Friday, December 30, 2016

‘Cheap’ purchase of Sacofa shares by CMS: Govt urged to clarify ‘loss of RM300 mln’

KUCHING: Democratic Action Party (DAP) questions the state government’s stance over the ‘cheap sale’ of 50 per cent of Sacofa’s shares to CMS Berhad.
State DAP chairman Chong Chieng Jen in a statement issued to the press yesterday said the acquisition of 50 per cent share in Sacofa by CMS “is definitely a superb deal for CMS. Sad to say, the gains by CMS is at the loss and expense to Sarawakians in general”.
“That is why until today, the state government did not dare to answer directly why did the state government privatise a regulatory body for telco infrastructure and turn it into a regulatory cum business entity,” said Chong.
Chong asked how under such a position of conflicting interest the government would be able to ensure that the regulatory role of Sacofa will not be compromised for its business interest.
“Was the political background and connection of CMS a factor in the privatisation exercise? There is no shortage of qualified economists in the Sarawak Ministry of Finance, why then is the Sarawak government cheap-selling Sacofa’s 50 per cent share at such low price,” he added.
Chong pointed out that based on his personal estimate on the whole privatisation exercise, the Sarawak government had been short-changed by at least RM300 million.
 TheBorneoPost December 30, 2016, Friday

Cheap Sale of 50% SACOFA’s share to CMS Berhad,3 Question to ask The State Government


Since the publication of my statement about the “Cheap Sale of 50% SACOFA’s share to CMS Berhad”, the State Government has no defence. 

Instead, on 23-12-2016, CMSB came out to attempt to justify its acquisition of the said 50% SACOFA shares, claiming that the acquisition was done in transparent manner in compliance with the rules and regulations set out by the KLSE Bursa.

CMSB’s statement about the compliance with the Bursa’s regulations was in fact a statement speaking from its business perspective, BUT NOT from the perspective of the public interest of Sarawak.

In 2015, the Sarawak State Government sold 50% of SACOFA’s share to CMS at the price of RM186.79 million.  This is a SUPER Cheap Sale price and only the company with the close relationship with the Governor’s family benefits from such SUPER CHEAP SALE.


There are 3 reasons why this is a SUPER CHEAP SALE:

1.         No premium for the Controlling stake in a monopoly company

In all company acquisitions, there has to be a premium price for a controlling stake in the company.  SACOFA is the company with the monopolistic power to control the tele-communication infrastructure throughout Sarawak, yet there was no premium price for the controlling stake in such a profit-guaranteed company.

The net asset of SACOFA Group as at 31-12-2014 was RM403 million (50% = 201.5 million).  The deal was completed in 2015, yet the State Government used the net asset value of RM344 million to base its sale price of RM186.79 million.


2.         Super low Price/Earning ratio

The after-tax profit of SACOFA group for the years 2012 to 2015 are as follows:

Year
After-tax Profit
2012
 RM 62,818,577
2013
RM 51,763.604
2014
RM 59,479,489
2015
RM 89,760,847

The State Government, through Wong Soon Koh, claimed that the State Government used the 2013 profit figure to calculate its P/E ratio of 7.23 for the sale of SACOFA shares. 

It is noteworthy that 2013 is the year of exceptionally low profit, a drop of approximately RM10 million compared to the profit for year 2012 and 2014.  If you were to take the SACOFA’s profit for the year 2012 for your calculation, the P/E ratio would be 5.95.

However, even with this exceptionally low profit year figure, the P/E ratio of 7.23 is still very low compared to the P/E ratio of other telco companies, eg. Digi.com (23.5), Maxis (22.6), Telekom (28.3), Axiata (29.5).

With such low P/E ratio, CMS’s investment in SACOFA is even more profitable than banking sectors in Malaysia.

If one were to look at the acquisition price from the perspective of Rate of Return (ROR) on investment, for the year 2014 its ROR was 15.9%, while its ROR for the year 2015 was 24.0%.

