Dog Day Afternoon at the Banks

Turtle pace?

Hong Leong Bank at the SEAPARK branch has gone from bad to worse.

Today, they open only two service counters and two customers hogged them to do onerous tasks that took almost 25 minutes each. I almost grew buttress roots waiting for service!

Then it was off  to Maybank to buy some bank drafts. Not only was I shocked that they charge RM5 commission to issue per draft but worse was to come when  they insist I go home and bring my cheque book to issue a cash cheque to pay for the drafts as  they do not accept deductions from my current account.

Pre-computer times?

Jeez, what on earth has Malaysian banking come to? 

The pits! That's what!

BJFoods-Biting the Bullet?

Roasting Rights Issue?

Yes, for those who are gung-ho on taking up the BJF rights and warrants, get your cash ready to pay for this rights.

It is really one confidence game. Was it worth the risk or should you have thrown out the OR and collect 60 sen per share offer?

Per lot will cost you RM650.00. Then there is that government tax of RM10 revenue stamp and the dastardly RM5 for bank commission in issuing out the banker's cheque. This means per lot plus overheads will cast you RM665.00.

If that is not enough trouble, you have to go over to Berjaya Time Square and submit the forms before the closing date of 31 July 2012.

Given the low,low demand for BJF, sometime I do wonder what will happen when they let loose the new rights for trading?

How much will the price slump?

Or are they going to push up BJF to attract shareholders to pick up the rights?

Right now the price is just about 25 sen above the rights issue price.

Would buying excess shares be the right strategy to even the odds?

Let us see how they will distribute the excess shares if minority shareholders do not pick up their odd lot entitlements.

Pleasing the Civil Servants or kingmakers?

The election is definitely around the corner.

THE PM has just announced a half month bonus for Hari Raya ahead of Budget 2013 with a minimum payment of RM500.

Pensioners were generously  included getting a special pay-out of RM500.

Not to be outdone, the Penang State government also gave a half month bonus with a minimum pay-out of RM600.

Similarly, the Selangor government decided also to give half a month bonus with a minimum of RM500. However, they topped it up with RM200 for Muslim civil servants in their Sayang Selangor savings scheme while non-Muslims got RM200 in BSN premium saving certificates.

What a bonanza!

Have the civil servants become kingmakers?