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Wednesday, February 21, 2018

Felda's Eagle Not So High - US$500m Eagle Now Worth Only US$155m !!

I received this a few days ago via email. It has since appeared in Malaysian Insight. 




Felda's Indonesian  Eagle High a bust, says oil palm watchdog
 
Felda acted as intermediary in acquisition of EHP. – Malaysian Insight
 
FELDA’S investment in Indon PT Eagle High Plantations bust 

International Palm Oil Monitor (IPOM) said numerous improprieties.
  • cash flow problems
  • inflated acquisition price
  • non-compliance with laws, regulations
  • excessive borrowings
  • excessive amounts due to banks 
  • tax evasion

intercompany interest free advances RM101.4m repayment not coming

controversial purchase of EHP by Felda from Indon Peter Sondakh

Felda acquired 37% Eagle High for US$500m 
from Rajawali Group 
extremely high premium of 95% 

Eagle High’s share now measly IDR204 per share
less than half what Felda paid

Felda’s 37% now US$155.4m, < 1/3 what it paid


bailout for Peter Sondakh, Indon businessman 
Felda sitting on loss of US$300m  


deal slammed by critics and experts 
overpriced and due to state of affairs within EHP.

deal went through
Govt funds used to finance deal 
Eagle High’s market cap < US$420m

deal worth RM2.26b in April.

EHP recording losses for past few years.

April 2017, EU regulation palm oil from sustainable sources 
only import sustainable palm oil after 2020

does not bode well for Eagle High
unsustainable palm oil practices, lack of RSPO, ISPO widely documented

unlikely Eagle High’s revenues will improve in coming years
more likely to decline once EU regulation takes effect

February 20, 2018.

My comments :  They paid a 95% premium for the Eagle High shares just a couple of years ago. A 95% premium !!   Betul lah kaum 'keparat'  kita tak tahu kira dan tak tahu niaga.

Obviously there were kickbacks. The extra 95% made a loop and went inside someone's pocket or some whackos huge handbag. 

Now the share price has dropped to less than half. The losses are now over US155 million. That is over RM600 million.

Here is the real crack - this company has problems complying with market regulationsin the EU. They may  not be able to sell all their palm oil. 

Felda oh Felda.
Takpelah.
Makanlah kangkung. 

Ikutlah sunnah kangkung.
Kepala angkat ke langit.
Tapi kaki berpacak dalam air longkang. 



Sabotaging Hishamuddin Hussein Onn - UMNO Will Lose Johor ??








Here is something from The Malaysian Insight. They say that UMNO / BN can lose Johor. Here be the news:





WARNING lights flashing for BN in Johor 
survey suggest all not well for BN in stronghold.

Umno rank and file concerned voters brooding over high cost of living

members concerned about cost of living and GST 

focused on their daily needs, instead of needs of party machinery

hard to make ends meet 
blame the federal government

worries not unfounded
Merdeka Centre survey unfavourable for BN

57% felt country headed in wrong direction
55% dissatisfied with federal govt

This is troubling for BN
state contributes 21 parliamentary seats 
birthplace of Umno.

most significant decline among Malay voters
BN’s rating among Malays dropped from 65% to 58%

significant shift from 2013 general election
BN received 83% of popular vote among Johor Malays 

Rising dissatisfaction

rising cost of living main reason for dissatisfaction.

55% of respondents Malay, 38% Chinese, 7% Indian

majority 66% monthly income RM4,000 
less than RM2,000 at 36%

63% lived in urban areas 
61% said recipients of (BR1M).  

Chinese highest dissatisfaction with   govt at 72%
Malays, Indians evenly split 45% and 44%

My comments : I think Jawa Man's boys are trying to sabotage Hishamuddin Hussein Onn. Watch your back bro. These are village boys. Depa jenis  'rap kaki' masa main bola. They can really sabotage you.

The UMNO boys are not worried about the General elections. They are more concerned with the UMNO party elections (due after the elections).  After kicking out Muhyiddin, Hishamuddin Onn is now UMNO's head honcho in Johor.  Hishamuddin is slotted to occupy the PM's post (in a perfect UMNO world). 

Hence Jawa Man's boys are on the lookout for Hisham. If UMNO/BN loses Johor in the coming GE, it will be kaputs for Hishamuddin Onn. He will be kicked out of the race for No. 1 position. 

Then Jawa Man can be in position to become PM.  As the stomach churns.

The more 'feet on the ground' approach is the fact that in GE13 in 2013, the Opposition won 18 out of 56 State Assembly seats in Johor. This was unprecedented. In previous elections the Opposition held 10 seats or so in Johor.  UMNO just barely maintained the 2/3 majority in the Johor State Assembly.  

If the Opposition wins just 11 more seats, then UMNO will lose Johor.  

Here is another fact. In 2013 the figures show that 83 of all Johor Malay voters voted for UMNO/BN.  Despite the solid support, UMNO/BN lost 18 State seats.

Now according to this survey above the Johor Malay support for UMNO/BN is down to 58% ! !  I think UMNO's kambing is going to get cooked in Johor. 

Here is a graph also from that Malaysian Insight article above.



Here is my reading ok. 

Only 19% of Chinese (the smallest number) are not happy with the higher cost of living because they can cope better.  They can generate income. Many are business people or self employed where they can pass through the higher costs.

24% of Malays are unhappy with the higher cost of living obviously because they are in the lower income. The BR1M recipients. 

18% Chinese are unhappy with corruption versus only 5% of Malays because the Chinese (being the business class) suffer more corruption than the Malays (who are usually wage earners).

Only 5% of Chinese are unhappy about poor economic management (versus 10% Malays) because the Chinese are independent of the gomen. They dont care as much how the gomen manages the economy.  They can manage their own economy without the gomen. More Malays are unhappy because they depend on gomen handouts. Same with peoples' welfare.

7% Chinese are unhappy with "unfairness" (the largest number again) whereas there is no number for the Malays ?? What type of a survey is this?

Chinese want an even playing field.

Malays do not see unfairness because  the playing field is tilted in their favour.

Dont forget - in Malaysia it is always race, race, race. 
Above all else, race, race, race.