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AWSJ: Malaysian Government Declines To Sweeten Bid to Take Over UEM
29/7/2001 9:28 pm Sun
[Banyak pihak yang tidak bersalah hangus dalam projek besar
Mahathir kali ini. Sudahlah mereka dipijak pada ketika Halim dulu
kini mereka terkena lagi di saat Halim akan dinyahkan pergi.
Padahal semua ini boleh dielakkan jika semua pihak melaksanakan
tanggungjawab kepada pelabur - bukan kepada kepentingan politik.
The Asian Wall Street Journal
Malaysian Government Declines To Sweeten Bid to Take Over UEM
KUALA LUMPUR, Malaysia -- The Malaysian government declined Friday to
sweeten a bid to take over construction giant United Engineers
Malaysia Bhd., the first step in taking control of debt-ridden Renong
Bhd., the country's largest conglomerate.
The investment vehicle spearheading the takeover, Syarikat Danasaham
Sdn. Bhd., issued a statement rejecting market speculation that it
could sweeten the bid by giving minority shareholders the proceeds
from the sale of land owned by Prolink, a unit of Renong.
"We will not be revising the offer price of 4.50 ringgit ($1.18), nor
offer additional consideration to UEM minority shareholders," it said.
The sale of 1,000 acres (400 hectares) of Prolink land being held by
UEM in trust for minority shareholders was already calculated into the
offer, the statement said.
Danasaham said that all holders of ordinary shares would be offered
the same price of 4.50 ringgit per share, as stipulated in Malaysia's
takeover and merger rules.
Analysts have said that UEM's minority shareholders could lose in the
takeover, especially the Employees Provident Fund, Malaysia's largest
pension fund. It owns 9% of UEM, and bought much of the stake at more
than 10 ringgit per share in 1997.
Danasaham, a wholly owned unit of government investment arm Khazanah
Nasional Bhd., has stipulated its offer hinges on getting 90% of UEM's
Due to a cross-shareholding between the companies, taking over UEM
means taking over Renong. The government hopes to chip away at the 13
billion ringgit ($3.4 billion) mountain of debt owed by the companies
to local and foreign financial institutions.
The moves are seen as a sign that the government is seeking new ways
to come to grips with the debt wreckage left by the Asian financial
crisis of 1997-98, when highflying Renong and other big Malaysian
companies were battered by the regional meltdown.
Confusion over the Prolink land arose following a Danasaham briefing
for analysts Tuesday, in which company directors were asked about
possible additional dues to minority shareholders from the land.
Comments reported in newspapers Friday gave the impression the company
was considering using Prolink as a possible sweetener for the deal.
Comments reported in newspapers Friday gave the impression the company was considering using Prolink as a possible sweetener for the deal.