SMASH PLUS?
The dust has not even settled yet (on the proposal that Asas Serba had purportedly sent to the Govenrment) we already have another player.
SMASH PLUS? So who is this SM?
Pun intended, this writer seems to think that Syed Mokhtar Al-Bukhary Serba Highway might just smash PLUS!
Let’s recap;
Asas Serba’s proposal:
- RM50B to take over all assets of highway concessions
- 20% toll reduction across the board
And this is Syed Mokhtar’s purported proposal:
- RM45B to take over all assets of highway concessions
- 10% toll reduction across the board
- NO toll increases ever on the remaining years of concession
Looking at the recent emergence of this ‘mirror’ proposal (and it’s no wonder how certain details of proposals can just find their way to rival bids…), I will bet that Syed Mokhtar will see himself as the front runner given his seemingly magical hands in making a living of privatisation of government assets.
Funny how this seems to me like ‘Die Hard part 4′!
Is it just me or did someone just say ‘please Mr.Tycoon, we NEED you now!’ First Halim Saad’s very possible link with Asas Serba and now Syed Mokhtar.
Are we really that short of ideas and home grown saviours?
Word has it that the SM proposal was submitted to EPU some two weeks back…..Hmmmm! EPU is that Yackob guy! Hmmmmm.
Watch this site closely though, because we know something is gonna happen, and given the ‘I’m in’ ante, I won’t discount any other players too!
Could it be that Syed Mokhtar and Halim Saad are bed mates? Maybe it’s Syed Mokhtar Asas Serba Highway!
Or maybe its just Syed Mokhtar’s way of getting back at his lost opportunity in the double tracking censure of his company.
Whichever way you look at it, we have two cronies coming back to take a bigger bite at the cake!
July 9, 2010 at 3:49 am
[...] not sure what to make out of this news you can pick up here from the watchers of Asas Serba, the company linked to Halim Saad which proposed to end our toll [...]
July 9, 2010 at 4:11 am
We now have two contenders that want to privatize all the highways, both options being more or less the same. I don’t see how Asas Serba or this carbon copy is any better than the other. First of all, both companies are backed by well known cronies therefore the argument used against Asas Serba applies to this copy cat company.
First of all let’s take a look at the man behind this, Syed Mokhtar. It is common knowledge that he already has several monopolies which he controls including those for rice and sugar. Does anyone recall Tradewinds, a food and commodities company controlled by tycoon Tan Sri Syed Mokhtar Albukhary, which had debts of RM2.9bil as of end March, with short-term loans making up almost half of the amount. This was among the issues brought up by concerned shareholders at the recent AGM.
Meanwhile, Bernas (Malaysia’s rice monopoly) another company controlled by Syed Mokhtar got into some trouble last year because more than 31% of shareholding fell into the hands of Hong Kong’s Chinese! That is like selling a national interest to foreigners, 31% is a lot.
With such a ‘great’ track record, who knows what will happen to our highways. In a sense these highways are also an essential item as they form the backbone of the country’s transport system, and that makes it a national interest too. Now I don’t think that it is a good idea to have one man single-handedly control all these monopolies, because as the saying goes with great power comes great responsibility. Besides that, such monopolies would send all the wrong signals to foreign investors, not to mention that it is against the policies touted by the Prime Minister in his New Economic Model.
Having lived in Malaysia my whole life, I have become quite skeptical towards all these empty promises. What kind of value does Syed Mokhtar bring if he were to take over all the tolls?
Monopolies are a thing of the past; even Indonesia and Thailand have made strides in changing the way businesses are done, having to an extent successfully moved away from cronyism and corrupt business dealings. I believe that if Malaysia continues this trend, it will be its downfall.
July 10, 2010 at 1:28 am
Mat Kepoh,
It was Syed Moktar who bought back the share from HK guys. Then only he assume majority stake in Bernas. HK bought it in open market earlier.
July 10, 2010 at 9:31 am
Asas Serba no business foundation just base on person experience any1 can do. SM already in business, not 1-2 days, I think bank also know his capability to run the business. Dont care whose behind lah.. but toll rate must reduced. To make more chillie get TDM as SMASH chairman …!
October 26, 2010 at 1:10 am
[...] 2010 – We told you about Asas Serba, and we aim to SMASH any cronies who think that they can benefit from [...]