CIMB group will be selling 50% in CIMB Securities International Pte Ld to a China's Galaxy International Holdings, and maybe even a further 25% to this Chinese company - well, this was what I read in Bangkok Post today(16/2/2018).
CIMB Group has announced it will sell a 50% stake in CIMB Securities International Pte Ltd, CIMBS's direct parent, to China Galaxy International Holdings. ...
Well, CIMB is important to Malaysians because it is a Malaysian government owned/controlled company. According to online information, about shareholding, it was revealed that the shareholding of Khazanah Nasional(27.3%), EPF(14%), PNB(9%), Kumpulan Wang Persaraan(6.5%) - That means Malaysian government and Malaysian government agencies have about 56% or more equities/shares in CIMB - hence, the ability to control the company. [Source - http://www.4-traders.com/CIMB-GROUP-HOLDINGS-BHD-6491205/company/]
We know about the sale of Proton shares/equities to a Chinese company, who may now have real control of Proton, who also now have a Chinese national as CEO.
We have also looked at DRB-HICOM in an earlier posting and seen that this company may not be anymore a government owned/controlled company - but a company that is now really owned/controlled by private individuals/companies - Ownership of DRB HICOM by EPF/LUTH/KWAP was only about 13-14%. Khazanah disposed its shares many years before.
So the BIG question, how many of these companies, which we believed were Malaysian government owned/controlled, be it through government companies or government agencies like EPF,KWAP, LUTH and PNB?
Has the UMNO-BN government lost most of it?
How much profits did the government get vide its ownership of these companies? EPF investments are for the benefit of EPF account holders only - workers having EPF accounts, LUTH profits similarly goes to LUTH account holders(saving money there to be able to later perform the Haj...) - If Khazanah or 1MDB or similar companies, then profits and monies flow back to the government for use for the benefit of ALL Malaysians...
Fitch takes CIMBS down a notch as institutional support fades
The downgrade reflects the view that there has been a decline in
CIMB Group's propensity to support CIMBS, as the group has clear plans
to reduce its stake in its securities businesses, the international...
CIMB Group has announced it will sell a 50% stake in CIMB Securities International Pte Ltd, CIMBS's direct parent, to China Galaxy International Holdings. ...
The agency believes CIMB Group is likely to reduce its support as the sale agreement provides for the unloading of a further 25% stake to CGIH. ... Source: Bangkok Post, 16/2/2018 [https://www.bangkokpost.com/business/finance/1412967/fitch-takes-cimbs-down-a-notch-as-institutional-support-fades. ]
* Apologies - but you need to read the full report at the Bangkok Post website
Was this important news about CIMB reported by the Malaysian Media?
Prime Minister Najib, or the Finance Minister(oops...that is also Najib) need to inform and clarify whether it is true that we may have even lost CIMB or some of its companies control by reason of sale of shares/equities to Chinese or other foreign companies.
Such losses of companies, assets, property...of Malaysians must always be informed to the people by the government - especially, if it is a company that the Malaysian government owns(wholly or partially) vide government companies or government agencies like EPF,LUTH,KWAP, PNB...?
See earlier relevant posts:-
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