It looks as if we have to wait a bit longer to find out who has clinched the bid to take over Khazanah Nasional Berhad’s 32 per cent stake in Pos Malaysia.
Pos Malaysia is a valuable public asset because of its network of 697 outlets and 16 properties.
Business Times had earlier reported that DRB-Hicom had won the bid to buy the stake from Khazanah for RM623m (RM3.60 per share). (The other shortlisted contender reportedly was Scomi.) That prompted DRB-Hicom to announce to Bursa that the firm “has yet to receive any notification from Khazanah Nasional Berhad”.
I don’t know about you, but a few hundred million ringgit seems to me a small price to pay for strategic control of such an extensive physical network of outlets across the country.
DRB-Hicom is controlled by Syed Mokhtar Al-Bukhary. Syed Mokhtar already has an interest in many of the biggest infrastructure projects in the country. He controls a couple of the largest ports in Malaysia, Port of Tanjung Pelepas and Pasir Gudang port in Johor, as well as Senai Airport. He has also been mentioned in reports about the Penang Port takeover.
Syed Mokthar’s Tradewinds gained control of Bernas, which has a monopoly of rice distribution in the country. Tradewinds also controls Central Sugars Refinery Sdn Bhd and Kilang Gula Padang Terap Bhd.
In 2007, Gamuda and Bukhary’s MMC were awarded the northern portion of the rail double-tracking job for RM12.5 billion.
In April 2010, DRB-Hicom reportedly received a letter of intent from the government to manufacture and deliver a dozen variants of the Malaysian AV-8 armoured wheeled vehicle.
The tycoon also has an interest in Malakoff Corp, the country’s largest independent power producer.
DRB-Hicom’s announcement to Bursa:
We refer to the article in the New Straits Times, Business Times, Cover Page today, in particular to the following header:
“DRB-HICOM wins Pos Stake”
DRB-HICOM wishes to state that as at today, the Company has yet to receive any notification from Khazanah Nasional Berhad in relation to the above.
DRB-HICOM will make the appropriate announcement(s) to Bursa Malaysia Securities Berhad (“Bursa Securities”) in a timely manner in accordance with the Bursa Securities Listing Requirements, as and when necessary.
This announcement is dated 20 April 2011.