Oct 22 2010, 01:23 PM
QUOTE(cheahcw2003 @ Oct 22 2010, 01:15 AM)
PNB won’t use money from investors or Govt
KUALA LUMPUR: Permodalan Nasional Berhad (PNB) will not use funds from unit trust investors or the Government to develop the Warisan Merdeka project which will incorporate a 100-storey building. Its chief executive officer and president Tan Sri Hamad Kama Piah Che Othman said PNB, was also a big holding company with interests in several listed companies like Sime Darby, UMW and Island & Peninsular, besides being a unit trust manager for various government funds.
“We have more than enough money to finance the entire RM5bil project on our own if need be,” he told a special briefing for media editors here yesterday. It was the first response from PNB following Prime Minister Datuk Seri Najib Tun Razak’s Budget announcement on Friday of the Warisan Merdeka project which sparked off a debate on its necessity.
The integrated development project will be located within the enclave of Stadium Merdeka and Stadium Negara and comprise three phases to be fully completed by 2020. Hamad Kama Piah explained that PNB had purchased the 13ha plot from Danaharta Nasional Bhd for RM320mil in 2000 and the mixed development project was approved by the PNB board four years later. He said PNB had studied market trends before deciding to embark on the project, adding that construction of the 100-storey tower would begin sometime next year.
Sources : http://thestar.com.my/news/story.asp?file=...0499&sec=nation
Added on October 22, 2010, 12:25 amMega tower will affect PNB unit trust holders, says Mahfuz
By Clara ChooiOctober 21, 2010
KUALA LUMPUR, Oct 21 — A Pakatan Rakyat (PR) backbencher told Parliament today that Permodalan Nasional Bhd (PNB) would likely have to scrimp on dividends paid out to its unit trust holders to fund the RM5 billion 100-storey Warisan Merdeka tower.
Mahfuz: Whether we want it to or not, it will involve money from these schemes and the value of returns of its investments which should be paid out as dividends to unit trust holders... this is their money. In his debate speech on Budget 2011, Datuk Mahfuz Omar (PAS-Pokok Sena) said dividend payments could be affected although PNB had claimed that money for the project would come from profits made through private investments.
“I would like to remind PNB that the total value of its unit trusts from Amanah Saham Nasional Bhd (ASNB), Amanah Saham Bumiputera, Amanah Saham 1 Malaysia and others, is RM115 billion. “Meaning that PNB’s profits is actually profits made from its investment of the RM115 billion,” he explained.
He added that it was “Whether we want it to or not, it will involve money from these schemes and the value of returns of its investments which should be paid out as dividends to unit trust holders... this is their money,” he said. Mahfuz told a press conference later that it was “unfair” to use public money to construct the 100-storey tower, which many have predicted would eventually turn into a white elephant.
The PAS MP added that it was redundant for the government to build the iconic tower with its sights set on turning Kuala Lumpur into a world-class city when even Naza TTDI, the property arm of Naza Group, had already expressed its intention to construct a similar tower, touted to be 100-storey high or more. Last December, it was reported that Naza TTDI would build an iconic tower on a 25ha site near the proposed Matrade Centre here.
However, the tower’s height was yet to be finalised and the group’s managing director SM Faliq SM Nasimuddin was quoted as saying that it would depend on the amount of investments it could secure.
“If they get the land, they will build it and this means we will have one tower already,” said Mahfuz. He pointed to the current property glut in the country and how Malaysia would have an excess of 115 million square feet of office space by the year 2014. “This is excluding the PNB tower and Naza’s tower. So now we have an excess of office space although demand has dropped significantly,” he noted. Mahfuz added that even Menara Citibank had lowered the rental rate for its office space from its original over RM7 for each square feet to between RM6 and RM6.50. “This lowering of rate shows that the demand has dropped so much that they were forced to do it,” he said.
Mahfuz also suggested to House earlier to form a special parliamentary committee to study the matter as well as to examine all proposals by the government for the construction of mega projects. “These mega projects should go through an approval process before they are started. If all committee members agree with the projects then they can be approved,” he said.
