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PAS : KE ARAH PEMERINTAHAN ISLAM YANG ADIL
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bukti kegagalan sistem berasaskan TAMAK
in less than 20 years we can see the result.
Y.W.Loke wrote:
> http://business-times.asia1.com.sg/6/news/nmsia01.html
>
> 28 Oct 2000
>
> M'sia to spend RM5b to bail out KL light rail
>
> Terms being worked out with creditors' body; govt to take over the rail
> system
>
> MALAYSIA plans to spend about RM5 billion (S$2.3 billion) to bail out Kuala
> Lumpur's light rail, run by Renong Bhd and other firms, in the nation's
> biggest such rescue, bankers involved in the transaction said.
>
> The government will take over the rail system, swapping debt at the project
> for bonds.
>
> Terms of the swap are being negotiated with a creditors' committee headed
> by Bayerische Landesbank, Commerce International Merchant Bankers Bhd,
> Employees Provident Fund, PhileoAllied Bank Bhd, state asset management
> company Pengurusan Danaharta Nasional Bhd and RHB Bank Bhd.
>
> The five-to-15 year bonds will have yields of between 5.5 per cent and 7
> per cent, the bankers said.
>
> The bailout is "inevitable -- it was a question of time," said Loke See
> Ooi, research manager at Worldsec Securities Advisor Sdn. "It'll hurt
> taxpayers in some form."
>
> The rescue comes after one of the two groups managing the longest
> driverless rapid transit rail in the world defaulted on a debt payment last
> year. The light rail service, which runs between Kuala Lumpur and its
> suburbs, is managed by Putra, led by Renong, and Star -- headed by the UK's
> Taylor Woodrow Plc.
>
> The move is another setback for Malaysian Prime Minister Mahathir Mohamad's
> efforts to let private companies manage key projects, a policy he crafted
> to help promote ethnic Malay businesses.
>
> 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.
>
> In a similar rescue in March, the government took over an unprofitable
> national sewerage treatment project from Prime Utilities Bhd, paying the
> company RM192.5 million after the company failed to collect enough revenue
> to pay its bills.
>
> Under a plan being worked out for the light rail companies, the government
> will set up a special purpose vehicle to issue a series of bonds to
> creditors such as Bayerische Landesbank, Danaharta, EPF, Standard Chartered
> Bank, ABN Amro Bank, RHB, PhileoAllied Bank and Commerce International. C
> Rajandram, chairman of the government's Corporate Debt Restructuring
> Committee, declined to confirm the details, saying "Talks are still
> preliminary. We want to resolve this as soon as possible."
>
> As part of the plan, the government will own the light rail project, which
> will be leased back to an operating company, bankers said. The shareholders
> of Putra and Star are currently battling over who will operate the rail
> system.
>
> Troubles at the rail projects emerged after Putra, or Projek Usahasama
> Transit Automatik Sdn defaulted in 1999 on interest payments totalling
> RM44.6 million on a RM2 billion loan, after revenue couldn't cover its
> expenses.
>
> Star (Sistem Transit Aliran Ringan Sdn Bhd), counts the Employees Provident
> Fund and other state-run pension funds as shareholders.
>
> Malaysia is struggling to reorganise the city's transport industry to help
> ease over-capacity. Other companies in the industry that need help include
> KTM Bhd, the national railway being run by a group of investors led by
> Renong, bus companies Park May Bhd and Intrakota Consolidated Bhd, and a
> RM1.17 billion KL monorail system. -- Bloomberg
>
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