Wednesday, November 08, 2006

Govt admit Bumi 36% Equity

Statistics is about numbers and construction of numbering game.

If we say, x = y

and, x - y = 0 .... Equation 1

At such, 2(x - y) = 0

and, 2x - 2y = 0 ....Equation 2

Since Equation 1 + Equation 2 = 0

Therefore, x-y = 2x - 2y

or, 1(x -y) = 2(x - y)

or, 1 = 2 ?????

Bumis own 36% of share value in listed companies

The govt finally admit that Bumiputras own about 36% of shareholding value in public listed companies as at Dec 31 last year.

“According to the breakdown of shareholders based on the values of shares in the listed companies of the main board and the second board of Bursa as at Dec 31, 2005, bumiputras owned RM78.4bil (worth) of shares or 36.64%,” Deputy Finance Minister Datuk Dr Awang Adek Hussin said.

Dr Awang Adek said the total value of shares of Bursa was RM214bil, and non-bumiputras held 46.91% of shares worth RM100.4bil.

“The remaining 16.45% of the shares or RM35.2bil were owned by foreigners,” he added.

So, Bumi = RM78.4 bil (36.64%)

Non-Bumi = RM100.4 bil (46.91%)

Foreigners = RM35.2 bil (16.45%)

Dr Awang Adek also said that based on records from the Companies Commission of Malaysia, Malays controlled 172,568 of the 717,935 registered companies, and owned more than 50.1% of shares in the companies.

According to Bursa Saham record, last year, Malays owned 186 public listed companies out of the 912 companies that were listed on the main board and the second board.

According to Dr Awang Adek, the figures of ownership of values of shares and public-listed companies in Bursa did not represent the equity ownership in the country.

“If you only look at the number of listed companies, you will get a certain conclusion, but the economy is bigger than that,” he said.

Ya? Ya? Ya? So, govt is justifying their figures that Bumi hasn't had 30%? How is it? Oh, they said that the Equity ownership is far more than ownership in PLCs ...that it must also include private limited companies?

That's damn funny and obnoxious, isn't it?

When NEP was first mooted, the structure of the 30% claim was based on equitable ownership in PLCs. Now, after having achieved it, the crave' so damn flexible ideology and it can mean anything, everything, and nothing at all.

If thats the argument, then just ponder:

What about the proxy ownership? Only mongoloids wouldn't understand that UMNO generals had been using proxies as their front man; and MCA and MIC generals had also proxies... it's the name of the game; it's washing black money to turn it white; it's legal and it's real.

Don't believe me, asked Daim Zainuddin, asked Salleh Sulong about the shares of Tan Sri Yahaya Ahmad who before his demise had a personal worth of Rm2 billion and after his death, his children found out that his 60% stake in DRB-HICOM was in fact a proxy for someone. If possible, do a research on Syed Mokhtar and Nasimuddin too.

The fact remains that the govt had lied on the figures; in fact they should happily proclaim that BN had achieved success and the NEP was a success; that is something to be proud with, and that is something UMNO can proudly claim the efforts. But alas, the oligarchy wants more, the new regime wants more for themselves and their family.

The only failure of the NEP, isn't the 30% Bumi stake; it's the unequal and unfair distribution of wealth; that majority of the Bumis are still in the lower income group; that most of the 36% stake is owned by UMNO generals, not the commoners; that the NEP had only benefited UMNO leaders and made them ultra-rich, that less than 5% of the Malays had actually and factually benefited.

If ever radical actions had to be taken, it is to restructure the NEP and to give the gravies to the Malay commoners, be they UMNO, PAS or KeAdilan. We, the Non-Bumis are extremely happy if BN and UMNO will start the wealth distribution of the 36% and give it to the Malays in the lower and middle income group. We will support the agenda, the agenda to give the wealth to the commoners within the lower and middle income group.

First and foremost, the prime minister should reveal the wealth of his ministers, that include MCA and MIC. They should also reveal the proxies and nominees. Research studies should be made by all the public unversities of how State Excos can be filthy rich within few years; how ministers can own assets and properties worth hundreds of millions, how much Mahathir's sons are worth and how did they achieved it; include Pak Lah's son and in laws too, if you are brave, dear PM . It will make Malaysian universities a great research university.


O2Deprivation said...

Even the research paper on Bumiputera's equity done by UM was shot down by government, so study worth nothing unless it supports government's propaganda. I think fellow Malaysians don't need to study so hard, it won't get you anywhere unless you resides in oversea. You don't need a brain to challenge a professor.

ShadowFox said...

Even if they admitted the quota being met, it still will not change the fact that it will continue to be in place.

The quota will remain indefinitely because that is their bargaining chip for continuous stranglehold on power.

O2Deprivation said...

The stake has just been increased to 60%.

"Abang Adik" mentioned that 30% is minimum and by ratio, the target should be at least 60% for Bumi's equity. I think he meant we are going into communists era when we have "fair and equal" distribution of wealth, regardless how hard we work.

Be prepared, we might have to grow some vegies behind our house very soon for self-sustaining.

Are we back-tracking?

Howsy said...

That Pak Buku-Catit-Hitam already said that he won't disclose his and his family's assets. He said that it's a matter of 'privacy'. It's in the news somewhere when he was backpacking around the world.

Anonymous said...

Ya, it's a reality in Malaysia.....Many have...what we call "GODFATHERS"