 With such ROR, CMS will be able to recover fully, all the money it invested in purchasing 50% stake in SACOFA within 6 years and own 50% of SACOFA.  This is an exceptionally high ROR, which means, an exceptionally low price for the said acquisition.


3.         CMS will be entitled to 50% of Government Allocation to build Telco Towers

With CMS becoming 50% shareholder of SACOFA, we are now hearing increasing calls from the elected ADUNs in Dewan UndanganNegeri Sarawak asking the Government to approve allocation of funds to build Telco towers in their areas.

As SACOFA is the sole authorised company to build telco towers, such government allocation, if approved due to political pressure to develop the rural area, will be channelled through SACOFA.  As 50% shareholder of SACOFA, CMS will be the 50% beneficiary for all such government allocations in future.


The acquisition of 50% share in SACOFA by CMS is definitely a superb deal for CMS.  Sad to say, the gains by CMS is at the loss and expense to Sarawakians in general.  That is why until today, the State Government did not dare to answer directly to the following questions:

1.       Why did the State Government privatise a regulatory body for telco infrastructure and turn it into a regulatory cum business entity?  Under such position of conflicting interest, how is the government going to ensure that the regulatory role of SACOFA will not be compromised for its business interest?

2.       Why did the State Government sell off 50% share in SACOFA at such a low price?

3.       Was the political background and connection of CMS a factor in the privatisation exercise?  There is no shortage of qualified economists in the Sarawak Ministry of Finance, why then is the Sarawak Government cheap-selling SACOFA’s 50% share at such low price.


Based on my personal estimate, in the whole privatisation exercise, the Sarawak Government has been short-changed by at least RM300 million.


29-12-2016
Chong Chieng Jen
MP for Bandar Kuching/ADUN for Kota Sentosa
DAP Sarawak Chairman

砂政府超廉价变卖50% SACOFA股权 3道问题质问政府


(古晋29日讯)民主行动党古晋市国会议员兼哥打圣淘沙州议员张健仁今出示3大理由证实砂州政府超廉价变卖50% SACOFA股权给砂日光公司(CMS Berhad)。 他也同时抛出3个问题针对有关私营化SACOFA的决定,质问砂州政府。

事关,砂州政府于2015年,以1亿8679万令吉价格出售SACOFA 50% 的股权。

张健仁指,以正常商业交易的考量,这1亿8679万令吉价格出售SACOFA 50% 的股权,简直就是超级大平卖。 若以政治术语来形容这项交易,这就是典型的“公家资产私有化”,即是,把公家的资产,便宜的卖给朋党公司,变成朋党公司的私人资产。

张氏说,自从他暴露这私营化SACOFA”的决定,砂州政府至今无法针对以下3道问题给予砂州人民一个满意的回答:
1.    砂州政府为何要把一间监管电讯基建的政府机构,私营化变成即是监管又是商业性质的公司? 在这利益冲突的情况下,政府又如何能确保私营化之后,SACOFA 不会因为商业利益而妥协其监管的角色?
2.    砂州政府以什么为根据,以1亿8679万令吉如此便宜的价格,卖掉50% SACOFA的股权给CMS公司?
3.  CMS公司的政治势力和关系是否是砂州政府私营化SACOFA 的主要因素?砂州政府的财政部门不乏经济专才,为何会以如此的贱价,变卖SACOFA 50% 的股权?

