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TJ KB BTS: Halim Saad Undur... Mirzan Kian Mara
By Eddie Toh
24/3/2001 7:13 pm Sat
HALIM SAAD BERUNDUR ... MIRZAN KIAN MARA
Halim Saad sudah berundur sebagai M.D. time dotCom (sahaja) semalam.
Beliau kecewa sambutan pasaran terhadap syarikat itu dan mengungkit
tawaran Singtel satu masa dulu yang lebih tinggi tetapi diketepikan
kerana bimbang pengaruh kerajaan Singapura kepada keselamatan negara.
Lain pula halnya dengan Mirzan yang kini nampaknya sedang mara.
Syarikat miliknya, Konsortium Logistik Berhad menandatangani MOU
untuk mengambil alih syarikat Diperdana dalam masa 3 bulan.
Berdasarkan harga saham semasa sekitar RM2.16, Diperdana bernilai
Pada tahun 1997, Konsortium menganbil alih syarikat yang tersenarai di Nasdaq,
Pacific Basin Bulk Shipping pada harga US$230 juta dengan hasrat untuk
menyuntiknya ke dalam Diperdana. Tetapi krisis ekonomi membatalkan rancangannya.
Konsortium juga dihenyak hutang menggila akibat bunga yang menggunung tinggi
dan kejatuhan teruk nilai ringgit.
Tahun 1998, Konsortium mencetus kontroversi kerana menjual semua aset
perkapalannya, termasuk Pacific Basin dan dua syarikat LPG (liquefied
natural gas) pada kadar US$220 juta kepada MISC (Malaysia International
Shipping Corporation), unit perkapalan Petronas.
Ramai berpendapat skandal Petronas/Konsortium adalah antara punca
Anwar dipecat kerana Mahathir menyalahgunakan wang Petronas untuk
menyelamatkan kapal Mirzan yang sedang tenggelam pada kadar harga
The Business Times, Singapore
Halim cites SingTel bid in rejection of market value
HALIM Saad, who quit his post as Time dotCom managing director last
night, has pooh-poohed the current low market valuation of the
company, saying that Singapore Telecommunications was willing to pay a
lot more for a substantial stake in parent Time Engineering last year.
"The best comparison we can get is the SingTel offer. They were
willing to pay RM6 a share," he told The Star in response to a
question from the daily, which highlighted the market valuation of
Time dotCom at between RM1 and RM2.80 per share -- substantially below
its initial public offering price of RM3.30 apiece.
Last May, SingTel had reached a preliminary pact to invest an
estimated RM2.4 billion (S$1.1 billion) in Time Engineering and two of
its subsidiaries, Time dotCom and Time Online.
The Singapore telco said it would pay RM649.3 million, or RM6 per
share, for a 14.8-per cent stake in Time Engineering. Time
Engineering's main asset is wholly-owned Time dotCom, the owner of a
fibre-optics network in Malaysia.
SingTel was also believed to be willing to pay RM3.30 a share for a
20-per-cent stake in Time dotCom and another RM100-odd million for 20
per cent in Time Online.
But the Malaysian political establishment vetoed the deal on fears
that the entry of the Singapore government-linked company could
undermine Malaysia's national security. Khazanah Nasional, the
investment arm of the Malaysian government, then took up a 30-per-cent
interest in Time dotCom.
Following its poorly subscribed IPO last month, three other government
agencies have appeared as shareholders of Time dotCom. They are
Kumpulan Wang Amanah Pencen (10.82 per cent), the Employees Provident
Fund (3.22 per cent), and Pengurusan Danaharta Nasional (3.16 per
The Business Times, Singapore
Mirzan Mahathir eyes Diperdana once more
His Konsortium Logistik inks MOU to buy all of the listed company's
By Eddie Toh in Kuala Lumpur
Mr Mirzan's Konsortium Logistik Berhad yesterday signed a memorandum
of understanding to acquire listed Diperdana's entire business
Alliance Merchant Bank Berhad said Konsortium plans to merge its
transportation business with Diperdana's existing business operations
-- container haulage by road and rail, forwarding, management of
container depots and warehousing.
"The proposed acquisition will, therefore, result in a merger of
Diperdana's existing business with that of Konsortium," Alliance said
on behalf of Konsortium.
Alliance said the two parties had pledged to conclude the exclusive
negotiations within three months.
The financial adviser added that a full announcement of the deal would
be made upon the signing of an agreement. Mr Mirzan's latest plan to
buy Diperdana's existing operations paled in comparison with his
previous attempt to turn Diperdana into the shipping arm of
Konsortium, in which he owns 43.4 per cent.
Based on its last traded price of RM2.16, the entire Diperdana is
worth RM75.6 million (S$35.3 million).
In 1997, Konsortium acquired Nasdaq-listed and Hongkong-based Pacific
Basin Bulk Shipping for US$230 million (S$408.6 million) with a view
to injecting it into Diperdana. However, the regional financial crisis
scuttled his plan. Konsortium was later saddled with huge debts owing
to the spike in interest rates and the sharp depreciation of the
In 1998, Konsortium created a political maelstrom when it struck a
deal to sell all its shipping assets, including Pacific Basin and two
liquefied natural gas companies, for US$220 million to the Malaysia
International Shipping Corporation, the shipping arm of Petronas.
Petronas comes under the office of the Malaysian premier. To avoid a
possible conflict of interest, Dr Mahathir had then abstained from
taking part in the decision-making process.
And although the transaction was based on the low end of two
independent valuations, opposition politicians accused the government
of cronyism and corruption. Even former deputy prime minister Anwar
Ibrahim cited the Petronas/Konsortium deal as one of the reasons for
his sacking in September 1998 by Dr Mahathir.