Thursday, December 18, 2008

Lulu Is A Shareholder of Sime Darby

aiyoh... one of my rugi duit investments-la. Bought the shares in the time when it looked like palm oil could do no wrong.

You could call Lulu a stakeholder of what happens to Sime.
Whilst Lulu would like to see the price of Sime Darby shares go up, up and away, Lulu thinks it is wrong-wrong-wrong for the conglomerate to expect IJN to run it per the silly quotes made by
our siily PM Abdullah: Takeover allowed only if company continues to service low income groups
his silly DPM who will someday be our silly [and some say merciless] PM : Company must keep in mind that social responsibility takes precedence over financial gains
our never fail to say silly things Health Minister Liow: Govt will continue to regulate IJN's fees

of course the Government has no objection to Sime Darby buying IJN. They're making money in this venture, and they're giving us silly assuarances expecting us to believe it.

Come on-la, Sime Darby is a listed company who has a responsibility to their shareholders to make money.
How long will it be before ppl who go to IJN for welfare are told to go to the government agencies?
IJN was never meant to be profitable. Public healthcare is never about the RM and sen, but about the lives you safe.
What a stupid greedy government we have.
If they really believe what they are saying, then they should talk to the overcapacity, overproducing and overpaid IPPs.
In August 1998, after reporting its largest annual loss ever,70 Tenaga Chairman Ahmad Tajuddin Ali announced what analysts had long suspected: that the utility was having problems paying the independent power producers and was seeking “deferments and discounts” from them. The Chairman suggested that the IPPs had to consider the “national interest” and hinted that if Tenaga, the sole customer of the IPPs, were to sink, the IPPs would follow. The company withheld payment to the IPPs in August and September while negotiations were pending.
Yet, it seems that Tenaga was not willing to unilaterally change the contracts. Tenaga asked the IPPs to renegotiate their rates in exchange for extending the PPAs beyond the original 21-year term. In October of 1998 the IPPs rejected this offer, but agreed to amend payment terms, giving Tenaga an extra two weeks to pay for each monthly invoice. This minor change was achieved through regulatory adjustments – the PPAs remained unchanged.
If the government could not convince the IPPs on "national interest", do you think they can convince Sime Darby when the time comes?

Please join the public outcry against this attempted sale. Lulu thinks [esp since the KT elections are round the corner], the government will show fear reconsider if the anger from the people is loud and clear. Voice your protest by blogging it, writing to newspapers, spreading the word about this dishonourable sale. Can we stop the sale? Lulu believes, YES WE CAN!

Go read The IPP Investment Experience in Malaysia at http://iis-db.stanford.edu/pubs/20956/Malaysia_IPP.pdf

Update 19/12
Thanks to the public outcry, the Cabinet has decided to defer its decision on the proposed privatisation of the National Heart Institute (IJN). Lulu wants to thank all those who showed their disgust to the government, and a special appreciation to the doctors who also stood up against the decision.

However, the cabinet is not exactly saying no, the proposal is dead, but probably buying time to wait until this issue is forgotten and people are not tracking it. We will continue to support each other by looking out for other hanky pankies the government may try to pull.

6 comments:

Anonymous said...

I can convincingly say " No, the rakyat will not be able to stop the sale of IJN to Sime. Why ? Because IJN is highly profitable, and the moderfarckers (Umno)has already been eyeing this big juicy piece of steak for a long time.

Just another conduit for the moderfarckers to drain more rakyat money into their (Umno)pockets.

This is called Umnonising national interests...screw them !

molly said...

*hands up* I oppose!!!

peng said...

Another milking machine to milk the already 'milk-less' rakyat! Thumbs down for this irresponsible decision by the government!

Old Fart said...

Like Lulu, I too read all the promises Sime Darby was making about maintaining low charges for the poor.

But then I remembered, that Sime Darby is very good at making promises and breaking them too.

How?

You recall, they are/were one of the largest producers of rubber too with a lot of rubber plantations. It was promises of eternity and eternally taking care of the rubber tappers that held generations after generations of rubber tappers captive within their plantations.

To reinforce this promise, they provided the tappers homes to bring up families in.

They provided them Tamil schools up to primary level only.

They provided them a playing field for the children and they provided them land to build their temples. They of course never failed to provide the toddy shop too.

Lulu, do you know anyone else in any other profession given such accomodation and extras?

As a shareholder, if these are excesses, you should be asking them, your board of directors, why they provide all these when it denies the company of land that could be more usefully used with more trees planted. Right?

One question you got to ask them is how it was that these largesse were wholly, exclusively and necessarily expended or sacrificed in the carrying on of the business!

And then, when they converted the rubber land to Palm oil, or development or golf course, suddenly all of these are destroyed. the tappers kicked out. and the land that the temple sits on suddenly becomes someone elses' property and they become illegal squarters.

But that does not matter. What matters at this time is to recognise Sime Darby's conduct and behaviour when they conveniently forget their promises to their own people.


Now, they have made a whole lot of promises in order to take over the IJN. You think they are good at keeping them?

I, for one, don't trust them one bit.

Anonymous said...

Look at history, when UMNO forced out the ang moh and took over Straits Times; what happen? Sime Darby gonna be the same, put it bluntly the Malays are just not freaking good at running big business... not true? Proton, MAS...More??

Anonymous said...

Deferring IS NOT good ENOUGH. The Rakyat wants the govt to say "NO, NOT NEGOTIABLE EVER"

BN must say it NOW cos AFTER the KT elections, the go ahead will be given.


angela ooi