Wednesday, November 22, 2006

Who's killing the Malaysian corporate giants?

Synergy Drive Sdn Bhd?
You've probably never heard of the company. But you will and you will hear a great deal about it in the days, weeks and months to come. You will first hear of Synergy Drive Sdn Bhd at about the same time you hear the news tomorrow that trading of Sime Darby, Kumpulan Guthrie, and Golden Hope on the KL Bursa has been suspended.
By Monday, when the people at CIMB call for the press conference to announce the mega merger of the three giants, you'll know the names of the people behind Synergy Drive Sdn Bhd. You would have heard some of those names before and you will wonder who, really, are behind those names. You'll wonder if there's going to be transparency.
You will wonder who will benefit from the "death" of these three Malaysian corporate giants.
But one thing you'll know for sure, it won't be you.

Bernama reports:
"Govt supports PNB's merger of Sime Darby, K. Guthrie & Go0lden Hope"
"At least two years before merged entities gain from economies of scale"


  1. Anonymous10:07 pm

    Bro Rhocky

    Who else? Is it that difficult to gus who! Of course, the Son-In-Law or the mamak in the NST, who lied inthe June 11 article, will be included.

    Not surprsing at all. If ECM Libra can be done, why not for these 3 corpoarte giants to be taken over by a small comapny.

    I am sure that we are waiting for the Generla Elections to come to throw the Father-In-Law out to the kampung to tanam sayor.


  2. Anonymous11:01 pm

    I would not be too surprised to see names that are connected with Khairy for sure. Yes, it won't be yours or my or any peace loving, nation loving, down-to-earth Malaysian like you and me who do not aspire to be up there with the elites of the UMNOputra, or the very well connected Chinese towkays who would, at the very first opportunity run to kiss the hands of these amok-prone, racist bent, mouth-frothing and KERIS WIELDING goons.

  3. Anonymous11:19 pm


  4. Anonymous11:29 pm

    Sdr Rocky,

    Saya membaca berita itu dengan hati yang sangat tersentuh. Kalau benarlah berita itu, hati saya akan lebih pedih dan merintih. Apa sudah jadi dengan Malaysia? Politik huru-hara. Ekonomi sengsara. Agama dipersenda. Bangsa dihina. Susah payah Sime Darby dan Guthrie dimiliki, Pak Lah dan konconya senang-senang menyiatnya kini.

    Pak Lah tak jumpa lagi Imam Al Ghazali dan Shafie sebab kalau benar dia mencari, maka bukan Islam Hadhari yang mahu dicanangkan merata negeri tetapi masyarakat Hadhari yang sepatutnya dia pelopori.

    Pak Lah, Pak Lah cetek benar pemikirannya sampaikan masyarakat dibiar sengsara sedangkan dia dan konconya hidup kaya-raya. Pak Lah, Pak Lah pendek sungguh akalnya sampaikan masyarakat hidup merana sedangkan dia dan konconya tidur lena bahagia.

  5. Anonymous11:35 pm

    good post rocky, very mysterious. i'll take a wild guess but deep down inside me i know it's the right guess. i can't believe that sime darby one of the better corporations in malaysia and still is will fall to the hands of SIL. 1 question, where and how could SIL have that substantial amount of money to fund the take over? i think me and you know the answer, sense sumtin fishy in the Kementerian Kewangan or Khazanah Nasional?

    now i understand what AAB meant by "work with me, not work for me". he wants our cooperation for him to do all this bullshit.

  6. Anonymous11:37 pm

    Sorry Bro Rocky,

    hey,somebody hacked aisehman!!!

  7. Anonymous12:36 am

    who the hell do they think they are? these people who mess around with the nation's assets, with the GLCs.
    It does not matter if this attempt to enrich themselves and put their finger in the country's financial pies is known to AAB. It really does not. If he is aware of this and is allowing it, then he is not fit to ... If he is not aware, then he really not fit to...
    Of course it has to be these rich companies -- Sime Darby, Guthrie and Golden Hope -- these cash-rich companies. What else adn where else can they source their funds to do whatever it is that they are planning to do.
    They have no right to do this. Why is there no protest, no objection?
    This is unacceptable.

