PLUS buyout: What is Jelas Ulung?

As the battle to buy out PLUS Expressways Bhd heats up with the sudden appearance of Jelas Ulung Sdn Bhd, all eyes are on this relatively unknown company.

According to Kuala Selangor MP Dr Dzulkefly Ahmad, who had checked with the Companies Commission of Malaysia, Jelas Ulung is a RM2 company that was registered only last month.

The company has two shareholders, Shaharuddin Abdullah and Sumami Kiman, who own one share each in Jelas Ulung, which also has two directors, Ibrahim Mohd Zain and lawyer Ghazali Mat Ariff.

Putting the spotlight on the company, Dzulkefly (right) raised more questions about Jelas Ulung that he said government investment holding arm Khazanah Nasional Bhd would also have to answer.

"Will Khazanah be obliged to accept, or will it have to match the offer? Will an unknown or no-track-record-of-financial-history entity again be allowed to own a strategic asset of the nation?

"More importantly, will a tax waiver be granted as a hand-out to business entities, thereby creating a bad precedent that can be costly to the government later?" Dzulkefly asked in a press statement today.

Jelas Ulung, with the support of Bank of China (BOC), on Tuesday offered RM26 billion to buy out PLUS and all its assets and liabilities, just before the highway concessionaire's extraordinary general meeting that was due to be held today.

The offer was a good RM3 billion more than the only other formal contender, a joint bid from the UEM Group Bhd and Employees Provident Fund, which offered RM23 billion.

Halim Saad behing Jelas Ulung?

It is speculated that former Renong chairman Halim Saad is behind Jelas Ulung, as well as Asas Serba Sdn Bhd, another company previously in the running for the PLUS buyout, which had made a whopping RM50 billion offer back in May.

The EGM today to decide on the buyout was postponed, and the deadline for offers to take over PLUS extended to Jan 10.

Dzulkefly also pointed out that the UEM-EPF's request for tax waiver for the rest of the concession period, which expires in 2030, to restructure the toll charges could be at the expense of the government.

Foolhardy to offer tax waivers

"It must be strongly reminded that should the exemption for a tax waiver be given, the government will have to give up on taxes that average RM430 million a year... this will amount to a whopping RM9 billion loss in tax revenue over the next 20 years of the concession.

"Of utmost concern is the fear that should a blanket tax waiver be given, it would set a dangerous precedent for others, with the likes of Tenaga Nasional Bhd and other utility concessionaires that are being deprived of passing their costs on to consumers.

"What would stop them from asking for tax waivers too? The precedence may encourage other major players in mega mergers and acquisitions in the property sector to ask for tax waivers as well. This may very well open-up floodgates for endless tax-waiver applications. Where would that lead to?" Dzulkefly asked.

"At a time when the government is on an 'austerity drive', selectively depriving the people of subsidies due to them, it would not be deemed as business-unfriendly to regard this exemption as really foolhardy!"

(Source: Malaysiakini)

My own take on this issue is that, seeing the name Halim Saad makes my blood shiver. He tried (but failed) to bid for QSR Brands (which owns KFC, Pizza Hut, Ayamas, etc...) early this month. And QSR Brands for your information is Kulim Berhad's subsidiary.

Also, I've never even heard of Jelas Ulung. How on earth can a RM2 company only registered last month bid for PLUS at an offer of RM26 billion??? Just imagine the headlines if that bid is eventually accepted...

14th by-election

Al-Fatihah kepada Allayarham Datuk Sulaiman Taha, ADUN Tenang yang meninggal dunia pada pukul 1.10 pagi hari ini. Semoga roh beliau dicucuri rahmat Allah.

2008:

Datuk Sulaiman Taha (UMNO) - 6,367 votes

Mohd Saim Siran (PAS) - 3,875 votes

Majority - 2,492 votes

2004:

Sulaiman Taha (UMNO) - 7,655 votes

Mohd Saim Siran (PAS) - 2,138 votes

Majority - 5,517 votes

Race breakdown: 49.66% (Malays); 38.13% (Chinese); 12.11% (Indian); 0.10% (Others)

Uni results

Alhamdulillah! Alhamdulillah! Alhamdulillah! I've finally achieved what I wanted. XD

Corporations Law & Trust (BTW2220)

Internal assessment: 23/30

Exam paper: 58/70

Total: 81/100 (HD)

Financial Management (AFW2631)

Internal assessment: 14/20

Exam paper: 75/80

Total: 89/100 (HD)

Managerial Economics (ECW2731)

Internal assessment: 26/30

Exam paper: 58/70

Total: 84/100 (HD)

Trade Finance & Foreign Exchange (ECW2721)

Internal assessment: 36/40

Exam paper: 52/60

Total: 88/100 (HD)

Bersederhana itu kekayaan yang nyata

"Mereka yang bersifat kesederhanaan dalam semua hal tidak akan menjadi miskin"

Jika perlu marah, marahlah tetapi usah terlupa dengan perkataan sabar;
jika perlu menangis, menangislah tetapi usah terlupa dengan perkataan tenang;
jika perlu patuh, patuhlah tetapi jangan sampai hilang kemerdekaan.