在砂州政府无法给予回答的情况下,CMS公司于本月23日出文告护主,并表示这私营化是符合吉隆坡股票交易所所设定的规则。

张健仁反驳,CMS公司的论点,是纯粹从其商业角度来看。 对CMS公司而言,这交易肯定是大赚特赚的。 但是,对砂州人民而言,这是一个大亏特亏的交易。


张氏列出以下3个理由,佐证这1亿8679万令吉的售价是太过便宜:

1.   价格没计算公司控制权及无型资

他说,在所有的公司收购交易中,收购价不只计算公司的净资产,收购价也会计算有关公司的控制权和无型资产的价值,尤其是一家如SACOFA公司一般的,拥有垄断市场权力的公司。

张氏也说,SACOFA拥有垄断权,控制全砂所有电讯塔和电讯基建工程。 但砂州政府在出售该公司的50%股权时,却没有计算该公司的控制权的价值。 这在商业交易领域,简直就是天方夜谭。

“截至20141231日,SACOFA的净资产4亿300万令吉(不包括无型资产和控制权的价值)。 50%净资产的价值已是2亿150万令吉,更何况再加上无型资产和公司控制权的价值。 因此,SACOFA50%股权的真正价值,是远远超出砂州政府卖给CMS 公司的 1亿8679万令吉的价格。

2.         超低本益比的价格

张氏说明,本益比的定义是,投资的本钱对比所得到的利益的比例。 本益比越低,就表示这投资非常合算,以低投资额换取高回筹。

他说,由于SACOFA所经营的是垄断生意,其利润回筹之高,是马来西亚绝大多数公司所罕见的。
SACOFA 集团过去4年的税后盈利如下:
税后盈利
2012
 RM 62,818,577
2013
RM 51,763,604
2014
RM 59,479,489
2015
RM 89,760,847

砂州第二财长黄顺舸在州议会表示,砂州政府是以SACOFA集团于2013年的税后盈利来计算出售50% SACOFA股权售价的本益比,即,以该公司2013年的 税后盈利计算,1亿8679万令吉售价的本益比是7.23

张氏特别指出,SACOFA 2013年的盈利,相比其他年份的税后盈利低许多。若我们以2012年的税后盈利来计算,这1亿8679万令吉售价的本益比则是5.95

张氏表示,就以黄顺舸所给予的7.23本益比,若和其他电讯公司的本益比做比较,还是非常低。在马来西亚,电讯公司的本益比,平均都是超过20 以上的,Digi.com23.5),Maxis22.6),Telekom28.3),Axiata 29.5)。

“从另一个角度来看,以这1亿8679万令吉的价钱投资50% SACOFA公司,CMS公司在2014年就可得到(RM 59,479,489/22970万令吉的回筹(15.9%的回筹率),而2015年其则可得到(RM 89,760,847/24488万令吉的回筹(24%的回筹率)。

这么高的回筹率,是商业界里所罕见的。 有如此高的回筹率,也就表示,售价太低了。”

3.         今后政府拨款建电讯基建,CMS 也得一半拨款

张氏说,因为SACOFA是砂州唯一全权负责发展电讯基建的公司,今后,若政府有拨款发展乡区的电讯基建,有关拨款的对象理所当然将是SACOFA。 而CMS因拥有SACOFA 50%的股权,也将间接得到政府拨款的50%

他也透露,自CMS 收购50% SACOFA 股权之后,他也发觉,国阵的州议员频频在州议会发言要求政府拨款在他们的选区建电讯塔,以增加电讯覆盖地区。

“这是否是在合法化,把纳税人的钱,定期性的转入私人公司?”



张健仁强调,SACOFA既然是一间监管砂州电讯基建公司,砂州政府就不应该将它私营化。 就算真的要私营化,也不应该以如此廉价私营化。 在这私营计划中,依据他个人的计算,砂州政府少收了3亿令吉。

Wednesday, December 28, 2016

张健仁回应有关民主行动党将与公正党以实丹宾对换美里选区的传言

有关行动党将与公正党以实丹宾对换美里选区的传言,为了避免选民和支持者被混淆,我以此4点声明:


1. 这纯粹是一些媒体的猜测,根本就没有任何有关交换选区的
讨论。

2. 前日,我于巴鲁比安圣诞节开放门户拜访他时,我们都没有提起交换美里选区的课题。

3. 对于行动党和公正党议席分配的问题上,为了避免无谓的纷争和浪费彼此的时间和资源,我已建议彼此根据2013年第13届国选所达致的议席分配协议,来迎战第14届国选 

