In a ultimate 2010 Johor Corporation Financial Report, it is reported which Johor Corporation Gro! up had t otal liabilities of RM 9.3 billion in 2010 as well as net resources of RM 5.0 billion. Johor Corporation itself has a sum liabilities of 4.3 billion as well as net resources of usually RM 870 million.
In 2010 Johor Corporation as well as a Group had sum debts of RM 6.659 billion of which RM 2.769 billion Islamic Bonds is due for full settlement in 2012. The Johor State Government as well as Johor Corporation so distant has not voiced as to how sources of funds could be pooled to solve a RM 2.769 Islamic bond which is due next year.
In August this year Kulim Bhd acquired over 33,800 acres of estate land in Johor from Johor Corp's Subsidiary Sindora for RM700mil money to solve part of a debts. At an normal a estate land was sold for RM 21,000 per acre or 51,000 per hectare which was believed to be lower than marketplace price.
In sequence to gain public certainty in GLCs management, Johor Corp should present a detailed valuation inform upon a deal during a upcoming Johor State Assembly sitting in between Dec 8 as well as nineteen to remonstrate a inaugurated members of a House which Johor Corp sold a estate land during a best marketplace price.
Johor Corp is urged to be more transparent about a restructuring efforts, prudent in a government in sequence to help capture more substantial unfamiliar investment to Iskandar Malaysia. Bold stairs in liberalising Iskandar Malaysia's growth should be considered including open tenders for takeovers of ailing GLCs by both internal as well as unfamiliar companies.
Boo Cheng! Hau is a DAP Johor State Chairman as well as Skudai State Assemblyman
Bual Bicara (B)
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