  8. Anonymous12:38 am

    Sdr Rocky,

    Mohon menyimpang daripada tajuk blog Tuan.

    Sekadar ingin berkongsi kegembiraan dengan Tuan kerana Sdr Datuk Ahmad A Talib telah melancarkan blognya -- Pahit Manis -- sebentar tadi di

    Terima Kasih.

  9. Anonymous1:37 am


    We should expect the usual suspects to emerge from this deal.

    I would like to hazard a guess on the expected explanations, by analysts, the media, the three (reluctant) CEOs and finally the guys behind Synergy Drive, CIMB, and perhaps a boutique investment bank, to say in the next few days:

    (Note: This is also to help the biz journalists out there have a head start their stories.

    (Also a tip to biz journos, now start looking at other firms and common shareholders for possible mergers since the guys behind Synergy Drive has a huge appetite. Think financial institutions, think EPF, PNB, etc)

    Some of the synergistic rationale for the merger:

    i. PNB, being the controlling shareholder in these firms would like to consolidate its plantations and property assets, which on their own are large for each of these giants.

    ii. the combined giant with billions in market capitalisation will draw interest in our Bursa Malaysia. It could become one of the destination for investors interested in exposure in plantation sector.

    For example: Foreign investors interested in exposure in the edible oil market would naturally be drawn to our Bursa because of the three firms combined market share in global palm oil.

    Taking into account firms like PBB Oil Palm, IOI, TH Plantations (Aha!), etc, the argument may hold some water.

    iii. the sum of these firms put together is greater than its parts.
    Malaysia has yet to unlock the potential what these firms could be when welded together.

    Expect some other developments,such as some of the assets of the three firms - i am looking at really Sime's engineering and auto biz - to be stripped/sold, presumably because they are out of sync with the core biz of the new plantations/property-based entity.

    I think the biggest uncertainty will be with Sime's international businesses - in over 40 countries, if I am not mistakenn. But I guess they could be consolidated and spun off into something like Sime International or Synergy Global, etc.

    With whom could these assets end at?

    They will of course deny it, but remember what happened at Proton. They said they will keep Proton intact, but soon Augusta was sold for a ringgit.

    One thing for sure, for a corporate exercise of this magnitude, with billions of assets involved and scores of international rules and regulations to get through, the commissions alone could run into tens of millions, perhaps even more. Expect some big fat bonuses at some of the usual suspects.

    Some in the know could even, if they wish, to benefit from dealing with privileged information, though I am sure they are all clean.

    ps/ I wonder how the thousands of estate workers are going to benefit from this.

    ps/ all these deals are starting to make my head spin.

    What's next. Someone making up an unbelievable story of some people using khazanah money to bet on the world cup in the guise of investing, but was cleared by the ACA because his boss backed him up. They think I am so gullible to fall for such out of this world story?

    Rumour mongerers! Bru, don't ever let them in.

  10. ketawa dek Lee Kuan Yew aja la korang ni!!!

  11. I don't understand. If truly the election in this country has been rigged, why didn't PAS/DAP cry foul? What about international observers? Gerrymandering is one thing, but outright fraud?

    We need a strong opposition, or at least a movement strong enough to form an alternative government. Let us remove all barriers and work together to achieve true independence.

  12. Anonymous7:41 am

    Who is their proxy?
    Who is their chairman?
    Who is their CEO?
    Who is their main shareholder?
    It's OK when the banking sector merge within their own player.
    But to monopoly LAND,plantation and property sector it smell stink.
    Can't imagine the consequences if this corporate takeover finaly fall into wrong hand.They will wipe out(sapu) all rubber and palm oil estate from south to the north,from east to the west until near your own tanah pusaka..

  13. Anonymous9:03 am

    At 8.54 am

    The following public companies have requested suspension of trading based on their announcement in Bursa:-


    These companies received a letter from CIMB on behalf of Synergy Drive Sdn Bhd ("Synergy Drive"), stating that Synergy Drive will be proposing a material corporate exercise involving a significant change in business direction.

  14. Anonymous9:10 am

    And what all the malays do?


    We are pathetic!

  15. Anonymous9:51 am

    Bro Rocky,

    They told you so a week ago! The show must go on.

