Berita tergempar tahun baru 2!!! Depa Nak cekik kita... tolongggg

01 January 2010

Raja Robert Kuok Keluaq Masuk Raja Baru..Last 2 X 5 jaa..!!

Peneroka Felda raja gula dapat apa?

Labels: Harga barang

Jika anda fikir Tan Sri Robert Kuok Hock Nien masih lagi raja gula di Malaysia, baik anda baca liputan The Star 4/11/09 bertajuk "The mystery of Sugar King Kuok exiting sugar business in Malaysia". Antara lain, akhbar itu melaporkan:

It is and probably will remain a mystery why Tan Sri Robert Kuok has exited the sugar business in Malaysia. It is likely though that the following reasons played a part: First, the Malaysian sugar business is small compared with Kuok’s vast businesses overseas, especially in China.

Second, Kuok got a decent price for his exit and third, the Kuok group was unhappy with developments taking place at Tradewinds (M) Bhd, where a proposed acquisition of Padiberas Nasional Bhd (Bernas) is likely to result in Tradewinds having an unreasonable amount of debt.

Lalu, siapa raja gula di Malaysia? The Edge 9/11/09 kata "Felda is Malaysia’s new sugar king".

Hari ini, Utusan Malaysia melaporkan berita bertajuk "Harga gula naik 20 sen mulai esok". Barangkali hadiah tahun baru Perdana Menteri Datuk Seri Najib Tun Razak kepada orang-orang miskin.

Mungkin anda kata, biarlah harga gula naik. Banyak gula pun tak elok untuk kesihatan. Bila gula mahal, kurang sikit makan gula.

Masalahnya kesan berantai dari kenaikan harga gula itu. Mamak nak naikkan harga tea atau kopi O, tauke roti nak naikkan harga, orang jual kueh terpaksa naikkkan harga, banyak lagi yang naik harga. Dah jadi fesyen orang berniaga, naik harga satu barang, yang lain pun melambung melantun-lantun.

Bertambah sunyilah poket kami, orang miskin. Sunyi dari duit.

Tak kisahlah kot. Apa salahnya, biarlah Felda untung sikit. (baca posting Chegu Bard 21/12/09 "Najib dan Felda") Mungkin itu kata sesetengah orang. Barangkali tak pa lah, kalau benar begitu.

Tapi, peneroka Felda dapat apa? Peneroka Felda pun raja gula juga ka?

Berita berkaitan:
The mystery of Sugar King Kuok exiting sugar business in M'sia

The Star (14/11/09): It is and probably will remain a mystery why Tan Sri Robert Kuok has exited the sugar business in Malaysia. It is likely though that the following reasons played a part: First, the Malaysian sugar business is small compared with Kuok’s vast businesses overseas, especially in China.

Second, Kuok got a decent price for his exit and third, the Kuok group was unhappy with developments taking place at Tradewinds (M) Bhd, where a proposed acquisition of Padiberas Nasional Bhd (Bernas) is likely to result in Tradewinds having an unreasonable amount of debt.

Kuok’s business empire in Asia needs little elaboration. Suffice to say, his net worth of US$10bil (RM34.3bil, based on Forbes magazine’s estimation) makes his Malaysian sugar business small by comparison.

The Kuok group’s Singapore-listed plantation giant, Wilmar International, has a market capitalisation of S$39.1bil or more than RM95bil.

To recap, Kuok’s vehicle, PPB Group Bhd, is getting RM1.25bil from the sale of its sugar refineries and land used for sugar cane cultivation to Federal Land Development Authority (Felda). Of this, the largest asset is the Prai-based Malayan Sugar Manufacturing Co Bhd (MSM) operations, that was sold for RM1.2bil.

PPB Group said its cost of investment in MSM was RM60mil (incurred from 1976 to 1999), thereby giving it a massive gain of RM1.17bil from the sale.

That amount is justified, given that the investment had been made a long time ago as well as the fact that the Kuok group had managed the business well.

Furthermore, the price of RM1.2bil represents a price-earnings multiple of 9.8 times MSM’s FY2008 earnings and a price-to-book ratio of 2.46 times. On both counts, the deal seems to have been reasonably priced.

