Ringkasan Berita:

Bank yang baru sahaja melapurkan keuntungan yang merosot kini akan berdepan dengan Bailout LRT pula. Kerajaan nampaknya terdesak mahu menyelamatkan dua syarikat LRT segera sebelum 30/4/2001. Jika tidak peratus keuntungan bank akan merosot lebih teruk lagi pada fiskal hadapan.

Bank dibenarkan untuk menganjak klasifikasikan NPL dari 9/12/2000 kepada 30/4/2001. Ini pernah belaku pada September 1998 lepas dengan anjakan setahun. Jelas terbayang bail-out ini membebankan bank berkenaan.

Renong, EPF, Dana Pencen, dan kumpulan AIA merupakan pelabur utama projek LRT ini. Kehadiran dua dana awam (EPF dan Dana Pencen) ini tidak menyenangkan mata kerana mereka lebih bersifat menampung Renong yang bermasalah wang sekian lama.

Renong dikawal oleh Halim Saad, proksi Daim. Ia berkait rapat dengan parti Umno kerana ia mendapat pelbagai keistimewaan melebihi segala. Tetapi ia asyik berhutang sehingga lingkup bank dibuatnya.

Renong memang menyusahkan instisui perbankan dan kecairan dana negara. Tetapi pengurusan Renong yang tentunya ramai datuk datin masih dikekalkan sahaja. Sudah rebah beberapa kali pun masih tidak sedar-sedar juga.... bagaimana ia mampu menjadi konglomerat bertaraf dunia?

-Kapal Berita-

From The Business Times, Singapore
21st February 2001

KL rail system: April 30 deadline to raise RM6b

Failure to meet deadline will see loans classified as non-performing

THE Malaysian government faces an April 30 deadline to raise RM6 billion (S$2.7 billion) to bailout Kuala Lumpur's public rail transport system, run by Renong Bhd and other companies.

The central bank has given the project's lenders such as Commerce International Merchant Bankers Bhd, RHB Bank Bhd and others until then to defer classifying their loans as non-performing, according to documents from one of the creditors. Bank Negara, the central bank, couldn't be reached for comment.

Failing to meet the deadline may cause the country's bad loans to balloon by 1.6 percentage points to 13.9 per cent of total loans of RM411 billion, pushing bank profits lower, analysts said.

The deadline will "help push the government to speed up the restructuring", said Peck Boon Soon, a banking analyst at Worldsec International Ltd. Failure to meet the deadline "could hurt banks' earnings" as they make more loan-loss provisions.

Malayan Banking Bhd and AMMB Holdings Bhd have reported falling profit in their latest quarter on rising bad loans as stock market slump and slowing economy slows debt-laden companies' efforts to reorganise debt.

Commerce International Merchant Bankers, PhileoAllied Bank Bhd and RHB Bank are among lenders with exposure to the transport companies. Malaysia's central bank has allowed the lenders to defer classifying the loans as non-performing from Dec 9, 2000 to April 30 this year, according to the documents. The first deferment, in September 1998, was for one year.

In December, Malaysia said it plans to sell bonds at coupon rates of between 5.8 per cent and 7.2 per cent to raise funds to take over the transport project's assets from its main shareholders.

Renong, the Employees Provident Fund, Malaysia's biggest pension fund and American International Assurance Group are among the shareholders of the rail project, according to the document.

The government will take over the electric rail system, which runs between Kuala Lumpur and its suburbs. It is owned and managed by Putra, or Projek Usahasama Transit Automatik Sdn, Renong and Star, or Sistem Transit Aliran Ringan Sdn Bhd.

Renong, the largest industrial group in Malaysia, with interests in construction, banking, oil and gas, hotels and property, is controlled by Halim Saad, a protege of Daim Zainuddin, Malaysia's finance minister.

Renong's businesses were formerly owned by dominant political party United Malays National Organization, or Umno. -- Bloomberg

KL considers merging LRT, bus services

[KUALA LUMPUR]

The government is considering merging light rail transit (LRT) services with bus services to improve the public transport system in the city, Bernama news agency quoted economic adviser to the finance ministry Mustapa Mohamed as saying.

The LRT: will become the core of the transport system in Kuala Lumpur

"Under this concept, the bus services will complement the LRT system, which will become the core of the transport system in (Kuala Lumpur)," he said.

Mr Mustapa, who heads the task force on the restructuring of Kuala Lumpur's public transportation system, said the move could overcome the problem of competition between the bus and LRT operators.

"Several other models are being studied, but the basis is quite identical. The LRT and bus services should complement each other," he said, adding that emphasis must be given on improving the standard of bus services. "We can't allow the LRT system which is of world standard to be bogged down by bus services which are of third world standard."

Another aspect of the transportation system which has taken too long to be resolved is the implementation of the integrated ticketing system, Mr Mustapa said, adding that this issue will also be given top priority.

"A study revealed that although the Cabinet had decided to create two main consortiums for bus services in the city in 1995, there are now 17 operators with about 2,200 buses.

"Most of the bus operators are in a critical financial situation, thus they are unable to manage their assets (buses) properly, leading to the deterioration of services provided," he added. -- AFX-Asia

http://business-times.asia1.com.sg