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> There goes our EPF and PNB, EPF / PNB bailout of UK Battersea Projec

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spamfish
post Jan 19 2018, 10:03 PM, updated 4y ago

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The decision to possibly buy commercial assets in Phase 2 of the Battersea Power Station development was undertaken independently without any government intervention, the Employees Provident Fund (EPF) and Permodalan Nasional Bhd (PNB) said .

In a joint statement today, the funds said the decision to explore the potential reorganisation of ownership was purely an investment consideration initiated by the BPS (Battersea Power Station) board and management team, together with the EPF and PNB.

“EPF and PNB confirmed that they had signed a Heads of Terms (HoT) with Battersea Phase 2 Holding Co Ltd to initiate preliminary negotiations to purchase commercial assets in the Phase 2 for an estimated total consideration of £1.61 billion (RM8.76 billion).

“The HoT, however, is a non-binding agreement and its terms will be subjected to further due diligence and negotiations,” it said.

EPF is already part of the consortium of developers, consisting of SP Setia and Sime Darby Property in the greater Battersea Power Station development which began in 2012, with the entire development spanning Phase 1 to Phase 7.

EPF directly owns 20 percent of the Battersea Power Station development and the reorganisation exercise will not affect EPF’s shareholdings in the existing overall development.

PNB, on the other hand, holds majority stakes in SP Setia and Sime Darby Property which jointly own an 80 percent equity in the Battersea Power Station development.

Phase 1 of the project, which comprises largely of residential units, is already completed with a 100 percent take-up rate and had been successfully handed over to the residential buyers in the last quarter of 2017, while the residential component of Phase 2 is almost 100 percent taken up.

The initial capital invested into the project by the consortium of developers has also been reinvested into developing subsequent phases.

The statement said the EPF and PNB were now contemplating to acquire ownership in Phase 2 of the project – known as The Power Station building – which is the anchor project consisting mainly of retail and office spaces.

“The EPF and PNB view this as a strategic opportunity to secure ownership of a unique and iconic real estate asset in a global city, which will be able to deliver a sustainable income stream into the future to meet their respective income needs,” it said.

It said Phase 2 of the project was expected to be completed by late 2020 and has also been pre-let to anchor tenants such as Apple, one of the world’s leading technology companies, for a 500,000 sq ft tenancy – in one of London’s largest ever office pre-lets.

“This bodes well for potential investors, as it is seen as a precursor to an exciting future for the Battersea Power Station development,” it said.

The purchase price, which was still subject to further due diligence, has been structured based on a completed and tenanted basis, to provide attractive long-term yield for the investors, it said.

“In line with its diversification programme of recent years, the EPF has been actively expanding its real estate and infrastructure assets both domestically and overseas to deliver long-term sustainable income for the benefit of its members,” it said.

The proposed transaction was also in line with PNB’s Strategic STRIVE-15 Plan which outlined a long-term strategy of portfolio diversification and judicious expansion into global assets, the statement said.

“EPF and PNB are steadfast and committed to uphold the trust of the two institutions’ members and unit holders respectively, as well as the Malaysian public, and any inferences that investment decisions are made for any other reason than for the benefit of the people are completely false and malicious,” it said.


Read more at https://www.malaysiakini.com/news/409332#Kez8j1Pg6HfGjmLs.99
helpful
post Jan 19 2018, 10:07 PM

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This is also BIG BIG ONE which affects all the YOUNG Malaysians .

With so much ................. thefts of Malaysian Money and .......... mismanagement of so many funds ............

It will be a miracle ........... if Malaysia still remain SOLVENT

Ever wonder what our Royal Malaysian Police / MACC do ?

Apart from trying to catch crabs under the tunnel in penang !!!!!!!!!!

azhan82
post Jan 19 2018, 10:07 PM

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London’s Evening Standard newspaper reported that the proposed sale came after the costs of transforming the brick structure doubled from an initial forecast of about 750 million pounds to around 1.5 billion.

It said the spiralling costs had meant the profit return on the scheme had been cut from 20% to 8.2%.

ohmy.gif
EPF and PNB going into something that will give even less returns?
Confirm Bailout punya...



helpful
post Jan 19 2018, 10:13 PM

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What else could it be
These 2 boards are already major shareholders so why need to PUMP money in directly ???????????

Bailout means FAILURE

Call it an investment --------- and spin it to something else !!!!!
There will be a RUSH SOON ---- just wait and see

Everybody will want to withdraw !!!!
I say Pity the YOUNG Malaysians !!!



max_cavalera
post Jan 19 2018, 10:21 PM

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Hmmm....

100% involvment and ownership....

Dunno if thats a good thing or not??

Why dont sell some stake to other ppl to reduce the exposure and cashout?
Cookie101
post Jan 19 2018, 10:45 PM

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When no money, blame everyone else.

When making money, take it and keep quiet.

Want sit there wait money fall.

Even grow on tree and need effort go pick and sweep garden.

I no say no. Y u no say yes?
spamfish
post Jan 20 2018, 12:06 AM

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our beloved PM is running the country to the ground...even Harapan wins they will inherit a big big hole...
Seiro
post Jan 20 2018, 12:19 AM

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Phase 1 of the project, which comprises largely of residential units, is already completed with a 100 percent take-up rate and had been successfully handed over to the residential buyers in the last quarter of 2017, while the residential component of Phase 2 is almost 100 percent taken up.


