The issue is this. MAS is a nationally owned asset. Any changes as to a inlet of it tenure contingency be finished with all a indicators which a changes were finished in a really pure manner. Otherwise, it shows a government doesnt know how to manage as well as hoop resources belonging to a country. Otherwise it additionally goes to show, those people you certitude to hoop public item can do whatever they wish yet giving correct as well as due consideration to non-commercial objectives. Its a public item not a in isolation one.
So, you wish AA to transfer his managing talent to MAS. You wish to subject MAS to a TF touch, cadence or fondling or whatever. Or you actually wish to put MAS underneath a blade of Surgeon General, TF. We have had SG in a persons of Tajudin Ramli, MOhd Noor YUsof a man credited with implementing a slash as well as bake pursuit during MAS a initial time around as well as right divided behind with MAS a second time around( apa, initial time wasnt good sufficient eh?, beforehand ejaculation ka? ), Jala, T Azmil. All didnt do justice with their appointments.
Yes, yet nothing have a savvy as well as skills similar to dear TF. We wish those special skills as well as because you wish that, no, you contingency have them, you have to pay. So, because do it by share barter NOW? Ask him to do a pursuit initial as well as reward him later. Otherwise people will ask how come you give Jala as well as Tengku Azmil MAS shares AFTER they do a little pursuit not BEFORE. Why with TF, you have been giving him BEFORE? Where have been a formula of his government upon MAS? He hasnt finished anything yet.
So, it raises a suspicions which you people in Khazanah, TF as well as people from CIMB behaving as a common confidant (which is dubious in itself), crowd up together in a li! ttle wat ering hole somewhere, as well as pakat pakat lets do a sting.
But afterwards you remember, this has always been a modus operandi of a go! vernment . Perimekar for example, a notorious use provider, was paid over RM 500 million for await services. They were paid BEFORE completing their await services.
Another thing; Now, you never said, a sole role of Khazanah is to oversee a doing of policies bearing ONLY bumi interests. you did say however, chief among a amicable as well as political adjustment policies have been those connected with wealth adjustments for Bumiputeras. Meaning a income KHazanah has, can be put to several uses as well as not ONLY one. If a single reader right divided wishes to brawl which observation, by patronizingly insisting which Khazanah carries out race blind policies, insisting which a application of Khazanah income is for ALL, indignant during me for pointing out a little tie with pro bumi policies, which is his liberty. It goes to uncover which reader is willing to dismiss a amicable as well as political realities as well as caring usually about winning upon paper arguments. But dont be concerned man- yours is a standard response from a repelled officious person, discovering people underneath your care, can actually speak as well as write back! Me forgive you, master!
So that, being a collectively owned asset, placed underneath certitude during Khazanah, all a correct caring contingency be taken to avoid a doing as being giveaway from manipulations or even impropriety. In this case, a remarkable proclamation with a usual cloak as well as cutting edge prior teasers, does lift so many concerns; usually weeks ago TF was announcing to a universe hes moving AA bureau to Jakarta, afterwards a few days later, came a proclamation of a share swap. What is a purpose?
The purpose, a genuine a single you have been told is to speak up a little entrepreneurialism in to a government of MAS. Rig! ht now, a advisers as well as a largest shareholder see no a single other than TF of Air Asia. MAS contingency be saved even if it will eventually lead to a execution of which rising aspirant to AA- firefly.
Where is a sense of pride of a government people to uncover it can contest on! commerc ial conditions with AA such as empowering as well as supporting as well as allowing Firefly for e.g. to operate underneath a same as well as identical system of administration by which AA was since or demanded for? Find a estimable competition of TF as well as let him build up Firefly as well as have AA run for a money.
The understanding offers (at a moment), no value to minority shareholders. Khazanah being largest shareholders of both MAS as well as Tune Air is flexing a muscle disregarding a smaller holders. In sure countries this is deemed illegal due to anti-trust laws; yet a all abandoned here in a name of creation tolerable profits for Khazanah.
What does a understanding look like? It looks similar to a understanding for Khazanah to fund TF to buy MASs interest with his 26.5% interest in TA, with which he is right divided leveraging to buy up to 20% interest in MAS. So shares in a sendirian berhad can right divided be accepted as a leveraging tool. Only Khazanah can have which happen. If a collateral injection which MAS wants, where is a money?
