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....

I thought 1Malaysia?

Just because it is given to a crony company does not mean that company doesn't employ people of other races as well. I think some of you are too presumptuous; too quick to jump the gun.
Just like if I tell you Lim Goh Tong gets the casino license, you can't say its only favourable to the Chinese because they DO EMPLOY a lot of Malays and Indians too, providing stable jobs and income.
Why is everything with you all always seen in a racial perspective?

because the head honcho is a malay earning millions.
he will employ non malay to do the donkey work bcos they r hardworking and reliable.
a few ppl at the top take a large share of the money while thousands of workers below make do with a minority share of the profits.
this is not fair.

and why shouldnt we see everything from a racial perspective?
for decades all government policies and implementation have been openly and secretly geared towards
boosting the malays and suppressing non malays.

This post has been edited by sootienann: Feb 12 2011, 12:57 PM

Hartajaya for all intents and purposes is probably just a shell company.

meaning that the only business they do is just to collect 30% of their take from Carefour's income.

That is why I question the 30% for bumi participation is given to a largely unknown and secretive company instead of a bumi trust agency like ASB etc.?

I don't agree with some of your own assumptions, but I get your message.

But know that not all Melayu receive the so called benefits you assume, and not all non-malays are suppressed.

BTW this is bordering on political talk, later Ah Wang or Max_cjs or Pr1me Minister will come and shut us down....

faidzal butthurt ka? PAS crony maybe? Its a way of protecting malaysia becoming monopoly to foreign companies..at least hes doing something to benefit all of us in some way,same as PAS/PAKATAN are doing towards selangor.

MANA ADA ORG YG BERSIH.Mesti mau makan jugak klu tak banyak sikit..

NORMALA SUSUDIN >>>>>>>> ALL

Please answer my question 1st.

Why give to one guy or one secretive company instead of ofering that 30% share allocation to a bumi trust agency such as ASB?

So instead of benefitting a few well connected cronies, a lot more people will benefit.

And they say I am a PR sheep.

Jawab jangan tak jawab......

Maria Farida is bestest melayu MILF. Still available too.

Inb4 Rozita Che Wan fans butthurt.....

conclusion is join AMNO and get 1/3 of an international hypermarket shares.

why must we give 30% shares to lazy 猪 for free ????

The French won't bow down to the Malays.

I salute them!

Hack3line source please.

Noor Camelia Abang Khalid for the win

Forum Rules

Do not post political or religious topics anywhere in the forums, except in Real World Issues forum. Do not spread political propaganda, racial vilification or religious hatred or contempt anywhere in the forums.

Dear faidzal,

I am a malaysian that thinks you should work hard to earn money.If you think you have work hard enough and still not getting the money that you wanted,i think you should work harder.stop blaming laws and race.

Who are you to question the law? I bet you are just ashamed of who you are.be grateful of what you have.instead of blaming yourself you blame the government.if god cant provide all the human race the fairness they think they deserve.Do u think any government could?

Kalau encik ini gentleman..terimalah kenyataan.jgn banyak bertanya..banyakkan usaha.
Sebanyak mana harta yang faidzal mahu tidak akan cukup jika faidzal tak bersyukur.

So what do you think about those who don't work hard yet still earn obscene amounts of money through questionable ways?

PS
Nothing wrong with questioning anything that you think is not right, even the law.

On what basis do you say that I do not work hard for my money?

Laws especialy Malaysia laws are man made. BTW the 30% share requirement is not 'law'. It is a guideline. There is a difference.

Also, I do not want the 30% for myself. Did you read properly my suggestion? Why give to one secretive company instead of a bumi trust agency like ASB? Where more people especially the other bumi (which might include you and me) can benefit?

DEB is for all bumi, not for the select few.

I'm sorry, but I'm born sceptic. I can even answer the question and question the answer, it's what I am.

Jangan banyak bertanya, banyak berusaha? Better be a sheep then....

This post has been edited by Faidzal: Feb 21 2011, 10:52 PM

Bonsai-fication attempt succeeded....

not a fan of words.

my message contain a lot more than that.

read as a friend and together we will improve our mentality.

all the best bro.

You didn't sound very friendly.

En faidzal ama sama lah kita berusaha untuk memajukan diri sendiri dan kerajaan. Jangan jadi lalang di negara sendiri. Asyik nak complain pasal race anda pasti anda betul-betul tak pernah berlaku tidak adil kepada bangsa lain? Cuba buka minda untuk kita sama-sama maju. Kalau anda tak pernah mempunyai perasaan itu alhamdulillah anda adalah sahabat yang saya cari untuk memajukan negara malaysia kita.

But do feel kind of sad. Hope TESCO takes over all Carrefour branches.

I hope JUSCO / GIANT will take over k4.. mine k4 at here just like a dead shopping complex with all the grocery items seem doesn't fresh at all..

GIANT good meh? I see GIANT very cincai do things one ler.

GIANT price cheap & affordable mar..

Har? Really meh? I thought TESCO cheaper.

how would u know that they get the shares for free without doing anything or put any efforts?

and how would u know they are lazy ? and do nothing ?

thats because they are doing something that they get the 30% share rather than people like you just sit down behind your computer while slandering others with your racism agendas and prejudice

+1

Well, if the country wants to protect itself from foreign companies monopolising the retail industry, then they should have imposed a stricter guideline for foreign hypermarkets here in Malaysia. The problem about hypermarkets being saturated now is because, the greedy government went and over issue licences to these foreign hypermarkets, beyond the very own guidelines that they have set.

Retail is a big industry in any country. While they could have kept just a certain amount of foreign hypermarket players (to encourage competition), they should have also encouraged entrepreneurship if they really wanted to "benefit all of you in some way". All I see is only lots of foreign players (with 30% "silent partners") and one mamak fella.


I am for NEP if I DO SEE it helping all the Malay community. How many years has it since passed? How many of the poor Malay community are still poor? And why has it only benefited the few cronies?

Why are some of you still blindly listening to what these people say? If it is for the Malay community, there would have been more done... and not just during election time. When are some of you going to rise up and start questioning the actions of your so called leaders?




Agree with joe_mamak. What is wrong with questioning anything that we think is not right? Are you just happy blindly being a follower? As long as your rice bowl is protected, then it is sufficient?

This is not about being bersyukur or tak bersyukur. It is about standing up for what is right and what is wrong. When a person robs your house and then say, ok, I'm holding the house for you... and you do not get to live in it. Are you going to bersyukur or are you going to fight for your house? In this case, when the crony "robs you", and then says, OK, I am holding this to protect the Malay rights... but in a way, you DO NOT benefit from it. Isn't it not right?

this is a good example of how people who benefit from cronyism (flizzardo) suppress the average Malay joe (like Faidzal) opinion. By slamming them with baseless comments when the average joe is just trying to ask where is his fair share.

Thank you tiggert for supporting my stand.

As I've repeated countless times, I am just asking why only a few cronies get to benefit when the policy is supposed to benefit all of the intended race?

Someone say I'm ungrateful to Allah by questioning this situation. If doing nothing while other people plunder this country's wealth is called being grateful, then I think I went to the wrong school.