    15 November 2006,
    Utusan Malaysia

    KUALA LUMPUR 14 Nov. – Pergerakan Pemuda UMNO memberi amaran kepada Ketua Pegawai Eksekutif (CEO) yang menerajui syarikat milik kerajaan (GLC) supaya tidak memperlekehkan keupayaan ahli UMNO dengan tidak memberi kerjasama kepada mereka.

    Naib Ketua Pergerakan Pemuda UMNO, Khairy Jamaluddin berkata, setiap CEO berkenaan harus sedar bahawa tanpa UMNO mereka tidak mungkin memegang jawatan tersebut.

    Katanya, pelantikan mereka ke jawatan itu sebenarnya berpunca daripada kekuatan UMNO di dalam kerajaan dan bukannya disebabkan CEO terbabit merupakan antara mereka yang terbaik.

    ‘‘Selekeh sangat ke kita hingga mereka (CEO) ini memandang rendah kepada keupayaan kita. Kita dilayan umpama sampah. Mereka tidak sedar jawatan yang mereka pegang itu adalah hasil daripada usaha UMNO.

    ‘‘Tanpa UMNO mereka tidak akan dapat memegang jawatan sebagai CEO. Kita bukan tuntut projek yang berbilion-bilion cuma kita sekadar meminta bantuan yang sepatutnya daripada mereka,” katanya sambil disambut dengan tepukan gemuruh dan sorakan daripada perwakilan pergerakan itu.

    Beliau berkata demikian ketika menggulung perbahasan pada Perhimpunan Agung Pemuda UMNO di PWTC di sini hari ini.

  16. Anonymous9:54 am

    NSTP also up big time. Hahah.

  17. Anonymous10:02 am



    You too hard to yourself. At least you realise such a thing is happening. First step to solve a problem is to admit there is a problem.

    Being a mere citizen I will spread this news as that is all I can do. I will make others realise the corruption of the current administration. I advice you tempua to do the same unless you have the connection or capacity to do more.
    Our time to act would be when election comes about. I will do in my capacity not to allow such an incompetent and useless leader to have such a mandate ever again.

  18. Anonymous10:22 am

    Sdr Rocky,

    Whatever the Prime Minister cum Minister of Finance does with Sime Darby, Guthrie and Golden Hope, he MUST protect and guarantee the interest of the MINORITY SHAREHOLDERS, who, in this case, include millions of Permodalan Nasional Berhad’ unitholders.

    This is an opportunity for the Prime Minister to fulfill his pledge at the Umno Annual General Assembly in Kuala Lumpur last week to continue to implement the NEP-type programmes.

    He could use this mega merger to protect and enhance the Bumiputera share of the corporate sector via the PNB.

    He could use the mega merger to enhance the value of the three GLCs for the benefit of their shareholders.

    He could use the mega merger to create possibly one of the largest plantation-based companies in the world so that it can truly enjoy the economies of scale and drives his agricultural revival programme.

    He could use the mega merger to create more employment at the time when the number of unemployed graduates and school leavers, according to government statistics, is nearing 100,000.

    He could use the mega merger to “reward” the best corporate sector managers in the country by putting them at the helm.

    Remember, Tun Dr Mahathir Mohamad and his key advisers raided the London Stock Exchange in early 1980’s to gain control of Guthrie.

    Let’s hope that this time around our current Prime Minister will do as well, if not better.

  19. Anonymous10:23 am

    Instead of dealing or kautim with 7 CEOs, if these 7 companies are mergered into one, they will have to deal with ONLY 1(ONE) CEO only. It is definitely easier and cheaper to kautim. This will ensure swift looting, if they want.

    Of course the catalogue of reasons for merger will be as usual rationale. This they can leave it to CIMB or any Tom, Dick & Harry or Abu, Hassan or Ali consultants to goreng out.

  20. This is not Islam Hadhari...this is YAHUDI!
    For Mr. PM. Menjawap la kau nanti dalam kubur................

  21. Anonymous10:41 am

    I feel sick already….

