In 1981 the Malaysian government granted PNB a favourable and low interest loan of RM200 Million for investments to uplift the living standards of poor Malays. (See N
ST 21/4/2008 at page 2).
Thereafter:-
1) PNB bought up land at token value, blue chip shares, golden chip shares and insider information based investment in land, banks, multi million ringgit giant Industries and Corporations Small and Medium Scale Industries (SMEs’) franchise industries etc.
2) PNB equity from RM540 Million in 1981 rose to RM76.7 Billion in 2008 today. PNB is the world’s largest and most successful unit trust that spread ownership to 8.9 Million Malay shareholders an increase to 10 times from 840,000 in 1981. PNB today controls Maybank, Sime Darby, MIDF, Island and Peninsula, UMW Holdings Since 1981,RM60 Billion was paid out to 8.9 Million Malay shareholders at an average of RM6,741.57 per shareholder(NST 21/04/2008 page2).
3) The net effect of this is the average of at least the sum of RM6,741.57 every year which is paid out per Malay shareholder.
4) In 1987 the government did a bailout on the 24 Chinese Deposit Taking Cooperatives (DTC) for 1.5 billion ringgit and paid out a ringgit for a ringgit to 588,000 members mostly Chinese within a snap of a finger.
5) Similarly Malay majority shareholding in BMF, Renong, MAS, Bank Bumiputera, Bank Rakyat, Syarikat Perkapalan, etc could all be bailed out for multi Billions on public policy grounds.
6) But why can’t MAIKA similarly be bailed out at RM26.00 per RM1.00 of the original shares 26 years ago.
In the circumstances we call upon the Malaysian government to bail out Maika holdings at RM26.00 per RM1.00 of the original share instead of the RM0.80 offer for the RM1.00 shares by Datuk Seri Nazir Razak. (See NST 13/5/2010 at page 4).
This is especially when about 80 percent of the investors held fewer than 6,500 shares each, indicating that the lower and middle income earners investment. In fact, thousand used their life savings, pawned their jewellery or took out loans to give Maika a sound start.
………………….
P.Uthayakumar
Secretary General (pro tem)
ST 21/4/2008 at page 2).Thereafter:-
1) PNB bought up land at token value, blue chip shares, golden chip shares and insider information based investment in land, banks, multi million ringgit giant Industries and Corporations Small and Medium Scale Industries (SMEs’) franchise industries etc.
2) PNB equity from RM540 Million in 1981 rose to RM76.7 Billion in 2008 today. PNB is the world’s largest and most successful unit trust that spread ownership to 8.9 Million Malay shareholders an increase to 10 times from 840,000 in 1981. PNB today controls Maybank, Sime Darby, MIDF, Island and Peninsula, UMW Holdings Since 1981,RM60 Billion was paid out to 8.9 Million Malay shareholders at an average of RM6,741.57 per shareholder(NST 21/04/2008 page2).
3) The net effect of this is the average of at least the sum of RM6,741.57 every year which is paid out per Malay shareholder.
4) In 1987 the government did a bailout on the 24 Chinese Deposit Taking Cooperatives (DTC) for 1.5 billion ringgit and paid out a ringgit for a ringgit to 588,000 members mostly Chinese within a snap of a finger.
5) Similarly Malay majority shareholding in BMF, Renong, MAS, Bank Bumiputera, Bank Rakyat, Syarikat Perkapalan, etc could all be bailed out for multi Billions on public policy grounds.
6) But why can’t MAIKA similarly be bailed out at RM26.00 per RM1.00 of the original shares 26 years ago.
In the circumstances we call upon the Malaysian government to bail out Maika holdings at RM26.00 per RM1.00 of the original share instead of the RM0.80 offer for the RM1.00 shares by Datuk Seri Nazir Razak. (See NST 13/5/2010 at page 4).
This is especially when about 80 percent of the investors held fewer than 6,500 shares each, indicating that the lower and middle income earners investment. In fact, thousand used their life savings, pawned their jewellery or took out loans to give Maika a sound start.
………………….
P.Uthayakumar
Secretary General (pro tem)
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