No subsidy, more debts for Malaysians
While Malaysians sweating, screaming, protesting and being useless labelled as subsidy-addicts cum spoilt brats that will ruin the country, we are being saddled by more debts as Khazanah, after private discussion, will bind all members of Malaysian public to another round of debts, to be arranged every so consistently by CIMB.
By Lee Wee Tak
Khazanah plans sukuk sale for Parkway buy
Published: 2010/06/02
http://www.btimes.com.my/articles/20100602100756/Article/
Khazanah Nasional Bhd, Malaysia’s state investment company, may sell as much as S$500 million (US$354 million) of Islamic bonds, or sukuk, to take over Parkway Holdings Ltd, according to two people familiar with the matter.
CIMB Investment Bank Bhd is among banks that may arrange the sale as soon as this month, said one of the people, who asked not to be identified because the discussions are private.
Khazanah offered S$1.18 billion to more than double its holding in Parkway to gain control of Asia’s biggest hotel operator, Singapore-based Parkway said on May 27. Credit Suisse Group AG recommended that Parkway shareholders accept the offer, which would let Khazanah overtake India’s Fortis Healthcare Ltd as Parkway’s largest shareholder with a 51.5 per cent stake.
The Kuala Lumpur-based company now owns 23.2 per cent of Parkway while Fortis has 25.4 per cent, according to data compiled by Bloomberg.
Mohd Asuki Abas, a Khazanah spokesman, declined to comment on the company’s funding plans. — Bloomberg
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While Malaysians sweating, screaming, protesting and being useless labelled as subsidy-addicts cum spoilt brats that will ruin the country, we are being saddled by more debts as Khazanah, after private discussion, will bind all members of Malaysian public to another round of debts, to be arranged every so consistently by CIMB. (read my previous posts, I am fed up of saying who is the main man in CIMB)
In other words, we will bear S$1.18 billion or @RM2.32 = S$1–> RM2,737,600,000 (which is about RM101.39 per person so you and your 3 school going children now owes god knows who RM405.57) excluding interest expense and expensive professional fees earned by CIMB.
To add salt to injury, the money will go to some foreigners who are holding the existing shares in Parkway and I strongly believe that no Ali, Chong, Samy, Gurmit, De Souza or negrito will taste, feel or touch any direct benefits whatsoever associated with this cash outlay.
Parkway Holdings Limited provides health care services throughout Asia, while also managing Parkway Life REIT and providing health care education through Parkway Education Pte Ltd so perhaps from business point of view, it can be lucrative.
However, have any Malaysians ever remember getting some sort of benefits from national state investment arm?
Read more at: http://wangsamajuformalaysia.blogspot.com/2010/06/no-subsidy-more-debts-for-malaysians.html
