http://www.themalaysianinsider.com/busines...inority-shares/

Carrefour Malaysia wins appeal to get back minority shares
February 08, 2011

KUALA LUMPUR, Feb 8 — French retailer Carrefour Malaysia appears to have regained full control of its business yesterday after the Court of Appeal overturned an injunction to transfer shares from Bumiputera shareholder Hartajaya Harmoni Sdn Bhd.

The injunction filed last November was cited as a reason behind Carrefour’s failure to sell its Malaysian business.

Hartajaya is majority-owned by former rural and regional development minister Tan Sri Aziz Shamsuddin.

The Bumiputera company owns 30 per cent of Magnificient Diagraph Sdn Bhd, which runs Carrefour Malaysia hypermarket chain.

Hartajaya had previously requested the High Court to grant an injunction on the transfer of shares, pending the decision of an oppression suit filed by it on November 10 last year.

It had sued Carrefour for exercising its call option at a prescribed fee of RM23 million, which is the initial investment sum for Hartajaya’s 115.71 million shares. This would give it no return on its investment.

Hartajaya is arguing that it should be paid higher, considering the bids that Carrefour had received when it announced the sale of its stores here.

Hartajaya’s counsel Gideon Tan of Gideon Tan Razali Zaini said it plans to appeal the decision of the Court of Appeal, according to the Business Times Tuesday edition.

“Hartajaya will proceed to seek leave for appeal to the Federal Court within the next two days, and apply for an injunction to prevent the transfer of shares,” Tan had told the business newspaper.

Carrefour’s counsel, Chew Kherk Ying of Wong & Partners, said it plans to file an application in the High Court to assess damages for losses as a result of the injunction imposed by the Bumiputera shareholder.

Arief Emran Arifin, co-counsel for Carrefour, said the injunction was part of the reason rendering it unable to proceed with the sale of its Malaysian business.

The French retailer had cancelled initial plans to sell its Malaysian business citing low bids and promised to invest and expand instead.

“In the meantime, we have actually filed a stay of the (oppression suit) case pending arbitration. We want it to be arbitrated instead of having to go before the courts,” Emran said.

The remaining shareholders of Magnificient Diagraph are Carrefour Netherland BV (CNBV) (26.06 per cent), Carrefour Malaysia Sdn Bhd (9.33 per cent), and Mildew BV (34.61 per cent).

So....when will be the real Carrefour Sales of the Day??

i do some price checks and found out that


KK MART > CARREFOUR



lolz

i dun understand a lot of the law terms, hence,

hero>tesco>syarikat mariam>carrefour

er wat's the end conclusion la joe?

Carrefour Malaysia regains control of shares.

So Carrefour hypermarkets might be up for sale again. They already sold off their Thailand hypermarkets. They want to exit from South East Asia.

even 99 speedmart is cheaper too ~ of course very limited item ~

"Hartajaya is majority-owned by former rural and regional development minister Tan Sri Aziz Shamsuddin"

the conclusion iz that u must be UMNO kronies to be able to afford 30% of carrefour shares...

kerja kroni la ni

IMHO

NEP policies completely spill more venom than its intended way.

Instead of minority shareholder rally & group up other shareholder to form controlling stake holder, they play underhand tactics and deny controlling stake holder plans.

Don't blame FDI not coming, the effect of NEP already damage Meloyasia investment environment

mydin > care4
kedai runcit see siang > care4
Pak Abu grocery > care4
Ravi Kedai runcit > care4

if you come to Johor Bahru, Care4 has 2 superhypermarket one in plentong another rest in taman sutera, last time I went ah, both almost failed, no maintenance, short of barangan dapur.

tesco > all

I have reason to believe that Aziz Shamsuddin was GIVEN those 30% share. He got it for free.

i will explain below.

Remember NEP? Bumi/melayu must get 30% share.

This was and still is modus operandi of all business in Malaysia.

That is why Genting/Carlsberg/Guinness all have Melayu directors/shareholders.

because NEP allows this rule. Set up a company Must give 30% to bumi/melayu, even if you are selling haram things....

So what do the ruling party (BN) do? Give away the shares to their nominees (cronies).

BTW, Aziz Shamsuddin lost the Shah Alam seat to Khalid Samad from Pas, that is why he is no longer a minister.

Aziz also was one of the co-conspirators of Sodomy 1.

I put in old link to my post last year:

http://forum.lowyat.net/index.php?showtopic=1647863&hl=

No wonder carrefour is Hidup Tak Mahu, Mati Segan.
Inb4 where is BN cybertrooper?

Actually joe, if you read between the lines, Hartajaya (Aziz Shamsuddin the BN nominee) simply wants a higher price for their 30% of Carrefour's business in the event that Carrefour does exit Malaysia.

It's what you would call rent-seeking.

Rite now Carrefour is staying put unless someone comes with a high price to buy them out. Something very hard to do in the current saturated hypermarket scene. The govt. would also not want another hypermarket brand to effectively become a monopoly on hypermarket scene too (Giant/tesco/Carrefour practically own 1/3 of the market share each).....

carrefour wanna do business also must give 30% to useless crony BUMI

That's why VW dowan partner Proton. Problem.

30% to bumis wat a waste

Actually VW wants to partner Proton, but some old man who is appointed advisor don't want them.

So VW went to another Malaysian company that wants (DRB-Hicom).

Please get your facts right.

---

Added on February 12, 2011, 12:41 pmYes, why must it be crony?

Why can't it be some hardworking and honest melayu/bumi?

That is what we should be asking.

This post has been edited by Faidzal: Feb 12 2011, 12:41 PM

No it's not.

The DEB/NEP was supposed to help poor melayu/bumi and poor non-bumis.

BUt UMNO/BN hijacked it to enrich a few of their cronies.

Imagine if say that 30% was given to a proper bumi trust agency or given to ASB for example.

Instead of benefitting only 1 guy (Aziz Shamsuddin), it would benefit several million bumi/melayu investors.

Isn't that a better situation?

Then I would have no problems if say Carrefour exits Malaysia and pays a premium to the 30% shareholders because many people benefit and not just 1 crony....