PPB Group had also disposed of its 20% stake in Tradewinds to Felda for RM207.5mil or RM3.50 per share. This was done at about a 20% premium over Tradewinds’ three months’ weighted average market price. While some could argue that this was at too high a premium, it should also been seen in light of the fact that Tradewinds’ net assets per share stood at RM4.63 as at June 30.

Kuok’s exit from Tradewinds had been speculated in media reports, soon after the latter announced plans to buy into Bernas.

In 2002, Tan Sri Syed Mokhtar Al-Bukhary had surfaced in Tradewinds and become a partner with the Kuok group. Syed Mokhtar controls about 43% of Tradewinds, compared with Kuok’s 20%.

It had been speculated that the partnership had been uneasy, although that could not be verified. Still, the fact remains that Syed Mokhtar owes Tradewinds some RM200mil and there have been related party transactions involving Tradewinds and him.

For example, Syed Mokhtar is said to control about 22% of Bernas, the company that Tradewinds is planning to buy. That purchase will gear up Tradewinds to unreasonable levels. There is now also a proposal for Tradewinds Plantation Bhd, a 70% unit of Tradewinds, to buy rubber conglomerate Mardec Bhd for RM150mil.

Syed Mokhtar is believed to be linked to Semi Bayu Sdn Bhd, which owns Mardec. The price of RM150mil was arrived at based on a valuation done by Ernst & Young, which used such benchmarks as adjusted net assets, discounted cash flows and the dividend discount model.

However, the announcement by Tradewinds Plantation does not provide any more details on how Mardec stacked up on these valuation methods. There is also no information on Mardec’s earnings.

There has been at least one other related party transaction involving Tradewinds and assets controlled by Syed Mokhtar.

Back to Kuok. PPB Group’s sugar refining operations are undertaken by MSM and a joint venture with Felda – Kilang Gula Felda Perlis Sdn Bhd –- which is also being sold to Felda. The two produce over 700,000 tonnes of refined sugar yearly. Kuok’s exit from these business is bound to have repercussions.

“With Kuok’s exit, will the management remain the same and as efficient, going forward?” asked an industry observer.

To be sure, Felda is seeking to reinvent itself. The entity that is buying PPB Group’s businesses is Felda Global Ventures Sdn Bhd (FGV). FGV is the new commercial arm of Felda aiming to spend over RM6bil in the next five years to expand its overseas presence in its core plantations and related businesses.

With that kind of firepower, it is conceivable that FGV may not be content with its 20% shareholding in Tradewinds.

“It is possible that Felda could seek to take over the operations of Tradewinds, considering that the latter will have Bernas in its stable,” said an analyst. Bernas is the country’s sole rice importer, with a wide marketing and distribution network nationwide.

At what price will Syed Mokhtar be willing to cash out of Tradewinds is another matter.

As far as Kuok is concerned though, this “cashing out” of Malaysia is more clear-cut than what happened in December 2006, when PPB Oil Palms Bhd injected its palm oil operations into Singapore-listed Wilmar International Ltd.

The counter argument then was that the merger brought about economies of scale and Malaysian shareholders still benefited, as there was a share swap, with PPB Oil Palm shareholders receiving Wilmar shares.

Furthermore, PPB Group ended up owning close to 18% of Wilmar, so the argument that Kuok was exiting Malaysia did not hold up.

Indeed, Kuok still has other small businesses in Malaysia and Wilmar even recently paid RM46.2mil for a stake in little-known Three-A Resources Bhd to venture into China together.

But the value of these businesses is small compared with Kuok’s sugar business here. In all likelihood, Kuok is unlikely to be troubled by the recent sale of his sugar assets here.

OSK Research reckons that the PPB Group may use the sale proceeds to invest in Wilmar China, which is planning an initial public offering in Hong Kong.

And judging by the way Wilmar’s China businesses are growing, Kuok is likely to get more bang for his buck by putting his money there. And so too will shareholders of the PPB Group.

Felda is Malaysia’s new sugar king

The Edge (9-15/11/09): Felda Global Ventures Holdings Sdn Bhd (FGVH) and its parent, the Federal Land Development Authority (Felda), are in the limelight once again.

