Airasia ... Oct 08

Sources say privatization of Airasia is set t o happen. It is learnt that the major shareholders have been deliberating the privatization proposal for some time now, and felt that the market would continue to undervalue the stock as long as the company is on an expansion drive. Hence, they felt that privatization was the best solution to extract value from Airasia and chart its progress as it expands its fleet size.

Its controlling shareholder is Tune Air Sdn Bhd, which controlled 30.7% shares of the company as at end March 2008. Tune Air’s shareholders are Datuk Fernandes, who is the CEO, and Datuk Kamurudin Meranun, the deputy CEO and executive director of Airasia.

The other substantial shareholder of Airasia is the EPF, which has accumulated 7.7% shares, after emerging as a substantial shareholder in Jan 2008.

It is not clear if Fernandes and Kamarudin will work with the EPF, or attempt the privatization on their own.

Certain quarters also say Fernandes and his associates have already lined up investors from the region to take up stakes and hold these for a longer term if they are successful in their privatization plans.

The privatization is similar to many other such exercises whereby the major shareholders pay full value for the company and take it private if they feel that the market does not appreciate the stock.

Based on its net asset per share, Airasia is worth rm2.3 billion with a spread of about 2.4 billion shares.

Fuel cost makes up some 50% of total operating cost.

Airasia also holds 16% via redeemable preference shares in Airasia X, which operates budget long haul flights.

Sap Tech ... Sept 2008

Several local and foreign companies, including Sapura Technology Bhd, have bid for work under the RM3.45 billion project to lay parallel railway lines between Seremban and Gemas. Sapura Tech, for instance, has made a RM100 million bid to carry out telecommunication works.

The main contractor for the project is India's national railway firm, Indian Railway Construction Co International Ltd (Ircon).

Ircon had called for tenders for electrification, signalling and telecommunication packages. This is the second round of tenders after it awarded initial works in May 2008.

Global Rail Sdn Bhd, Australia's Westinghouse Rail Systems and Ansaldo Signal, and Germany's Siemens have also bid for several packages.

Global Rail had made a RM300 million bid to design, supply, construct, test and commission several packages consisting of signaling and electrification works, train protection system and rail-track point machines. Global Rail, a railway engineering firm, is controlled by Fan Boon Heng, who headed Balfour Beatty Rail Sdn Bhd for over 15 years.

The proposals made by Ansaldo, Westinghouse and Siemens are in the range of RM280 million to RM380 million.

Ircon is still deciding whether to award the jobs based on the proposals or break them down into smaller packages so it could undertake offshore procurement on its own and give the installation work to local contractors.

The four-year Seremban-Gemas project, which covers 110km, is fully funded by the government. It will cover 34 river bridges, 27 road bridges, 107 culverts, two viaducts of 1.25km and 0.6km lengths and an 8km tunnel. Ircon expects to complete building the first stretch from Seremban to Sg Gadut by early 2009, and then from Sg Gadut to Gemas in 2011.
It has awarded contracts to build stations, bridges, railway embarkment, culverts, drainages and foundation for track laying to Loh & Loh Corp Bhd, Fajarbaru Builder Group Bhd and IJM Corp Bhd. These are worth some RM1.1 billion in total.

MALAYSIAN DILEMA

Malaysia Today ................

Get Vietnamese workers, dogs missing.

Get Bangladeshi workers, Malay girls missing.

Get Indonesian workers, money missing.

Get Indian workers, jewellery missing.

Get Chinese workers, husbands missing.

Call the police, the evidence goes missing,

Call the lawyers, the judge go missing,

Call the ministry of transport, the reports go missing

Change the government, funds go missing,

Say something and you may be missing.

一封郵件

因為家裡離公司很遠，為了方便上班，老公和他的秘書合資在公司附近租了一個單
位。有一天，丈夫邀請我去他們租住的那裡吃晚飯。

飯桌上，我一再注意到與老公同住的女室友Mary（也是他秘書）非常漂亮，而且
覺得二人的眼神交流也非比尋常，她十分懷疑兩人的關係是否真的僅限于室友。

老公也發現了我的想法，于是主動跟我說明："我知道你在想什麼，不過可以向你保
証，Mary 和我是純粹的上司下屬，絕對沒別的。"

一個星期后，Mary
跑來跟我丈夫說："自從你老婆來吃過晚飯之后，我就一直
找不到我那把純銀的湯匙，你覺得會不會是她拿走了？"

老公說:"我不知道呀﹗不過別擔心，讓我來處理這件事吧。"

之后他發了一封郵件給我︰
=================================================
親愛的老婆︰
我不會說您"拿"了一把純銀湯匙，
我也不會說您"沒拿"了一把純銀湯匙，
不過有一件事情大家都注意到了，
就是自從您在這裡吃了晚飯之后，
有一樣東西不見了。
愛你的 老公

------------------------------------------------

一天后,我的回信到了︰
==================================================
親愛的老公，
我不會說你和 Mary "睡"在一起，
我也不會說你和 Mary "沒睡"在一起，
不過有一件事情大家都注意到了，
--- 就是如果她的確是睡在自己床上的話，
她早就會發現那把純銀湯匙了。
愛你的 老婆

5% service tax? Know your rights!

Report to the authority if they charge you the 5% service tax. Some name may be unfamiliar to you since it's the holding company

ALL RESTAURANT OWNERS WITH AN ANNUAL SALES TURNOVER EXCEEDING RM3 MILLION MUST BE LICENSED UNDER THE SERVICE TAX ACT 1975.

PLEASE ENSURE PAYMENT OF SERVICE TAX IS MADE TO RESTAURANT OWNERS LICENSED UNDER THE ROYAL MALAYSIAN CUSTOMS.

1. The public can decline to pay service tax to restaurant owners who fail to display their service tax license issued by the Royal Malaysian Customs.

2. The public have the rights to demand for receipts or invoices indicating that the 5% Service Tax payment or 5% tax inclusive payment has been made.

3. The public can make cross references of the list of restaurants licensed under the Service Tax Act 1975 in the Customs website at www.customs.gov.my or with the State Customs Director / Head of the Internal Revenue Division at the respective states' Customs offices.

4. The public can submit their complaints / suggestions to the Customs Department via these e-mail addresses: cd@customs.gov.my or kastam@customs.gov.my to the Head of the Internal Revenue Division at the respective states' Customs offices.

5. The public can obtain and download service tax information / guidelines from the Customs website at www.customs.gov.my under the heading "Internal Revenue" with the sub-heading "Service Tax".

6. Please be informed that failure to obtain a service tax license and issuing invoices, if convicted, can lead to a fine of RM5,000 or jail term of not more than 2 years, or both.

SAAG ... Sept 2008

SAAG Consolidated (M) Bhd’s subsidiary has signed a memorandum of agreement (MOA) with Airia Jaya Marine (S) Pte Ltd to purchase an anchor handling tug and supply “Hull 885C” for US$19.7 million (RM67.6 million). The vessel formed the key part of a contract that could be worth more than RM36 million.

SAAG had secured a contract from a Singapore company to charter the vessel for 24 months, with an option to charter up to another 24 months. The total value of the initial period of the contract would be approximately RM36 million.

Additional equipment would be installed on the vessel for the purposes of the contract making the value of the vessel some US$22 million.

The company expects to complete the MOA by the fourth quarter of the year while the contract is due to commence by January next year.