Sources : http://www.themalaysianinsider.com/malaysi...rs-says-mahfuz/
At the first sign that there is a reduction in dividend, then it is time to send our money out of the country.KUALA LUMPUR: Permodalan Nasional Berhad (PNB) will not use funds from unit trust investors or the Government to develop the Warisan Merdeka project which will incorporate a 100-storey building. Its chief executive officer and president Tan Sri Hamad Kama Piah Che Othman said PNB, was also a big holding company with interests in several listed companies like Sime Darby, UMW and Island & Peninsular, besides being a unit trust manager for various government funds.
“We have more than enough money to finance the entire RM5bil project on our own if need be,” he told a special briefing for media editors here yesterday. It was the first response from PNB following Prime Minister Datuk Seri Najib Tun Razak’s Budget announcement on Friday of the Warisan Merdeka project which sparked off a debate on its necessity.
The integrated development project will be located within the enclave of Stadium Merdeka and Stadium Negara and comprise three phases to be fully completed by 2020. Hamad Kama Piah explained that PNB had purchased the 13ha plot from Danaharta Nasional Bhd for RM320mil in 2000 and the mixed development project was approved by the PNB board four years later. He said PNB had studied market trends before deciding to embark on the project, adding that construction of the 100-storey tower would begin sometime next year.
Sources : http://thestar.com.my/news/story.asp?file=...0499&sec=nation
Added on October 22, 2010, 12:25 amMega tower will affect PNB unit trust holders, says Mahfuz
By Clara ChooiOctober 21, 2010
KUALA LUMPUR, Oct 21 — A Pakatan Rakyat (PR) backbencher told Parliament today that Permodalan Nasional Bhd (PNB) would likely have to scrimp on dividends paid out to its unit trust holders to fund the RM5 billion 100-storey Warisan Merdeka tower.
Mahfuz: Whether we want it to or not, it will involve money from these schemes and the value of returns of its investments which should be paid out as dividends to unit trust holders... this is their money. In his debate speech on Budget 2011, Datuk Mahfuz Omar (PAS-Pokok Sena) said dividend payments could be affected although PNB had claimed that money for the project would come from profits made through private investments.
“I would like to remind PNB that the total value of its unit trusts from Amanah Saham Nasional Bhd (ASNB), Amanah Saham Bumiputera, Amanah Saham 1 Malaysia and others, is RM115 billion. “Meaning that PNB’s profits is actually profits made from its investment of the RM115 billion,” he explained.
He added that it was “Whether we want it to or not, it will involve money from these schemes and the value of returns of its investments which should be paid out as dividends to unit trust holders... this is their money,” he said. Mahfuz told a press conference later that it was “unfair” to use public money to construct the 100-storey tower, which many have predicted would eventually turn into a white elephant.
The PAS MP added that it was redundant for the government to build the iconic tower with its sights set on turning Kuala Lumpur into a world-class city when even Naza TTDI, the property arm of Naza Group, had already expressed its intention to construct a similar tower, touted to be 100-storey high or more. Last December, it was reported that Naza TTDI would build an iconic tower on a 25ha site near the proposed Matrade Centre here.
However, the tower’s height was yet to be finalised and the group’s managing director SM Faliq SM Nasimuddin was quoted as saying that it would depend on the amount of investments it could secure.
“If they get the land, they will build it and this means we will have one tower already,” said Mahfuz. He pointed to the current property glut in the country and how Malaysia would have an excess of 115 million square feet of office space by the year 2014. “This is excluding the PNB tower and Naza’s tower. So now we have an excess of office space although demand has dropped significantly,” he noted. Mahfuz added that even Menara Citibank had lowered the rental rate for its office space from its original over RM7 for each square feet to between RM6 and RM6.50. “This lowering of rate shows that the demand has dropped so much that they were forced to do it,” he said.
Mahfuz also suggested to House earlier to form a special parliamentary committee to study the matter as well as to examine all proposals by the government for the construction of mega projects. “These mega projects should go through an approval process before they are started. If all committee members agree with the projects then they can be approved,” he said.
Sources : http://www.themalaysianinsider.com/malaysi...rs-says-mahfuz/
Things are getting dangerous. Perhaps the party days are coming to an end.
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; but when my kids grown-up, we all will jump-ship if the ruler is still talking mega projects all the time 
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