    Whatever names appear on paper for the deal, we know there are other names involved. To this greedy lot, negative publicity is a small price to pay for the amount of money they make from the amount of business they control. As far as they and their partners in government are concerned it is legitimate on paper. The usual form-hides-substance modus operandi. But regardless of the players in this deal, the government isn't genuinely interested in preventing ufair business practices that eventually kill the smaller enterprises. They raise fuel prices, toll, electricity and water and in the same breath warn farmers and small time retailers to not raise their prices to show their false concern for the man on the street. Some may recall that they even take the trouble to publish a financial analysis of why a kedai mamak’s price of roti canai should not be affected by the fuel increase. At the end of the day, the man on the street is forced to swallow it. (No pun intended).

  22. Anonymous11:20 am

    are we going to be another banana republic or are they going the Thaksin way?

    its for us to decide.

  23. Anonymous11:30 am

    Synergy ... minyak Petronas?

  24. Anonymous11:31 am

    Melayu Boleh, Malaysia Boleh, Apa pun Boleh in Boleh Land.

    Mana Keris Hishamuddin dan Umno? Boleh kah keris yang sakti(as bulshitted by MP Mohd Alwi in NST today) menyelamatkan negara indah kita ini?

    Wahai Tuhan, ajarlahlah pengkhianat negara ini supaya lebih berwaspada dan beramanat.


  25. One thing we will know for sure: we won't get to know the men behind it; we will also hear of the proxy bosses. Remember Tan Sri Yahaya? He was worth RM2.5b and by the time of his death his children inherited on $20million. They were shock to discover that the 60% of DRB shares owned by their father, 40% was in fact assigned to others but the loan from Tabung Haji of $300 million was absolutely his liability. At the end of the day, his net worth in DRB, his flagship company, was a net RM20 million. I wonder, an analogy will arrive when Syed Mokhtar's time comes.

  26. Anonymous12:06 pm

    Dear Rocky,

    I can't agree more with JV Morgan. It's the "one ring to rule them all" modus operandi. Smacks of the insidious style of kaum bintang nabi daud!

    No prize for guessing who are the bought Malaysian puppets... just follow the money trail.

  27. Anonymous12:27 pm

    bro..bru....i m simply lost seeing the economic scenerios in malaysia
    laymen like me can be hoodwinked by the powers-to be i have no choice but to exercise my right to vote to the oppositin comes the general election.

  28. Anonymous12:29 pm

    Malaysia semakin cemerlang, gemilang, terbilang!

  29. Anonymous12:35 pm


    Just got back from court. Razak Baginda got bail for hte mureder charge under section 302 of hte Penal Code involving death sentence like drug cases under 39B of Dnagerous Drug ACT. Razak got bail with RM1 million and need not deposit the money and no passport being impounded. Great justice!!! There are so many people being charged with charged under section 302 and didn't get bail and detained in prison.

    This was the second case where a person charged under section 302 and got bail. The other case was Mahinder Singh who was quite old and sick.

    By the way, the prosecution (DPP) did not object to the basil application like wht they normally do in other cases.

    Malaysia is a boleh land. Anything semua boleh. If our court is like this how does foreigners going to have confidence in our system of administration.

    When you are rich and welll connected, there is another set of special laws applicaable to you.

  30. Anonymous12:37 pm


    Please answer me. How do we, the bumiputras (not UMNOputra!)benefit from the new CIMB Bank? The same question goes to this Synergy Drive-around! How do we benefit?

    Please answer me someone!

    Hantu Gigi Jarang

  31. Anonymous12:39 pm

    Lets wait for the details of the takeovers/mergers, if these thieves and robbers are really plundering the country's wealth, I guess our only hope would be for Dr Mahathir to come forward and pursue the matter to "lobang cacing".

  32. Anonymous12:42 pm

    Got this from MyKMU

    How far is the truth to the myth? You decide.


    Terdapat satu kisah, disuatu zaman, dimana seorang Bendahara yang amat baik akhlaknya, Amirul A Bahari, diberikan peluang sebagai Pemerintah Maharaja, apabila Memanda Kekanda sebelum itu, Mutawakkil Mahmood, seorang bekas tabib kampung, memilih untuk mengundurkan diri dan lama kemudian, membuka sebuah warung pau.

