The Sapura Kencana merger ; valuation by deception.

HASSAN Marican is the man who knows the READ : inner secrets that led to Petronas subsidiary bailing out Mirzan Mahathir's Konsortium Perkapalan, but who in Malaysia holds the secret to how the Sapura Kencana merger added RM1.5 billion worth of wealth into Mokhzhani Mahathir's pocket?

WELL that man is no other than the current MITI Minister Tengku Zafrul, who as a merchant banker with Maybank  READ : oversaw the merger between Sapura Crest and Kencana Petroleum merger process which started around July 2011.

TENGKU Zafrul can start by telling us how on earth Mokhzhani Mahathir's interest alone in the merged entity was valued at RM1.58 billion, when Kencana itself only READ : had an order book of just under RM2 billion as at Dec 2010.

HOW much of the valuation of Mokhzhani Mahathir's stake in Kencana Petroleum had to do with Petronas suddenly, out of the blue on January 2011, turned Kencana Petroleum into the first home grown Malaysian company to  control READ : marginal oilfields in Malaysian waters.

AND who was the Petronas advisor at that point of time?  Mokhzhani Mahathir's father, and  what was the oil prices trading at in 2011? VIEW : It was at a historical high of US$113.39 a barrel

MIND you,   the first marginal oil field given to Kencana, also came with some very sweet tax incentives such as READ :a 60%-100% investment tax allowance on capex spent on capital intensive-projects such as enhancing oil recovery etc, ii) a lower tax rate of 25% (from 38% previously)

SO did just one single marginal oil field boost Kencana Petroluem's valuation? Of course not, because Malaysia had another 105 marginal oil fields containing some 500 million barrels of oil to give away.

KENCANA and Sapura Crest, another recipient of the generous marginal oil fields, would eventually formalise their merger in 2012 but by 2014, Petronas would start buying back those marginal oil fields from Kencana when oil prices started to crash and tumble to around US$50 per barrel. 

AND why did Petronas  come out and bail Mokhzhani Mahathir ? Well because Kencana Petroleum's break even cost for the marginal oil fields were in excess of US$70 per barrel. 

TENGKU Zafrul, deny the above statement if you dare!!!

Francis Leong Seng Wui, Don't Yam Seng Too Much!!!

MUST have been some farewell party last week, that Francis Leong Seng Wui threw for the company's former chairman Eddie Ng Chee Siong, that most of the Revenue Group staff are still on a resigning spree.

FRANCIS Leong Seng Wui, keeps disappointing Victor Chin Boon Long with his silly moves, thinking that the farewell party for Eddie Ng Chee Siong will close down the talk that Eddie despite quiiting the listed co had still some responsibility in the non listed entities of of the Revenue Group.

SEE what you have done now, Francis Leong Seng Wui in trying to be defiant and smarter than Victor Chin Boon Long,  what you have forced the cat to drag in to Victor Chin Boon Long's spikey clean kitchen.

VIEW : Ng Chee Siong sells 1.56 million shares on November 2022

VIEW :Ng Chee Siong sells 1.41 million shares again on Nov 2022

VIEW : Ng Chee Siong sells 1.25 million shares via off market again in November 2022

ALL those shares were either sold in the open market or via off market, while Eddie Ng Chee Siong was spending a lot of Revenue Group's cash in Bank.

MORE importantly,  Francis Leong Seng Wui, everything has been documented and photostat for good measure which stockbroking house were the buyers and on whoes lap did the shares end up with.

FRANCIS Leong Seng Wui,  no point trying to get TA Securities into trouble, we know who your real Corporate advisor is lah.

BY the way did you yam seng on June 15th? Were you also celebrating the fact that bank's are no longer giving Revenue any business to the extend that the unit which manages your EDC terminals which were operating 24/7 are now, banging balls with a jobs that start at 10am and ends at 6pm?

Muhyiddin Yassin, what are you smoking?

WHATEVER is it, the Perikatan Nasional Chairman is smoking, I want it too because it can  detach us from reality to the extent we can,  not only speak to the press with a straight face but can afford to smile as well.

SO what is it, Muhyiddin Yassin are you on, that you can tell the whole world with a smiling face READ : Perikatan won't play on 3R issues during state elections.

MUST be very good stuff, because right about the time,Muhyiddin Yassin was putting his integrity on the line that there will not be any racial slant in the up coming state elections,  READ : Twitter was on Fire with the dumbest rumour that Theresa Kok had been appointed chairman of Felda.

ACTUALLY,  Malaysia does not expect Perikatan Nasional not to play to its strengths. Politics is all about playing to one's strength but can you please atleast give us something to laugh about.

HOW about allowing your pals in Gerakan more airtime, speaking exclusively in Malay. I am sure many of us are curious to find out from which planet this Gerakan members are from. VIEW : Meet the strange friends of PAS

Petronas, in the Ex Prime Minister's service

MALAYSIA'S Petroleum fund is sick joke that the ex Prime Minister's club namely Tun Mahathir Mohamad and Abdullah Badawi has been playing on us.

CONSIDER, the following READ : Since 1974 to last year, Petronas has paid RM1.3 trillion to the government. However, today in our National Trust Fund (KWAN), there's only RM16 billion.

WHY do you think, the amount is so low and what have this got to do with Petronas rolling out the red carpet in good times for the sons of the ex Prime Minister's  and then going all out to protect them and ensure that their billionaire status are not jeopardised when times are bad?