 
第13届选举,行动党出战11个国会选区,公正党出战15个国会选区,伊斯兰党出战5个国会选区。全部31个国会选区,都由民联和国阵1对1的竞选。原则上,伊斯兰党所出战的选区,则将由诚信党取而代之。


相信这建议应没有什么争执之处。大家就以当年2013年国选的安排,与国阵对决。这将可省却许多不必要的纷争,大家都可更团结和专注的挑战国阵。

4. 若当中有一党自认在某一选区它没有胜算,愿意交出有关选区,那我们3党才针对有关选区由谁出战,来进行讨论。那并非什么交换选区的问题,而是谁较有胜算在该选区取胜为考量。

今次的国选,可说是马来西亚的关键之役,也是马来西亚人民和国阵的生死战。若再由纳吉和巫统继续领导马来西亚多5年,马来西亚前途坎坷,国家将再倒退5年,马币将再继续滑落5年,人民将再受苦多5年。 5年过后,马来西亚的经济也将再也无法扭转。

要挽救马来西亚和砂拉越,就只有今次第14届国选这个机会了。国家的命运和人民的利益,应凌驾于一切个别党员要出战的私人欲望。

因此,我们不应再在议席分配上浪费时间。明年1月的开会,将是讨论迎战国选的策略,而非再针对谁出战那个选区而讨论。

27-12-2016
张健仁
民主行动党砂拉越主席

Thursday, December 22, 2016

Chong wants Adenan to be more serious on NCR over land

Chong (left) during a press conference yesterday, accompanied by state DAP deputy chairman Leon Jimat Donald.
KUCHING: State Democratic Action Party (DAP) is urging Chief Minister Datuk Patinggi Tan Sri Adenan Satem and the state government to stop paying mere lip service on defending native customary rights (NCR) of landowners.
Instead, its chairman Chong Chieng Jen said, the state government should take positive moves to amend the Land Code to give legal effect to the concept of ‘pemakai menoa’ (territorial domain) and ‘pulau galau’ (communal forest reserve).
He pointed out that the Sarawak BN government was solely to be blamed for the Federal Court ruling on Tuesday that the native customs of pemakai menoa and pulau galau had no force of law in Sarawak.
Chong, who is Bandar Kuching MP and Kota Sentosa assemblyman, said he had three main reasons for attributing the blame for the Federal Court ruling on the Sarawak BN government.
Firstly, he said the Federal Court was only interpreting the law passed by the legislature, adding that it was the legislature that refused to enact laws giving the concept of pemakai menoa and pulau galau the force of law.
“BN has been the government of Sarawak since the formation of Malaysia. There is no reason that for a period of 53 years, the BN government cannot come up with a clear provision of law giving the concept of pemakai menoa and pulau galau the force of law,” he told a press conference here yesterday.
Secondly, Chong said the dispute arose because the state government granted to private companies provisional lease of land covering those land which were also subjected to pemakai menoa and pulau galau.
“This clearly shows that the state government itself does not recognise the concept of pemakai menoa and pulau galau. Otherwise, it would not have issued to private companies Provisional Lease of land covering pemakai menoa and pulau galau.”
Finally, he said the decision of the Federal Court was made in a case where the state government was a litigant party.
“If the state government is of the view that pemakai menoa and pulau galau have the force of law, the state government can easily concede to this point of law without the Court having to make decision on it. The Court makes the ruling on the state government’s argument that pemakai menoa and pulau galau have no force of law.”
Given the above three reasons, Chong said it was not the Federal Court to blame but the Sarawak BN government for the position of law that pemakai menoa and pulau galau had no force of law and thus could not create native customary rights over land.
“In fact, it is a simple process to remedy this position. The state government needs only to table an amendment to the Land Code to expressly provide for the legality of pemakai menoa and pulau galau.”
He said it was regrettable that the Sarawak BN government, with all its resources and expertise, refused to do that but instead had Masing “crying crocodile tears”, attributing the present Dayak predicament to “lack of clear definition of NCR status that leads to Court’s decision”.
“Again, this is proof that the so-called local parties are the ones oppressing Sarawakians,” Chong added.
TheBorneoPost December 22,2016