Jika mahu miskin, miskinlah tetapi jangan terlalu miskin, nanti mudah menjadi kufur;
kalau mahu kaya, kayalah tetapi jangan terlalu kaya sampai terlupa perkataan sedekah;
jika mahu menjadi warak, lakukanlah ibadah sebanyak-banyaknya tetapi jangan sampai terlupa keperluan dunia.

Kalau mahu sebuah kereta mewah, belilah selagi mampu dan menepati keperluan semasa;
kalau mahu dua buah rumah, belilah asal jangan sampai tak tahu makna perkataan puas;
kalau mahu menimbun harta, bekerja keraslah asal jangan sampai terlupa ibadah.

Kalau mahu berhibur, berhiburlah asal tidak terlalu sakan dan menyalahi syariat;
kalau mahu memperkatakan hal orang, berkatalah asal jangan sampai mengumpat;
kalau mahu cemburu dengan kejayaan orang, cemburulah asalkan anda pun berusaha kuat sepertinya.

Hidup sederhana akan memastikan anda tidak akan miskin selama-lamanya.
Bersederhana dalam segala hal adalah titik kejayaan dalam semua perkara.
Orang yang terlalu kaya kadang-kadang apabila miskin terus muflis;
orang yang terlalu pandai kadang-kadang apabila bodoh terus sasau;
orang yang terlalu kuat kadang-kadang apabila lemah terus tidak tidak berdaya.

Binalah harta sebanyak-banyaknya tetapi jangan sampai anda menjadi hamba kepada harta;
binalah ibadah banyak-banyak tetapi jangan sampai terlupa soal-soal dunia;
binalah kedudukan di tengah manusia tetapi jangan sampai hilang kepercayaan orang dan tercalar maruah diri.

Bukanlah seorang yang baik kalau beribadah sepanjang masa sedangkan untuk makan minumnya terpaksa meminta-minta. Seeloknya bersederhana dalam beribadah lantaran bekerja itu pun ibadah, membuang halangan di jalanan juga ibadah, menasihati orang juga ibadah.

Orang yang bersederhana sentiasa terpandang di mata dunia. Dia tidak akan hina oleh kemelaratan dan tidak terlalu tersohor oleh kepopularitian. Dia terpandang sepanjang masa baik oleh orang yang hina mahupun orang yang mulia. Berkuasanya bersederhana bagaikan pakaian yang menjadi penebat pada rasa dingin dan panas yang membakar.

Sayidina Ali r.a. berkata, "Berkhairatlah mengikut kemampuan dan janganlah menjadikan keluargamu hina dalam kemiskinan."

Hendak bersedekah jangan sampai jatuh miskin; menyimpan harta jangan sampai digelar si bakhil, beribadah jangan sampai semakin jahil.

Kata sayidina Ali r.a. lagi, "Insan tidak akan melihat kesalahan seseorang yang bersifat tawaduk dan lemah lembut."

Tawaduk dan lemah lembut adalah kesederhana yang nyata, membangkitkan kasih sayang dan menumbuhkan cinta tulus. Jika anda impikan penghormatan manusia maka bersederhanalah dalam berbicara, berbatas-batas tatkala bergurau senda dan menyimpan sebahagian kesukaan ketika terlalu gembira.

Bersederhana adalah jawapan kepada segala-galanya.

Link: http://aduntitiserong.blogspot.com/2009/04/bersederhana-itu-kekayaan-yang-nyata.html

Note to self: Aku ini insan yang lemah, bergantung kepada Allah s.w.t. Maka, janganlah aku melanggar perintahnya... Astargfirullahhalazim.

Exams so far...

Monday, Tuesday, Wednesday. All gone so quickly...

I'm done with Corporations Law & Trust. I'm done with Financial Management. I'm done with Managerial Economics. How do I find those papers?