A lot actually,  when one considers when Dr Mahathir was the Petronas advisor how , the national oil company in 2011 awarded READ : The Berantai field, located about 150 km offshore Terengganu , marginal oilfield contract to Mokhzani Mahathir's Kencana Petroleum Bhd and his soon to be merger partner Sapuracrest Petroleum

DO you know what the peak price of Brent crude oil was back in 2011? Well it was at a VIEW : historical high of US$113.39 per barrel, which means Mokhzani Mahathir was basically printing his own money back then.

READ : Watch Mokhzani Mahathir’s SapuraKencana Petroleum go…

IF you observe the price closely, when the prices of crude oil fell in 2014, to US$53.45 per barrel,  guess what Petronas did ?

WELL the national oil and gas company actually paid Mokhzani Mahathir and friends READ :to buy back the oil fields, so that the sons of the ex Prime Minister's won't end up losing their underwear

IS the Green Wave Killing The Economy ?

THE answer to the question, is the Green Wave killing the economy is not a simple one, but one should admit the manner in which certain PAS leaders speak today is a clear and present danger to the Malaysian Ringgit. 

READ : The Ringgigt is falling because of the Green Wave .

THE very essence of this Green Wave threath can be traced back to READ : Perikatan Nasional's rejection of the King's wish for Malaysia to have a unity Government.

PERHAPS his majesty was merely tired of all the politicians game of thrones or perhaps it boiled down to 100 per cent wisdom, that the King had the foresight to see what a disunited Malaysia could do to the economy.

 WHATEVER it was, the politicians from both sides of the divide,should learn to sit on the same table once again or Malaysia is going to go into the history text books as the rabbit/tiger which got its backside kicked by the tortoise. 

HELLO, PAS supporters your greatest threath is not DAP and hello DAP supporters your biggest threath is not PAS.  Your common number one threath is Indonesia and Vietnam 

YES, Indonesia and Vietnam is our number threath, not because they are in direct competition with Malaysia for foreign direct investment but because they have been stealing the best brains and money from Malaysia by enticing Malaysians to move over there. 

READ : Indonesia's Fiscal incentives include a 50 percent corporate income tax reduction for investments between 100 billion rupiah (US$6.6 million) and 500 billion rupiah (US$33.3 million) for a period of five years and a 100 percent CIT reduction for investments over 500 billion rupiah (US$33.3 million) for a period between five and 20 years.

HAS the Malaysian Government even have a remote plan of action  to counter such tax incentives?  HELL NO

WHY is that so? Because as a nation, we are too busy fighting the Green Wave, The Yellow Wave that we have forgotten to look outside and realise that there is a much larger foreign green wave and yellow wave that would like nothing better than to give us a kick right between our lips, to seal it in the history books that the Asian Tiger, Malaysia has finally met her match, to two tortoise who understood the true value of unity.

In a sea of red, Bursa Malaysia is up by 5.38 points but ...

ON a day when the rest of Asia is sunk in losses or drowning in a sea that is bleeding red ink, Bursa Malaysia seems to be the only regional brouse that it defiantly bullish.

SO why is Bursa Malaysia in the green? The answer is simple, investors see long term value in the stock exchange,  provided Anwar Ibrahim delivers big time on the promised reforms and cull some big heads in the process, namely the executive chairman of the Securities Commission Awang Adek, the chairman of Bursa Malaysia Wahid Omar and its CEO Umar Swift who is a mere permanent resident of this country.

WHATEVER happened to the conversation about giving sons and daughters of this soil to run the stock exchange, especially since during Umar Swift's tenure READ :The stock market has been down by 17 per cent while the rest of the modern world was on a massive bull run

THERE is no surprise here, that despite the stock market being up by more than 5 points , there is a kill joy effect here because the number of losers far outweigh the number of gainers.

INVESTORS are fed up that under Umar Swift's tenure, board room tussles in companies listed on the stock exchange are being settled by the barrel of a gun instead of human IQ, and gangsters are pushing off real talent, by the strength of their testosterone. 

Bank Negara Malaysia, to be haunted by the ghost of ESG.

WHEN will this haunting take place, I don't have a set of metrics to accurately predict it yet, but this much I do know when it rains, it pours. 

THE ghost of the environmental, social and governance framework, popularly known as ESG could well be the final nail of the coffin to READ :doom the Ringgit to RM5 to One US Dollar.

CONSIDER  this,  Bank Negara Malaysia has turned its back on ESG, specifically on the part which highlights the importance of READ : scrutinising ethical investment.

I am aware what Payments Network Malaysia Sdn Bhd (PayNet) , the national payments network and shared central infrastructure for Malaysia's financial markets has been trying to do behind the scenes to mitigate a potential fall out with Revenue Group Bhd.

BUT those behind the scenes efforts are now worthless now, considering that READ : Revenue Group has openly admitted that between April and May 2023, it received more than RM46 million in cash from parties which converted its one for one warrants for 75 sen a share when the shares could be purchased for less than 28 sen in the open market

CAN anyone in Bank Negara explain why would any minority pay a 299 per cent premium into one of the country's top payment gateway companies?

WHO actually now is in control of Revenue Group? those listed officially as substantial shareholders or has some dark international group  hijacked one of Malaysia's premier payment gateway companies?