed to embark on a signature campaign to oppose the hefty toll charges.
"I also call upon the Johor Malay Chamber of Commerce and Industry and the Indian Chamber of Commerce and Industry to join the campaign against costly toll charges," he said.
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