This time around, it is because of FGVH’s takeover of tycoon Robert Kuok Hock Nien’s sugar assets in the country, with many wondering what the government authority has up its sleeve, and whether it will continue to churn out profits from the assets it is taking over from Kuok Group.

Felda and its units last made the headlines in June when Felda Holdings Bhd’s managing director Datuk Bakke Salleh was tipped to take over the reins of state-controlled oil major Petroliam Nasional Bhd from Tan Sri Mohd Hassan Marican. Talk of Bakke leaving has since died down, although insiders say he is definitely slated for bigger things under Prime Minister Datuk Seri Najib Razak’s administration.

The focus in the immediate term is on FGVH, which is buying Kuok’s Malayan Sugar Manufacturing Co Sdn Bhd (MSM), Kilang Gula Felda Perlis Sdn Bhd, about 5,800ha of land in Cuping, Perlis, and about 20% in Tradewinds (M) Bhd for a total consideration of RM1.5 billion.

Felda Holdings is 49% controlled by Lembaga Felda and 51% by Felda Investment Co-operative or Koperasi Permodalan Felda, which is the vehicle of Felda settlers and employees. The government has a golden share in Felda Holdings, while FGVH is the commercial entity of Felda.

Felda Holdings has under its control 850,000ha of plantation land and some RM1.5 billion in its kitty. It is arguably the largest oil palm plantation company in the world and owns 70 mills and seven refineries.

With the sugar business in its stable, is Felda biting off more than it can chew?

Task ahead

How will Felda and FGVH manage the new gargantuan sugar business it has acquired?

According to news reports, Malaysia’s sugar imports — largely from Australia — amount to about one million tonnes, which is about 90% of the raw sugar needs of the country’s four sugar refineries.

A noteworthy point is that while Felda now has the plantations and refineries, Kuok Group had the whole spectrum of the business, including shipping facilities under Malaysian Bulk Carriers Bhd. More importantly, it had an extensive trading desk and the volume to secure cheap supplies of raw sugar.

Kuok is known globally as the sugar king and at one time, controlled as much as 10% of the global sugar trade. Thus, his familiarity with the sugar business and his experience and pertinence to MSM’s profitability cannot be understated.

Meanwhile, Felda, it would seem, has little experience in sugar. Most of its business has been in oil palm and rubber, and while it had a strategic 50% stake in Kilang Gula Felda Perlis, the running of the refinery was done by Kuok and his men.

In fact, most of the country’s sugar refineries, apart from Kilang Gula Felda Perlis — such as Central Sugar Refineries Sdn Bhd and MSM — are run by Kuok’s personnel as well.

While Felda and Kuok’s PPB Group Bhd each controls 50% of Kilang Gula Felda Perlis, MSM is wholly owned by PPB, while Central Sugar Refineries and Kilang Gula Padang Terap are controlled by Tradewinds.

According to Felda’s website, only 0.5% of its 853,313ha or some 4,461ha are planted with sugar cane. Economies of scale do not seem to favour Felda.

According to insiders, Kuok — who has sugar businesses in many parts of the world such as Lampung, Sumatra — buys raw sugar in bulk from Australia and Cuba , keeps his cost low via bulk purchases and trades sugar in China, Hong Kong and other regional markets.

But while the international sugar trade will remain competitive, the operating landscape in the domestic market may change after Felda takes over.

This is especially so as the government is increasingly looking at reducing subsidies. Price controls for one, may change to reflect the international scenario.

Felda’s forays

Most perceive Felda as a lethargic giant, a perception that may change in time. FGVH, for instance, is in the midst of hiring heads for its various divisions and there is no criteria of race or nationality, sources say.

“FGVH is an international animal with businesses in the US, China, Sri Lanka and Australia, among others. It is a giant in the making,” says a source.

In Australia, Felda has tied up with United Arab Emirates-based International Foodstuffs Co, or Iffco, which is the vehicle of the Kokhar brothers. The two have formed Felda Iffco Sdn Bhd, which has a 20% stake in Australian Agricultural Co Ltd, which is Australia’s largest producer of beef.

In the US, Felda bought Cincinnati-based Twin Rivers Technologies, which is a major producer of vegetable oil-based biodiesel, for almost US$70 million.

