Here’s something I wrote for Aliran Monthly on Pakatan’s economic orientation and the challenges it faces. Can Pakatan make a difference especially in the economy?
A question on public shareholding spreads
While trying to find out who Low Taek Jo is in UBG Bhd (group advisor/non-executive director, as it turns out), I was puzzled by what I also came across.
According to Bursa Malaysia’s main market listing requirements, Chapter 3 on Admissions, Rule 3.06(1) and Chapter 8 on Continuing Listing Obligations, Rule 8.02(1,4):
3.06 Shareholding spread
(1) An applicant must have at least 25% of the total number of shares for which listing is sought in the hands of a minimum number of 1,000 public shareholders holding not less than 100 shares each.Updated
PART B –CONTINUING LISTING CRITERIA
8.02 Compliance with shareholding spread requirement
(1) A listed issuer must ensure that at least 25% of its total listed shares (excluding treasury shares) are in the hands of public shareholders. The Exchange may accept a percentage lower than 25% of the total number of listed shares (excluding treasury shares) if it is satisfied that such lower percentage is sufficient for a liquid market in such shares.(4) A listed issuer which fails to maintain the required shareholding spread referred to in subparagraph (1) above may request for an extension of time to rectify the situation in the manner as may be prescribed by the Exchange.
Surin contractor Wabina warns complainants
The main contractor for the controversial Surin hill-slope condominium project in Tanjung Bunga has responded to neighbouring residents who had written in to express their unhappiness about the construction work.
The management committee of the Straits Regency complex nearby had complained about nauseating fumes, noisy generators and construction work at night.
In a tersely worded letter dated 15 October, Wabina Construction and Engineering Sdn Bhd managing director Loh Geok Beng responded that the fumes from the generators were not poisonous and that the firm had abided by Penang Municipal Council guidelines. He added that the noise from the generators and excavators was “reasonable” and “expectable” considering the work being done.
Democracy, Sarawak-style
This is what happens when you raise inconvenient issues in Sarawak.
From Bernama: DAP’s Chong barred from attending current state assembly sitting
Wong said Chong had made the remarks outside the assembly proceeding that “80 per cent of the development fund is controlled by one person, Minister of Finance” published in See Hua Daily News and “Sarawak budgetary allocation – 80 per cent at the disposal of one person, Minister of Finance” in Sin Chiew Jit Poh that would tarnish the image and affect public confidence in the assembly and the state Finance Minister.
Pakatan mends rift with Hindraf?
The new Free Malaysia Today portal has a scoop about Zaid Ibrahim ‘smoking the peace pipe’ (figuratively-lah) with Hindraf chairman P Waythamoorthy in Singapore.
Who is “Joe Low”?
That’s a good question.
The Malaysian Insider carried a Singapore Straits Times report on 15 July describing Penang-born Low as supposedly being part of Najib’s inner circle.
“Big-spending” Malaysian in New York?
Interesting story here from the gossip pages of the New York Post.
The Post links Low Taek Jho, a Penang boy who studied in Wharton, to UBG Bhd, a listed firm.
Curious, I looked up the UBG Annual Report for 2008 and found that there is a 27-year-old group advisor/non-independent non-executive director by that name. “He currently serves as group advisor of several international corporations, involved in global private equity, mergers and acquisitions, buyout, government-togovernment offset structured investments and financing, networking and financial aid, amongst others.”
Must be some 27-year-old. Check out his ‘stock pick’ from 2000.
Contractor demolishes structures on govt land?
A cowshed located on what is believed to be government land next to the site of the flattened Kg Buah Pala was demolished by private contractors this afternoon.
The contractors are believed to be linked to the developer of the Buah Pala land, Nusmetro.
A journalist and another eye-witness contacted me and raised the question: why is a private contractor demolishing structures believed to be standing on government land (state or federal?), when government officials are nowhere to be seen?
Problems at the Penang Botanic Garden
The Penang Botanic Garden is close to the heart of many Penangites. But the following photos suggest that its maintenance leaves something to be desired.
Photos by a regular Botanic Garden visitor – Click icon at bottom right to expand to full-page slideshow
I just hope whoever is responsible for the upkeep of the Garden will look into this.
In particular the dead trees or branches need to be removed before any passers-by get hurt. (Two people were killed some time ago from falling branches.)
Until this trees is felled, the nearby walkway needs to be barricaded. Is the tree dying because of improper pruning (or hacking?) or maintenance?
Developer threatens to sue Penang govt?
A developer is threatening to sue the Penang state government for tens of millions of ringgit.
The developer is one of four that was compelled to scale down its project to abide by Unesco guidelines for the preservation of George Town’s world heritage site listing.
Instead of timidly conceding the possibility of paying compensation (as it has in the past, thus possibly having the opposite effect of emboldening developers to sue the government), the Penang state government should publicly name the developer concerned and challenge it all the way.
A few Penangites already know who the developer is, but I will leave it to the Penang state government to come out and formally identify the developer.