    Sebelum berundur, Mutawakkil Mahmood bercadang untuk mengadakan sistem bot penambang diseluruh negeri, dari Kampung Utara ke Kampung Selatan, bagi memudahkan para pedagang membawa buah buahan dan hasil masing masing kepasar pasar dipelbagai kampung sepanjang laluan bot penambang ini dengan efisyen dan murah. Cadangan ini besar dan ramai rakyat menjangka ianya akan memajukan lagi pengeluar hasil dikampung kampung.

    Apabila Pemerintah Maharaja Amirul A Bahari mengambil alih, beliau terus MEMBATALKAN perencanaan membina sistem bot penambang demikian. Ramai rakyat terkejut. Perjalanan rundingan dengan Pemerintah Maharaja dan Pembesar Pulau Selatan juga terbantut, walaupun dikatakan Amirul A Bahari amat akrab dengan Rosli Si Along, Pemerintah Maharaja yang mengambil alih dari Gosok Tong dan ayahandanya, Rosli Kuyu masih lagi bertenaga memberikan sepatah dua kata kepada jemaah khairahnya. Amirul dikatakan rajin mengadakan permainan congkak persahabatan bersama Gosok Tong, bagi mengiratkan silaturahim dengan kuli kuli Pulau Selatan.

    Baru baru ini, seorang bekas Pegawai unit tempur elit Force 130 yang telah minta didisband itu menemui cerita bahawa anakanda Amirul A Bahari, Khairuddin Amirul, seorang pedagang kayu api dan pembina sampan, BERCADANG untuk menjadi seorang pembangun kampung dan ladang TERBESAR diKepualuan ini. Beliau bercadang untuk mengumpulkan beberapa kebun dan pemilik kebun untuk dijadikan satu gedung yang besar dan kuat.

    Khairuddin juga dikhabarkan bercadang untuk mengambil alih gedung yang menguruskan perniagaan bot penambang utara-selatan sediada. Ini kerana gedung ini mempunyai banyak kebun kelapa merata Mukim, terutama diPulau Selatan, ditempat bernama Teluk Pintu dan kebun ini amat bagus dibangunkan sebagai kampung. Jika kampung ini boleh didirikan dikebun Teluk Pintu, maka lumayan hasilnya. Ini juga amat bersangkutan dengan kunun kunun perjanjian antara Penghulu Mukim bahawa jika berlaku keadaan dimana bot penambang tiada lagi boleh disambung perkhidmatan kePulau Selatan, maka Penghulu Mukim Pulau Selatan berhak mengambil kebun Teluk Pintu, yang dikatakan berharga itu.

    Ini dikatakan peluang yang diambil sepenuhnya dari usaha ayahandanya berbaik baik dengan Pemerintah Maharaja Pulau Selatan, ditunjukan dari selalu bermain congkak bersama menimbulkan kemesraan, sambil bertepuk tepuk belakang. Ini juga sinergi dengan cerita adinda ipar kesayanganya, Beruk Hitam, berkecimpung dengan perdagangan emas dan berdagang emas dengan peniaga dari Pulau Selatan.

    Mungkin perlahan lahan kebun kebun bagus milik pekebun Mukim Besar Nusantara akan tergadai akibat opportunists segelintir ini.

    * Hikayat ini adalah cereka semata mata. Ia tidak melibatkan sesiapa hidup atau mati. Jika ianya bersamaan dengan kisah mana mana orang masih hidup atau mati, ianya secara KEBETULAN semata mata.

  33. Global Branding of Malaysia

    Malaysia is joining a number of countries, from the United Kingdom to South Korea, New Zealand and Canada, seeking to brand themselves to the world in name of foreign direct investment and in an effort to increase their lobbying power. Branding differs from marketing in that marketing is specific to certain areas, such as tourism. "Branding a country must emphasise the collective identity of every component of that society," In a word, it's about selling a personality.

    Singapore, is seen as clinical and cold but it is clean, efficient, and business-friendly. United States, is long associated with a progressive, dynamic business environment and hip lifestyle. Italy is associated with passion and verve, Germany with engineering excellence, Switzerland with fine craftsmanship and elite banking, Japan with cutting-edge design, technology and reliability.