Wednesday, December 21, 2016

张健仁:摆脱不合理征税 国选换政府唯一选择

张健仁(左2)在行动党丹绒峇都区州议员周政新(左1)、朋岭区州议员杨薇讳(右2)及张健仁特别助理俞利文陪同下,召开新闻发布会。
(本报古晋20日讯)行动党国州议员张健仁强调,唯有在来临的国会选举换政府,才能撤除2017年财政预算案的不合理征税,尤其是宗教团体从明年开始必须纳税给政府。

身兼古晋区国会议员及哥打圣淘沙区州议员的他今日召开新闻发布会时表示,希望联盟是全面反对2017年财政预算案,今年11月22日晚上11时在国会寻求通过此法案时,希联国会议员要求点算人数,不是以声量来决定,最终是73名希联国会议员反对,105名国阵国会议员赞成,1名国会议员弃权。
他指出,2016年财政法令授权2017年财政预算案的实施,其中一个令人感到遗憾和愤怒的,就是宗教团体从2017年必须纳税给政府。
他声言,国阵政府长期胡乱挥霍,导致国库空虚,如今除了向个人和商业抽税,甚至开始向宗教团体抽税。
“捐款给宗教的是归于上苍的奉献,国阵政府山穷水尽,现在连宗教活动的钱也要抽税,让人无法接受。”
他表示,人民要认清国阵部长宣布工程和拨款时,相关的钱都是来自人民的纳税钱,因此行动党一直抨击贪污,原因是政府花完人民的钱,就会无所不用其极去征收更多税务。
他披露,最近已收到消息,许多宗教团体被内陆税收局的官员接洽,商讨税务事项。
他继称,砂拉越宗教团体若是期待砂首长拿督巴丁宜丹斯里阿迪南沙登违反首相拿督斯里纳吉的意愿,在砂州豁免宗教团体的征税,这是不可能的,因为阿迪南是国阵的一份子。
“如果砂州国会议员不赞成,这个财政预算案就不会通过。”
“唯一的办法,就是在明年来临的国会选举,换政府。新政府会豁免宗教团体的纳税。”
 转载自诗华日报 21-12-2016

提呈涉伊刑事法法案 首长人联默不作声

(本报古晋20日讯)行动党国州议员张健仁质问砂首长拿督巴丁宜丹斯里阿迪南沙登和砂人联党领袖,为何国阵政府在国会提呈涉及伊斯兰刑事法的法案,他们至今默不作声?

他表示,国阵政府所提成的相关法案,与伊斯兰教党主席哈迪阿旺的私人法案不谋而合,但是阿迪南沙登和砂人联党当初极力反对哈迪阿旺的私人法案,如今却没有吭声。
“哈迪当初提出伊斯兰法的私人法案,砂人联党非常反对。但是如今国阵提呈,人联党一句话都不敢说。连砂州人民视为英雄的阿迪南,当初指示砂国会议员反对私人法案的通过,如今面对国阵提呈相同的法案却不敢出声。”
身兼古晋区国会议员及哥打圣淘沙区州议员的张健仁今日召开新闻发布会时,如此表示。
他指出,由此证明国阵如今依然是巫统坐大,阿迪南只能是砂拉越的甘榜英雄,一旦涉及全国的政策,阿迪南就无法左右,只能顺着巫统摆布,砂州人民要看清楚这个事实。
转载自诗华日报 21-12-2016