BTW2220 - Corporations Law & Trust

I happened to practice a bit of past years for Corp Law, especially the Sem 2 ones, as Berwick do not offer the subject in Sem 1. And how fortunate for me to be doing past years, because half of the questions were exact from past years. All I need to do was just expand on what I write on that rough piece of paper. It felt like this is my day... I managed to finish attempting all the questions on time, thank God. But some of my friends couldn't finish in time, which is kind of sad...

AFW2631 - Financial Management

Doing past years prior to the exam was a big help in understanding the methodology. Of course, only a quarter of the questions were from past year, but I encountered almost no problems in answering them due to understanding of the methodology, not memorization. Memorizing never helps. It's practice, practice, practice. The questions in the exam brought out the best in me, but after the exam, I was mentally drained... Never had I used that much brain cells for an exam, especially for the likes of FM. The questions were challenging, and my mind seems to respond to it.

ECW2731 - Managerial Economics

It was a fun subject under Prof He-Ling Shi. And to make things better, he said that 90-95% of the final exam would be similar to the mock exams. Sounds too good to be true eh? I didn't really take the bait and as expected, only the 1st 3 questions are similar to the mock exams. The last 2 was completely bullshit. However, I did recall that Question 5 at the time was from the last tutorial question... Darn, I should have printed out the answers for it beforehand. Oh well, at least I still understand what is nonrival and nonexclusionary. But question 4 was bullshit all the way, and I don't think I did enough for it, haha. Oh well, see how it goes come December 3.

P/S My prediction for the 2 by-elections would be as follows: BN to win in Galas by 2,000 votes. Also, BN to win Batu Sapi by around 2,500 votes over SAPP. =P

All internal marks

AFW2631 - 14.2/20%

BTW2220 - 23/30%

ECW2721 - 35.7/40%

ECW2731 - 26.1/30%

Minimum targets for final exams:

AFW2631 - 65.8/80% (Total = 80/100%)

BTW2220 - 47/70% (Total = 70/100%)

ECW2721 - 44.3/60% (Total = 80/100%)

ECW2731 - 53.9/70% (Total = 80/100%)

Exam dates & times:

1/11 (9.30am) - BTW2220 (3 hours)

2/11 (9.30am) - AFW2631 (3 hours)

3/11 (2.30pm) - ECW2731 (2 hours)

9/11 (9.30am) - ECW2721 (2 hours)

Early morning trains on the 1st, 2nd & 9th. Just before noon train on the 3rd. 40 minute trips 1 way. It's all about making it to the destination.

Internal marks for this sem

I've finally known most of my marks for each subject this semester. They are listed as follows:

AFW2631 - Financial Management

Online test (5%) - 4.75%

Mid-semester test (15%) - 9.45%

Total internal marks (20%): 14.2%

I made some costly careless mistakes during the mid-semester, which cost me quite some % there, especially in the MCQ and True/False questions. The theory questions were a screw-up as well. Can't do anything about it. Well, luckily it's only 15%. Thus, I have another 80% to play for in the final exam.

Target (80%) - 65.8%

Total marks (100%) - 80% (HD)

BTW2220 - Corporations Law & Trust

Assignment (30%) - 23%

I was hoping for at least 21/30 to get myself a shot at D. Guess I did better than I expected, although it could have potentially be better had I not left out s 183 and common law remedies. Oh well, 70% in the final exam to play for.

Target (70%) - 47%

Total marks (100%) - 70% (D)

ECW2721 - Trade Finance & FOREX

Online test (30%) - 25.7%

Tutorial participation (10%) - To be known in 2 weeks' time

Well, I was hoping to get at least 28/35 for the online test. I'm glad it went better than it expected, as I thought I might have screwed up a bit. Another anxious wait as I will know how I fare in my tutorial participation come Week 13. Regardless, there's 60% to fight for in the final exam. Thus, I won't set any target yet until I know my participation marks.

ECW2731 - Managerial Economics

Mid-semester test (30%) - 26.1%

Based on the efforts I put in (plus tawakal to Allah), I was hoping to get at least 80/100 for that test. When I got my paper back, I was like shocked to get only 63/100. I checked, and I've seen horrendous mistakes in marking my MCQ. 12 of those answers marked wrong are supposed to be correct. I complained like hell to my tutor and she gave it to the other tutor for remarking. In the end, I got 87/100 after rectifying the marking mistakes in MCQ. Alhamdulillah. I can breathe easy for this subject. As they say, you reap what you sow.

Target (70%) - 53.9%

Total marks (100%) - 80%

And now... to get back to the issue of studying... Ciao!