Sunday, August 13, 2006


Anita Gabrial and Tee Lin Say of BizStar have just confirmed that Pantai Holdings is now, sadly, in Singapore hands.

So, the Prime Minister got it wrong when he declared last week on tv that "there is no Malaysian company that is controlled by a foreign company". The Star, a leading mainstream medium, has proven him wrong.

Here, extracts from their cover story, "Poser for Pantai", yesterday:

"In Parkway Holdings' financial statement on its first quarter ended March 2006, it notes that the group had acquired about 30% equity interest in Pantai Holdings.
It added, however, that "notwithstanding that the equity interest is less than 51% the directors consider Pantai as a subsidiary on the basis that inter alia, the group has board control of Pantai", adding that it has accordingly accounted for Pantai as a subsidiary with effect from sept 30,2005.
In other words, as pointed out by an accountant, although Parkway may not have control in terms of percentage (which is anything over 50%), it does have control in subtance as it clearly has board control of Pantai Holdings; it now has four members (out of seven) representing the interest of its new major shareholder.
In addition, she says that it is important to look at the rest of the shareholding.
"If someone has a big block of shares in a company but it does not amount to over 50%, and the rest of the shareholdersare are small and are not likely to not consolidate to assert control, then it is called defacto control.

Cuit Sikit has an earlier post on Parkway Holdings establishing a big foothold in Pak Lah's South Johor Corridor.


  1. Anonymous2:23 pm

    You got it right again! We should now ask two questions:
    1. Does the government consider healthcare a strategic industry to the nation? If so, foreigners should not be the controlling shareholder in any Malaysian healthcare company.

    2. Should govt concessions like Fomema be to the benefit of non-citizens?

  2. Anonymous3:38 pm



  3. Anonymous4:01 pm

    I don’t know what to saylah. So frustrating & amat menyakitkan hati.

    Here we have a Prime Minister who despite claiming that the Government is telus doesn’t practise what he preaches & menyifatkan golongan yang mengritiknya sebagai iblis.

    Tidakkah PakLah nampak yang Negara sedang dirompak melalui penjualan syarikat GLC?

    Dan buta & pekak ke semua Menteri-menteri Umno?

    Janganlah asyik nak menyokong hanya kerana kepentingan sendiri sedangkan aset Negara diambil alih oleh kuasa asing tanpa disedari.

    Tak guna menyesal di kemudian hari

  4. Anonymous4:31 pm

    I have to disappoint 'theedge' There will be no apologies firth coming....They would need 90 minutes this time to re-tell the truth..

    If we read the piece in The Star, you will notice the arrogant attitude of all these Kiasuland lieutenants. Now they are saying Bolehland cannot touch me even though I have broken all their rules or national policies because I have US Giant Fidelity and Kiasuland GSIC behind me! Dont forget, Richard Blum and his Jewish lobby especially his powerful senator wife DiFi.

    Bro, are we going to be s***** again? They are going to get away scot free !

    See what happens when we loose our perspective and continue to allow Kiasuland to step and walk over our heads....I hope my grandchildren also will not spit over my qoute the great Hisham...

  5. Anonymous6:00 pm

    Bro Rocky,

    You need to be clear.

    Controlling Pantai Holdings, a public listed company is not an issue.

    The controlling of the 2 concessions (which is wholly owned by Pantai) is the real issue.

    Shares in listed company are publicly trade, any Tom, Dick and Harry can buy.

    However, buying concession companies is a different matter altogether, whereby normally only Ali, Abu and Hassan can buy.

  6. Anonymous6:05 pm


    The Singaporean didn't rob Pantai, they paid for it. They only rob Fomema and Pantai Medivest.

    Unfortunately the current government cannot hurt Singapore, must please them even if they rob us.

    So let's be robbed.

  7. Anonymous6:05 pm


    The Singaporean didn't rob Pantai, they paid for it. They only rob Fomema and Pantai Medivest.

    Unfortunately the current government cannot hurt Singapore, must please them even if they rob us.

    So let's be robbed.

  8. Anonymous6:12 pm


    The question people should ask, who give the approval for the disposal of Fomema and Medivest?

    EPU? Tingkat 5? Tingat 4? Minister's level or clerk level?

    Read the other day, that the ECM Libra merger with Avenue was purportedly approved by officers' level. Maybe Pak Sharir can let us know soon to confirm the fact

    If that is the case, do we need Ministers nowadays?

