Home Blog Page 513

Equine Capital disposes of PGCC developer Abad Naluri

Anil Netto
-
3

The PGCC coffin has been lowered into its final resting place. Equine Capital has sold its 25 per cent stake in Abad Naluri, the developer of the aborted Penang Global City Centre project, to Kiara Ikhtisas Sdn Bhd for RM2 million. This comes a couple of weeks after Patrick Lim stepped down as chairman and executive director of Equine Capital (though he still controls about 28.9 per cent of Equine). Equine now appears to have come under new management, especially in its projects side.

This Kiara Ikhtisas sounds like an ‘interesting’ company – reportedly registered earlier this year with its shareholders being Zainudin Koming and Noraini Abdullah (see report below).

Remember, the Penang Turf Club land deals and the 1,000 acres Batu Kawan land agreement were entered into with Abad Naluri, not Equine Capital. This means Kiara Ikhtisas/Abad Naluri – along with the land deal vendors, Penang Turf Club and Penang Development Corporation (re the Batu Kawan land bank) – will now have to decide what to do with these deals. At any rate, Penangites will be watching very closely to see what happens now to these two plots of land.

This article from The Edge Daily:

21-10-2008: Equine sells Abad Naluri
by Jose Barrock

KUALA LUMPUR: Property developer Equine Capital Bhd has disposed of its 25% stake in Abad Naluri Sdn Bhd for RM2 million cash to privately held Kiara Ikhtisas Sdn Bhd.

Abad Naluri was the company given the mandate to develop the controversial RM20 billion Penang Global City Centre (PGCC) project, which was shelved when the ruling coalition Barisan Nasional lost Penang state.

Checks with the Companies Commission of Malaysia show that Kiara Ikhtisas was registered end-April this year with an authorised capital of RM500,000. Its directors are Mejar Jeneral (Rtd) Datuk Sulaiman Kudus, Mohamed Fadzil Mohamed Ariffin and Shahrin Osman.

The company’s shareholders are Zainudin Koming and Noraini Abdullah, who control the company equally.

Both the individuals are also shareholders in Gubahan Saujana Sdn Bhd which, together with LSG Asia GmbH and Fahim Capital Sdn Bhd, acquired LSG Sky Chefs-Brahim’s Sdn Bhd (formerly known as MAS Catering Sdn Bhd) for RM175 million in 2003. Gubahan Saujana is reported to have a 25-year concession to supply in-flight catering for the national flag-carrier.

The duo’s plans for Abad Naluri are not clear. Datuk Ibrahim Ahmad Badawi, the brother of Prime Minister Datuk Seri Abdullah Ahmad Badawi, was once a director of Gubahan Saujana.

Continue

Here’s why Malaysia should focus on solar energy

Anil Netto
-
20

Solar energy is not only green and safe, there’s going to be a huge demand for it. So Penang and the rest of Malaysia should get their act together and take a closer look at it. Already, Selangor Mentri Besar Khalid Ibrahim was reported in theSun yesterday as saying that they were looking at developing new technology such as solar power. Well, what about Penang? (There is already an MNC, First Solar, which produce solar modules and has operations in Kulim, Kedah, points out blog reader Kulo.)

Instead of going down the nuclear energy path, we should be checking out the solar energy sector, which is booming. Over in the United States, the Daily Journal of Commerce in Portland, Oregon reports:

In 2007, the solar industry nationally marked its best year ever, raking in $20 billion. But those close to the industry say the best is yet to come: In 10 years, the industry’s revenues are expected to triple.

Much of this growth is dependent on how the industry is incentivized, lawmakers said.

The hope is to create better incentives for individual solar use on what’s known as “the front and back end.” This would make it easier for individuals with solar panels to essentially resell excess energy back to the grid.

Currently, solar advocates argue, the federal government doesn’t prioritize private solar energy storage.

Blog reader George forwarded this report from the Washington Post, highlighting how Germany is phasing out nuclear power plants in favour of renewable energy (although recently there has been a revival of the debate as nuclear power advocates in the current administration try to block that phase-out):

…a law adopted in 2000. It requires the country’s huge old-line utility companies to subsidize the solar upstarts by buying their electricity at marked-up rates that make it easy for the newcomers to turn a profit. Their cleanly created power enters the utilities’ grids for sale to consumers.

Solar energy is not just a dream; it is already creating “green collar” jobs – lots of them:

Continue

Maybank “scandal”, exclusivist demands and ISA

Anil Netto
-
3

Some odds and ends:

  • In his address in Parliament, Lim Guan Eng slams Maybank’s controversial RM8.5 billion acquisition of an Indonesian bank  from Singapore’s Temasek Holdings (see video clip above);
  • Farish Noor cautions democratic-minded politicians of the potential shortcomings in a democratic system, under which even exclusivist groups will want their demands accommodated and met. See Politics and posturing;
Continue

Penang could become centre for solar energy research

Anil Netto
-
22

There is no reason why Penang and Malaysia cannot become a centre for research into green energy sources, especially solar energy (Photo credit: Wikipedia.org)

I am dismayed that the Cabinet is seriously looking into nuclear energy as an alternative energy source. This excerpt from the NST:

Deputy Science, Technology and Innovation Minister Fadillah Yusof said another objective of the paper, which outlined the direction of nuclear power, was to enable further studies and plans on the initiative to be carried out by his ministry and the Energy, Water and Communications Ministry.

Faidilah said while nuclear power would only be a reality after 2020, the foundation of the plan and efforts to create awareness of nuclear power needed to start now.

He said it was important for the public to know that nuclear power was safe, environmentally friendly and more affordable in the long run.