BBB UUU
spamfish
post Jan 20 2018, 01:05 AM

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QUOTE(Seiro @ Jan 20 2018, 12:19 AM)
Phase 1 of the project, which comprises largely of residential units, is already completed with a 100 percent take-up rate and had been successfully handed over to the residential buyers in the last quarter of 2017, while the residential component of Phase 2 is almost 100 percent taken up.
BBB UUU
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yes you are right...sold at a lost... rclxms.gif spin jangan tak spin
drowning
post Jan 20 2018, 01:17 AM

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QUOTE(spamfish @ Jan 20 2018, 12:06 AM)
our beloved PM is running the country to the ground...even Harapan wins they will inherit a big big hole...
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That's the whole point. Run it to ground, if lost then can stand aside and blame harapan/pakatan for failing to run the country. Macau stand at the side clap hand.

If they win again, then again use Rakyat money for more songlapping project. Macau stand at the side clap hand.
kamfoo
post Jan 20 2018, 01:42 AM

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not bailout but good investment
howszat
post Jan 20 2018, 01:47 AM

Look at all my stars!!
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For /k purposes, maybe TS can summarize into good vs bad?
Raitama
post Jan 20 2018, 01:56 AM

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QUOTE(Raitama @ Jun 29 2012, 04:44 PM)
imagine an average salary earning person contribute this amount(N) per year.
imagine there are 500,000 taxpayer earning the same as above, contributing the same amount (N * 500,000)
imagine there are 100,000 taxpayer earning more than the person above, contributing more amount ((N+X) * 100,000))
imagine big corporations paying billions of taxes...

imagine how rich the gomen get from rakyat and company every year...

and what happens?

u know.. this is the most hated time of the year, when u need to make payment to the LHDN else they charge u penalty/cukai/interest of 10% every late payment...

and what happen to the money? why i dont see improvements?

are these such money spent, and returned to us rakyat in the form of watercannons, tear gasses, etc?

user posted image

seriously.. if nothing is to be done, this such money will go to australia IRB liao ! no more contributing here !
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Fucking shit waste my tax money like that... Fuck shit... This again proves my point.... Fuck ahhhhhhhhh
howszat
post Jan 20 2018, 02:05 AM

Look at all my stars!!
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QUOTE(Raitama @ Jan 20 2018, 01:56 AM)
Fucking shit waste my tax money like that... Fuck shit... This again proves my point.... Fuck ahhhhhhhhh
*

I wouldn't reply to the post you quoted because it an old post.

But I would say this, in Oz, the Australian Tax Office will tax you at much higher rates, and give your tax money to people who don't like to work, and have lots of kids to unknown fathers so you can pay for those kids, and pay everyone pension whether they have spent their life working for it or not.

They shit waste your tax money too, in different ways.

Raitama
post Jan 20 2018, 02:11 AM

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QUOTE(howszat @ Jan 20 2018, 02:05 AM)
I wouldn't reply to the post you quoted because it an old post.

But I would say this, in Oz, the Australian Tax Office will tax you at much higher rates, and give your tax money to people who don't like to work, and have lots of kids to unknown fathers so you can pay for those kids, and pay everyone pension whether they have spent their life working for it or not.

They shit waste your tax money too, in different ways.
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I know.... But at least they benefited rakyat and not simply waste to do bailouts or masuk pocket
empatTan
post Jan 20 2018, 02:29 AM

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Certainly smells like a bailout. Tan Sri left epf, pnb holding d crying baby, it seems...
enviro
post Jan 20 2018, 06:33 AM

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Founder Tan Sri leadership is sorely missed.
saikia2046
post Jan 20 2018, 06:47 AM

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QUOTE(howszat @ Jan 20 2018, 02:05 AM)
I wouldn't reply to the post you quoted because it an old post.

But I would say this, in Oz, the Australian Tax Office will tax you at much higher rates, and give your tax money to people who don't like to work, and have lots of kids to unknown fathers so you can pay for those kids, and pay everyone pension whether they have spent their life working for it or not.

They shit waste your tax money too, in different ways.
*
thumbsup.gif thumbsup.gif thumbsup.gif + 10% GST
iGamer
post Jan 20 2018, 08:16 AM

Toxic ktards probably losers irl
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QUOTE(howszat @ Jan 20 2018, 02:05 AM)
I wouldn't reply to the post you quoted because it an old post.

But I would say this, in Oz, the Australian Tax Office will tax you at much higher rates, and give your tax money to people who don't like to work, and have lots of kids to unknown fathers so you can pay for those kids, and pay everyone pension whether they have spent their life working for it or not.

They shit waste your tax money too, in different ways.
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And how is what you mention justify the problems here?
Why everytime when we bash the wrongs and shortcoming, some people just point to others' flops as if that justify our own short comings? This is like a low performance student always comparing to others shortcoming, how to improve?
howszat
post Jan 20 2018, 01:10 PM

Look at all my stars!!
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QUOTE(iGamer @ Jan 20 2018, 08:16 AM)
And how is what you mention justify the problems here?
Why everytime when we bash the wrongs and shortcoming, some people just point to others' flops as if that justify our own short comings? This is like a low performance student always comparing to others shortcoming, how to improve?
*

Not justifying anything.

Just pointing out reality, so one can make a meaningful, realistic comparison. Rather than fooling yourself by pretending it does not exist.




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