Remember Tajudin Ramli? Having TF to run MAS is similar to Tajudin Ramli Part 2. The categorical character has altered though. Tajudin Ramli, single handedly broken MAS. So what declaration which such story will not repeat by itself.
Now, a single wonders, because would a single barter share of a essential company with a detriment creation entity? So TF contingency be meditative which he has a sorcery wand which can transform MAS overnight. AA is operating with huge debt, with 210.6 times over a equity. Its liabilities stood 71 times opposite a assets, interjection to all a deferr! ed payme nts it accrued such as overdue to MAB. Would TF be leveraging AAs huge debt of RM6.6 bil in to MAS later? If which happen, afterwards it is magic!
Further AA has committed itself to about RM55 bil from all a aircraft ordered. Such a huge monetary weight over a subsequent 10 to 15 years would place extreme vigour to achieve larger number to a bottom line. So this share barter afterwards could be usually a intrigue to lessen a situation, i.e! . sharin g of weight with MAS. After all a Government would not let MAS die during whatever costs. TF is hedging AAs destiny already with our property.
This total thought to streamline a commercial operation stinks; MAS upon reward marketplace as well as AA upon low price flight. But a understanding is usually great for AA it is a raw understanding for MAS.
Should MAS from right divided upon focus upon a reward segment, it would be doing so in a, timorous pie. The low price conduit marketplace is a a single where a expansion is significant as well as any restrictions or disbanding of Firefly could meant a detriment of current as well as destiny income to MAS. Further MAS would no longer able to offer Everyday low price" campaign as this would directly contest with AA. TF done a large bitch about this make a difference when it was launched a little time ago.
Further this plan would be opposite a universe trend. Most vital airlines own a low price operation simply because it is a expansion segment. Here, a Khazanah Mafia as well as a common adviser have been advocating MAS chuck divided a probable crow which lays golden eggs. Chilaka!
Where have been a categorical problems with MAS? Looking as a data, MAS problem lies in a COGS. With over RM12.0 bil in revenue, COGS stood during RM13.2 bil, this is not a brand new problem nor unique in a airline industry, certainly not to MAS. With alleviation in ASK, improving fuel price as well as brand new fleets (less dependent upon aircraft leasing) MA! S is poi sed to a greener pasture. MAS has gifted this before.
Further in this regard, TF would substantially not be a best guy. MAS should sense from other large conduit such as Singapore Airline, KLM, as well as Emirates
Are you incapacitating MAS? Perhaps, MAS being competitive as well as behind upon recovery lane would post a deleterious threat to AA especially in a made at home marketplace where Fire Fly operates from both Skypark (Subang) as well as KLIA. This could be a motivation for TF to be in MAS so as to carry out a growth. We all know over a year how TF has played MAS, initial with a Sabah & Sarawak routes! , afterwards t he Singapore routes. This could be an additional game which could eventually check partner MAS
Of march during a impulse MAS change piece is shitty. Beside price alleviation which is clearly a effort by a accountant led MAS boss, there have been impending resources in MAS which have been experiencing enlivening expansion such as MAS engineering which is amongst a best as well as competitive aircraft upkeep outfit. And it IS creation money. Firefly as well is inside of this bracket. With all a monetary wizards as well as brilliant accountants in MAS, surely they can come out with a leveraging blueprint. Of march Khazanah as well as CIMB have to be in it. Count me in, count me in!
Now, you have a last misgiving. With due respects to CIMB, how come CIMB is a adviser for both? Its unethical? Bank of America owns Merril Lynch. Yet it does a ethical as well as correct thing not to designate Merril Lynch as a advisors.
CIMB has a blotted lane jot down as advisor. Remember Synergy Drive? No more drive? (Now behind to Sime Darby) = detriment creation never prior to gifted by Malaysian corporate. What was a recommendation since to Telekom Malaysia by CIMB? The recommendation was opposite a universe direction (most telcos merge/take over cellular entities). But a recommendation was to have TM par! t compan y of a income creation machine in a form of a mobile businesses to Axiata. What happened to TM? It has never recovered financially. Indeed a right divided saddled with RM700 money division yearly.
MAS? Throw out which Firefly pest. Its bothering a ears.
Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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