Continue

Over 300 gather in PJ calling for end to ISA

Anil Netto
-
16

Once again, a crowd gathered in PJ to call for the repeal of the ISA (Photo by Rakyat@Work)

Bebaskan RPK! Mansuhkan ISA! (Photo by Rakyat@Work)

Shackled by the ISA: Over in Penang, the Abolish ISA Movement (GMI) held a commemoration of the 21st anniversary of Operation Lalang outside Prangin Mall with live bands, an ISA exhibition and talks (Photo by Mustafa K Anuar. More pics here and here.)

Blog reader kereem sums up the PJ event like this:

Great night! Great sing-a-long too! What an atmosphere… loved it! Felt so safe last week that I brought my daughter and wife along. Hope we will fill up the padang in no time

Rakyat@Work reports for anilnetto.com from Petaling Jaya:

2115: The rain pelts down now; more cars are honking and they are met with more cheers of approval from the crowd. Time to go back. People start leaving…. Well, another night is over.

My mate and I head towards our car, walking silenty and quietly, satisfed with the night. Our thoughts are with RPK, just hoping he was with us. I wonder what he is doing right this moment. We still need to pray hard and to continue until RPK and all the other ISA detainees are set free. That’s our target and that’s our mission… That’s the minimum standard we’re talking about, the new nation and the new rakyat! Good Night and God Bless All.

Continue

Waiting for Rapid Penang’s GPS display boards

Anil Netto
-
15

Rapid Penang can track the movement of its buses from its control centre in Lorong Kulit

Rapid Penang is now equipped with GPS (Global Positioning System), which enables it to track the movement of its buses around Penang.

The next phase involves setting up display boards in selected locations which would enable the public to know when the next bus is due to arrive. When I visited the Rapid Penang head office a few weeks ago, I was told that they had submitted an application to set up these display boards, but I am not sure what’s holding it up. I was impressed with its chief executive officer Azhar Ahmad, who appeared competent and friendly and seemed to be thinking ahead.

Continue

Johor activist detained under ISA

Anil Netto
-
17

Update: She has been released on bail. Check out Aliran president Ramakrishnan’s statement here.

Here we go again:

Cheng Lee Whee, a Suaram volunteer in Johor, has been detained under Section 28 of the ISA after she had made a report accusing the police of abuse of power during the eviction of urban pioneers in Kampung Baru Plentong Tengah yesterday.

Continue

400 brave the rain in struggle to abolish ISA

Anil Netto
-
9

They braved the rain; their spirits were not dampened

Singing Bob Marley’s “Redemption Song”

Bob Marley performs the Redemption Song

I was wondering how many people would actually turn up for the final candlelight vigil seeking the abolition of the ISA because it started pelting down at around 9.00pm again. Unlike last week, the rain did not clear for a while. But when I arrived, I was heartened to see so many people had already gathered there, some with brollies, others without. This was probably the largest crowd gathered over the last six weeks of vigils – in the rain, some more!

They sang, they listened to speeches, they took an ikrar (pledge) to continue the struggle to abolish the ISA. Among the speakers was Aliran president P Ramakrishnan, who revealed that a police officer had asked him, minutes earlier, to get in touch with an inspector at the station for reasons unknown. “I have nothing to do with the inspector and if he wants to speak to me, he should contact me,” Rama told the crowd.

Continue

Nik Aziz and his cheap, plastic BIC ballpoint pen

Anil Netto
-
57

Here’s something our politicians can learn from Kelantan Mentri Besar Niz Aziz, who lives in a simple wooden house.

Farish Noor describes his encounter with the simple politician who still uses the same type of ballpoint that he saw him using when they met in 1999.

Continue

Abdullah’s corporate boys leave the scene

Anil Netto
-
13

Bye-bye, Abdullah. Closely followed by the exits of Kalimullah and now Patrick Lim from their current positions… All three riding into the sunset – or is that the mirage of the Penang Global City Centre project?

This report from mysinchew/Straits Times/ANN:

Businessmen close to PM quit

Two businessmen close to Malaysian Prime Minister Abdullah Badawi are quitting their positions, as an expected exodus of his inner circle begins.

The two men – New Straits Times Press (NSTP) deputy chairman Kalimullah Hassan and Equine Capital chairman Patrick Lim – have been attacked in the past by former premier Mahathir Mohamad, for allegedly benefiting from Abdullah’s reign.

News of their resignations from their respective companies comes just days after Abdullah’s announcement that he intended to step down as premier in March.

With deputy prime minister Najib Razak set to take over the premiership in five months’ time, the circle around him is expected to rise, political observers and bloggers say.

Kalimullah is also group executive chairman of ECM Libra Investment Bank, which has made headlines with major deals in the past few years.

But he is better known as the controversial editor-in-chief of the mainstream New Straits Times (NST) newspaper, and has been accused by Mahathir of being a key ‘spin doctor’ for Abdullah.

Mahathir, who appointed Abdullah as his successor in 2003, has in recent years become his most bitter critic.

The former premier blames Kalimullah for allegedly blacking out his comments not only in the NST, but also in other mainstream media.

In a column in the NST on Friday (10 Oct), Kalimullah defended Abdullah’s short reign and harshly attacked critics such as Mahathir.

‘One thing Najib will not have to worry about is a predecessor breathing down his neck, slandering him, his Cabinet, his party colleagues, his family, aides and friends. Because, for all his weaknesses, Abdullah is a decent, religious man,’ Kalimullah said in the column.

So who will be next to go and who will replace them?

It appears that Equine will now come under new parties, and concerned Penangites will be watching them very, very closely to see what they have in store for the Penang Turf Club land.

Continue
1...512513514...568Page 513 of 568
© Newspaper WordPress Theme by TagDiv