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Chong Chieng Jen's Blog

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Chong Chieng Jen's Blog


Cheap Sale of 50% SACOFA’s share to CMS Berhad,3 Question to ask The State Government

Posted: 29 Dec 2016 08:04 PM PST


Since the publication of my statement about the "Cheap Sale of 50% SACOFA's share to CMS Berhad", the State Government has no defence. 

Instead, on 23-12-2016, CMSB came out to attempt to justify its acquisition of the said 50% SACOFA shares, claiming that the acquisition was done in transparent manner in compliance with the rules and regulations set out by the KLSE Bursa.

CMSB's statement about the compliance with the Bursa's regulations was in fact a statement speaking from its business perspective, BUT NOT from the perspective of the public interest of Sarawak.

In 2015, the Sarawak State Government sold 50% of SACOFA's share to CMS at the price of RM186.79 million.  This is a SUPER Cheap Sale price and only the company with the close relationship with the Governor's family benefits from such SUPER CHEAP SALE.


There are 3 reasons why this is a SUPER CHEAP SALE:

1.         No premium for the Controlling stake in a monopoly company

In all company acquisitions, there has to be a premium price for a controlling stake in the company.  SACOFA is the company with the monopolistic power to control the tele-communication infrastructure throughout Sarawak, yet there was no premium price for the controlling stake in such a profit-guaranteed company.

The net asset of SACOFA Group as at 31-12-2014 was RM403 million (50% = 201.5 million).  The deal was completed in 2015, yet the State Government used the net asset value of RM344 million to base its sale price of RM186.79 million.


2.         Super low Price/Earning ratio

The after-tax profit of SACOFA group for the years 2012 to 2015 are as follows:

Year
After-tax Profit
2012
 RM 62,818,577
2013
RM 51,763.604
2014
RM 59,479,489
2015
RM 89,760,847

The State Government, through Wong Soon Koh, claimed that the State Government used the 2013 profit figure to calculate its P/E ratio of 7.23 for the sale of SACOFA shares. 

It is noteworthy that 2013 is the year of exceptionally low profit, a drop of approximately RM10 million compared to the profit for year 2012 and 2014.  If you were to take the SACOFA's profit for the year 2012 for your calculation, the P/E ratio would be 5.95.

However, even with this exceptionally low profit year figure, the P/E ratio of 7.23 is still very low compared to the P/E ratio of other telco companies, eg. Digi.com (23.5), Maxis (22.6), Telekom (28.3), Axiata (29.5).

With such low P/E ratio, CMS's investment in SACOFA is even more profitable than banking sectors in Malaysia.

If one were to look at the acquisition price from the perspective of Rate of Return (ROR) on investment, for the year 2014 its ROR was 15.9%, while its ROR for the year 2015 was 24.0%.

 With such ROR, CMS will be able to recover fully, all the money it invested in purchasing 50% stake in SACOFA within 6 years and own 50% of SACOFA.  This is an exceptionally high ROR, which means, an exceptionally low price for the said acquisition.


3.         CMS will be entitled to 50% of Government Allocation to build Telco Towers

With CMS becoming 50% shareholder of SACOFA, we are now hearing increasing calls from the elected ADUNs in Dewan UndanganNegeri Sarawak asking the Government to approve allocation of funds to build Telco towers in their areas.

As SACOFA is the sole authorised company to build telco towers, such government allocation, if approved due to political pressure to develop the rural area, will be channelled through SACOFA.  As 50% shareholder of SACOFA, CMS will be the 50% beneficiary for all such government allocations in future.


The acquisition of 50% share in SACOFA by CMS is definitely a superb deal for CMS.  Sad to say, the gains by CMS is at the loss and expense to Sarawakians in general.  That is why until today, the State Government did not dare to answer directly to the following questions:

1.       Why did the State Government privatise a regulatory body for telco infrastructure and turn it into a regulatory cum business entity?  Under such position of conflicting interest, how is the government going to ensure that the regulatory role of SACOFA will not be compromised for its business interest?

2.       Why did the State Government sell off 50% share in SACOFA at such a low price?

3.       Was the political background and connection of CMS a factor in the privatisation exercise?  There is no shortage of qualified economists in the Sarawak Ministry of Finance, why then is the Sarawak Government cheap-selling SACOFA's 50% share at such low price.


Based on my personal estimate, in the whole privatisation exercise, the Sarawak Government has been short-changed by at least RM300 million.