    Malaysia is known for its’ inefficiency, corruption, indifference and now, a creeping streak of religious fundamentalism. Also noted is Malaysia’s ability to come up with fantastic slogans like “Bersih, Cekap, Amanah”, “Malaysia Boleh”, etc. In the early 80’s, Malaysia was one of the Asian tigers. Now 20 years on, Malaysia is nothing more than an Asian pussy. Thank you to the leaders of Malaysia. Take a bow, UMNO.

    Now imagine if UMNO “leads” this country for another 20 years. Wow…..

  34. Anonymous1:23 pm


    Has anyone completed the checks of Mmaya Maju and Synergy? Who are the shareholderrs cause once the shareholders are known, its obvious who's proxies they are.


  35. Anonymous1:47 pm

    Dead on Bro,

    You're right on the target with this news. All this are being orchestrated by PNB (with AAB consent of course). SDB, Guthrie and GHB had no idea what hit them. May god has mercy on us.

  36. Anonymous2:46 pm

    Sdr A Kadir Jasin,

    Mergers have never been about creating more job opportunities. When you merge 3 super giants of that sort, there are bound to be synergy as the name of the acquirer suggest. Synergy is a taboo word for corporate employees and cashout, unlocking assets are among some of the key words used by owners to make money.

    The other aspect that I am not optimistic lies in the fact that we do not have senior public servants nor GLC heads that can manage a corporation of that size and diversity. With the merger, we are looking at major industries in:

    Oleo chemical
    Massive Land Banks
    Control over many motor assembler and distributors (including BMW, Hyundai)
    Massive Property Development Unit
    Engineering and Maintenance Unit
    Trading and Distribution
    Manufacturing and Industrial Unit

    We have seen that our CEO’s seem to be able to excel in one or two of the areas above. I have not seen anyone who can manage all of it at one go.

    So that leaves us to the speculation of what they are going to do with such a huge animal? Asset stripping and sell of the so called non-core assets to raise cash? Cornering the market on certain industry to the point of almost monopoly? If TH were to be involved, combined with GH and Guthrie and Sime, I do not see other plantation stock that is worthy of comparison.

    But my question is still about why the 3 and what do they see there? Control over commodities in the country? Control over land bank for more equitable distribution along the national agenda?

    I think I just kacau the sarang tebuan a bit, I leave it to fellow bloggers to ponder more ….

  37. Anonymous3:36 pm


    Probably you've missed Dato'Zubir the GCEO of Sime Darby. He's been managing Sime Darby well. Why not him?

    Why these 3? It's not only these 3, a few more will come in. I heard 9.


  38. Anonymous3:39 pm

    PNB is not agreeable to the merger of the three, from what little I've heard. In fact, PNB despises the way the young upstarts from the 4th floor have been ordering for this and that from PNB and the 3 giants, each time exposing their green-ness in matters of corporate realities. Nor Mohamed Yakcop's best brains won't be able to make it in any of the three giants, let alone all of them! Someone stop them, please! Anyone!

  39. Anonymous5:59 pm

    could this be a Replacement Company (RC) for Petronas when malaysia runs out of petrol in 5 years time???

  40. Anonymous6:19 pm

    A. Sariji,

    Yes. Zubir is a capable CEO so far for Sime Darby. I do not know when you merge these giants, the new structure will allow for all 3 to work out the synergy especially in terms of medium and senior management.

    I know the Sime Group is way advanced in terms of management and human capital retention in terms of systems and structure, not sure about the rest.

    Naturally, the senior and middle management would have to fight it out as to who remains and that would be counter productive.

    I do not know the extent of layoffs from such merger would affect the country's already negative sentiment. More joblessness would translate to more crime and other negative social economic impact. Don't you think? On the flip side, those stand to gain may be some 'consultant' and some shareholders, not very much the public and the country as a whole especially at this juncture where the economy is not able to move out from the shock of skill demand and relatively unskilled workforce gap.

  41. Anonymous7:01 pm

    rocky, bloomberg named ppl behind synergy drive here

  42. Anonymous12:58 pm


    As a layman & holder of unit trust in ASN & ASB, I wanna know what is there in store for me.

    Sorry, I sent this earlier under a different thread.