Felda’s associate company Voray Holdings Ltd has two refineries and one edible oil installation in China. Other shareholders of Voray include plantation stalwarts Kuala Lumpur Kepong Bhd.

Felda also has businesses in Pakistan, Sri Lanka and Thailand, among others.

A check with the Companies Commission of Malaysia reveals that Felda Holdings posted a net profit of RM635.7 million on the back of RM15.3 billion in revenue for the financial year ended December 2008.

Despite its gargantuan size, doubts persist as to whether Felda can emulate what Kuok has done over the years. Not only must it keep prices steady amidst volatile international prices of raw sugar, it must also stay profitable to justify its investments.

There are also other issues such as sugar prices, which are relatively low in Malaysia. Will prices rise now with Felda at the helm?

The low price of sugar is attributed to government subsidies, which is increasingly coming under threat.

Subsidies, a thing of the past?

In June this year, Deputy Domestic Trade and Consumer Affairs Minister Datuk Tan Lian Hoe said that the government was toying with the idea of withdrawing subsidies for sugar.

According to news reports, the government’s subsidy for sugar this year will amount to some RM720 million, which is about about 70% of the RM1 billion in subsidies for bread, flour and cooking oil, among others.

Through the Price Control and Controlled Goods Ordinance, the maximum price of sugar was pegged at RM1.45 per kg for Peninsular Malaysia and RM1.55 in Sabah and Sarawak from Sept 13, 2006.

The Minister of International Trade and Industry Datuk Mustapa Mohamed said early last month that the government is understood to have been approached by certain parties looking for an increase in sugar prices.

“The sugar industry had asked the government to raise the retail price by 60 sen per kg from RM1.45 to RM2.05 from Jan 1. To avoid an increase, the government made the decision to implement a subsidy for sugar this year,” Mustapa said in Parliament.

An insider points out that it would be probably be easier for the government to implement a hike in sugar prices if the business is controlled by outfits linked to the government itself such as Felda.

Ownership issues can be sensitive when it comes to companies with control over essential products such as sugar and rice.

It was evident in the case of Padiberas Nasional Bhd (Bernas) when Hong Kong-based Wang Tak Holding Co Ltd ended up with a large stake of 31.5%. It drew criticism and eventually, was one of the reasons for Tradewinds to buy Wang Tak’s block in Bernas and undertake a mandatory general offer for the rest of the shares.

Although the Tan family of IGB Group Bhd fame controls Wang Tak, questions cropped up as to why a Hong Kong company had such a big stake in the national rice distributor.

Under such circumstances, Felda has the political clout to bring about changes in the sugar business.

Political clout

The Felda scheme was started in 1956 by the country’s second prime minister Tun Abdul Razak Hussein, the father of current Prime Minister Najib.

According to political observers, this is one of the reasons why the current premier has a keen interest in and is very involved in the goings-on at Felda.

Felda settlers number about one million and are located largely in the strongholds of Umno — the leading member of the ruling Barisan Nasional coalition — such as Pahang and Johor. These one million settlers have huge voting clout.

Various loans and other aid such as settler development programmes have been dished out to Felda.

This, however, does have a flip side. The settlers get dividends of about 12% to 13%, which are relatively high. And it is due to these high dividends that the planned flotation exercise of Felda has been difficult to achieve.

“The smallholders are happy with the returns they get; the company is cash rich. So, it was difficult for the Felda top guns to push for a flotation exercise,” an insider says.

Felda Holdings’ balance sheet as at end-December, 2008, showed it has slightly less than RM1.4 billion in fixed deposits, while its cash and bank balances amounted to some RM220.7 million.

It is largely because of Felda’s size and clout that many expect it to eventually gobble up Syed Mokhtar’s 43% in Tradewinds as well. But this however, remains to be seen.

Felda has been involved in bad business deals before, one of which was shipping outfit Sutrajaya Shipping Sdn Bhd, which acquired vessels that were inappropriate for the desired purpose.

With so many possibilities, it is unknown how Felda will fare at the helm of the sugar business. But there is no doubt it will remain in the spotlight, for now at least.

Sumber: Kedahlanie.blogspot.com