  9. Anonymous6:37 pm

    Which brilliant adviser who told the PM "There is no Malaysian company which is controlled by a foreign company"?

  10. Rocky!

    Here is a thing to remember! Politics is all about perception and perception is supported by decades of extended goodwill of the people to the government, politicians and political parties. If that extended goodwill disappears then the people will lose its political will to even care for the country, when that happens there will be chaos. So at all cost Malaysians, and Malays in particular, should not be allowed to lose their positive perception of the country and its leadership and to lose their political will it will spell trouble for this land of plenty, yes literally plenty (except I have the feeling the country is being plundered of its largesse). So Pak Lah please correct the perception and take some serious actions against people working against the well being of the country. Please tell us why you say no foreign country is controlling our asset when it was reported otherwise with the majority aquisition of Pantai Holding by a Singapore company! Please tell us!
    And another thing! The dumping of ECM Libra shares by your Son-In-Law and smack a shade of an insider trading which is against the law of the country if this is true, and I apologise if I am wrong, please correct the perception and take care of the extended goodwill of the people for you will be respected much more!
    Thank you!

  11. Rocky!
    As I said many commdents ago, South Johore Corridor (SJC)is a brilliant idea and those who came out with it should be knighted. SJC will definitely a metropolitan of Singapore and with Parkway Holdings having a very very firm footing in the planning and running of the project in which the Sultan of Johore is really not happy but cannot do anything! Hidup lah melayu(in lower case if you notice)

  12. Anonymous9:10 pm

    Sdr Rocky,

    It is ironic that Fomema, the privatised foreign worker examination and monitoring service whose slogan is
    "CARING FOR MALAYSIA", is now in the hands of a Singapore-based American-controlled company.

    It all happened because somebody blundered and our Government didn't know about it.

    Another privatised medical service, Pantai Medivest, which is also controlled from Singapore, has "Clean, Safe and Caring" as its slogan.

    So, we now have Singaporeans and Americans caring for our health.

    This is why America and other developed countries insist that we sign FTA with them.

    They offer to buy our mangosteens, durians and bananas when what they actually want are our hospitals, banks and automotive market.

    They killed the global trade talks and now they want us to sumbit to them directly. I hope our leaders are aware of this.

  13. Anonymous9:48 pm

    ".........the group has board control of Pantai", adding that it has accordingly accounted for Pantai as a subsidiary with effect from sept 30,2005........ "

    Correspondingly has Pantai treated Parkway as its holding company? Where is the disclosure?

    Can someone enlighten where is there requirement to disclose to Bursa Saham?

  14. Anonymous11:14 pm

    I think any resemblance of Strategic thinking vis-a-vis Singapore went out the door together with Dr Mahathir when he retired and passed the baton to AAB.

    Considering the U-turn decision on the scenic bridge, the recent control of Parkway Holdings on the 2 medical concessions and hey also the rights to publish MAS's Going Places being given to a Singapore publishing company and I suppose many more plans under consideration like the wonderful YTL bullet train from KL to Singapore etc. I must say that this AAB administration must hold the laurel for being the most Singapore friendly in our Nation's proud history.

    On 31st August we will be celebrating our Merdeka with the shout "MERDEKA, MERDEKA, MERDEKA". I hope we still continue to do so in the near and longer future and not hymm Majulah Singapura oops Malaysia.

  15. Anonymous12:17 am

    We should keep all Malaysia incorparated companies or companies that operate on Malaysian soil Malaysian owned including Intel Technology (M) Sdn Bhd, Panasonic Malaysia Bhd, Motorola (M) Sdn Bhd. In that case, we shall be the next Cuba or North Korea or Vietnam in the 70's.

  16. Anonymous1:11 pm

    I am speechless. What happens next when other issues crops out? Will our PM says ...oops sorry..I did not forsee this before?????
    How much do the rakyat have to pay for all these blunders?
    When are we going to learn???

  17. Aduh... PM, kita rakyat biasa sukakan imej bersih PM.

    TETAPI, sejak kebelakangan nih, macam Tipah tertipu la pulak. Rasa macam tak puas hati. Kalau PM step down pun... ada ke perubahannya?

    EH.. saya tak boleh access blog A Kadir Jasin. Why? Dah kena blocked ke? Nampak sangat kerajaan sekarang cuak dengan pendapat2 di blog nih.