29-12-2016
Chong Chieng Jen
MP for Bandar Kuching/ADUN for Kota Sentosa
DAP Sarawak Chairman

砂政府超廉价变卖50% SACOFA股权 3道问题质问政府

Posted: 29 Dec 2016 08:01 PM PST


(古晋29日讯)民主行动党古晋市国会议员兼哥打圣淘沙州议员张健仁今出示3大理由证实砂州政府超廉价变卖50% SACOFA股权给砂日光公司(CMS Berhad)。 他也同时抛出3个问题针对有关私营化SACOFA的决定,质问砂州政府。

事关,砂州政府于2015年,以1亿8679万令吉价格出售SACOFA 50% 的股权。

张健仁指,以正常商业交易的考量,这1亿8679万令吉价格出售SACOFA 50% 的股权,简直就是超级大平卖。 若以政治术语来形容这项交易,这就是典型的"公家资产私有化",即是,把公家的资产,便宜的卖给朋党公司,变成朋党公司的私人资产。

张氏说,自从他暴露这"私营化SACOFA"的决定,砂州政府至今无法针对以下3道问题给予砂州人民一个满意的回答:
1.    砂州政府为何要把一间监管电讯基建的政府机构,私营化变成即是监管又是商业性质的公司? 在这利益冲突的情况下,政府又如何能确保私营化之后,SACOFA 不会因为商业利益而妥协其监管的角色?
2.    砂州政府以什么为根据,以1亿8679万令吉如此便宜的价格,卖掉50% SACOFA的股权给CMS公司?
3.  CMS公司的政治势力和关系是否是砂州政府私营化SACOFA 的主要因素?砂州政府的财政部门不乏经济专才,为何会以如此的贱价,变卖SACOFA 50% 的股权?

"在砂州政府无法给予回答的情况下,CMS公司于本月23日出文告护主,并表示这私营化是符合吉隆坡股票交易所所设定的规则。"

张健仁反驳,CMS公司的论点,是纯粹从其商业角度来看。 对CMS公司而言,这交易肯定是大赚特赚的。 但是,对砂州人民而言,这是一个大亏特亏的交易。


张氏列出以下3个理由,佐证这1亿8679万令吉的售价是太过便宜:

1.   价格没计算公司控制权及无型资

他说,在所有的公司收购交易中,收购价不只计算公司的净资产,收购价也会计算有关公司的控制权和无型资产的价值,尤其是一家如SACOFA公司一般的,拥有垄断市场权力的公司。

张氏也说,SACOFA拥有垄断权,控制全砂所有电讯塔和电讯基建工程。 但砂州政府在出售该公司的50%股权时,却没有计算该公司的控制权的价值。 这在商业交易领域,简直就是天方夜谭。

"截至20141231日,SACOFA的净资产4亿300万令吉(不包括无型资产和控制权的价值)。 50%净资产的价值已是2亿150万令吉,更何况再加上无型资产和公司控制权的价值。 因此,SACOFA50%股权的真正价值,是远远超出砂州政府卖给CMS 公司的 1亿8679万令吉的价格。"

2.         超低本益比的价格

张氏说明,"本益比"的定义是,投资的本钱对比所得到的利益的比例。 本益比越低,就表示这投资非常合算,以低投资额换取高回筹。

他说,由于SACOFA所经营的是垄断生意,其利润回筹之高,是马来西亚绝大多数公司所罕见的。
SACOFA 集团过去4年的税后盈利如下:
税后盈利
2012
 RM 62,818,577
2013
RM 51,763,604
2014
RM 59,479,489
2015
RM 89,760,847

砂州第二财长黄顺舸在州议会表示,砂州政府是以SACOFA集团于2013年的税后盈利来计算出售50% SACOFA股权售价的本益比,即,以该公司2013年的 税后盈利计算,1亿8679万令吉售价的本益比是7.23

张氏特别指出,SACOFA 2013年的盈利,相比其他年份的税后盈利低许多。若我们以2012年的税后盈利来计算,这1亿8679万令吉售价的本益比则是5.95

张氏表示,就以黄顺舸所给予的7.23本益比,若和其他电讯公司的本益比做比较,还是非常低。在马来西亚,电讯公司的本益比,平均都是超过20 以上的,Digi.com23.5),Maxis22.6),Telekom28.3),Axiata 29.5)。

"从另一个角度来看,以这1亿8679万令吉的价钱投资50% SACOFA公司,CMS公司在2014年就可得到(RM 59,479,489/22970万令吉的回筹(15.9%的回筹率),而2015年其则可得到(RM 89,760,847/24488万令吉的回筹(24%的回筹率)。"

"这么高的回筹率,是商业界里所罕见的。 有如此高的回筹率,也就表示,售价太低了。"

3.         今后政府拨款建电讯基建,CMS 也得一半拨款

张氏说,因为SACOFA是砂州唯一全权负责发展电讯基建的公司,今后,若政府有拨款发展乡区的电讯基建,有关拨款的对象理所当然将是SACOFA。 而CMS因拥有SACOFA 50%的股权,也将间接得到政府拨款的50%

他也透露,自CMS 收购50% SACOFA 股权之后,他也发觉,国阵的州议员频频在州议会发言要求政府拨款在他们的选区建电讯塔,以增加电讯覆盖地区。

"这是否是在合法化,把纳税人的钱,定期性的转入私人公司?"



张健仁强调,SACOFA既然是一间监管砂州电讯基建公司,砂州政府就不应该将它私营化。 就算真的要私营化,也不应该以如此廉价私营化。 在这私营计划中,依据他个人的计算,砂州政府少收了3亿令吉。

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