A Stake in Sime Darby for China?Possible ?

Sime Darby Berhad, the plantation-to-power conglomerate that is one of the world’s largest palm oil companies and also with extensive interests in the Middle Kingdom.

This unprecedented step was taken recently by the Najib administration and signals a move by the government to sell down its holdings in government-linked companies (GLCs) as well as to strengthen strategic ties with certain countries by allowing them or their investment arms to hold equity in Malaysian blue-chip GLCs.

The Malaysian Insider has learnt from government sources that Prime Minister Najib discussed the plan to offer up to 10 per cent of Sime Darby for sale to China at a recent Cabinet meeting.

There was strong support for the idea, seen as a move to firm up linkages between Malaysia and the powerhouse economy.

Following the Cabinet meeting, the government informed the Chinese government officially of its intent to offer it a stake in Sime Darby. It is unclear if the targeted buyer is China’s investment agency or any particular state-owned company.

Government sources said they do not expect Sime Darby’s major shareholders — Permodalan Nasional Berhad or the Employees Provident Fund (EPF) — to sell down their stakes. Instead, it is believed Sime Darby will issue new shares.

Listed in the Bursa Malaysia, Sime Darby shares closed 3 sen higher to RM8.23 yesterday (9 September 2009).

For the diversified multinational, selling a small stake of the company to a heavy hitter investor comes at a good time for its plantations, property, industrial, motors, and energy and utilities divisions. It also has interests in health-care.

The Group recently recorded a steep 41 per cent drop in profits and analysts have been asking serious questions about whether the group should shed some of its divisions and focus more on its staple palm oil business. Having an influential Chinese company as a shareholder will be especially helpful as it tries to expand its footprint in China.

Sime Darby counts China as one of its top markets for palm oil and has significant interests in motor, industrial equipment and ports in China.

The addition of a cash-rich investor will also help Sime Darby fund the expansion of its oil palm acreage. More importantly, the strategic tie-up will give the company a much needed boost.

For Malaysia, the decision to offer a stake in its prized corporate jewel signals a willingness by the government to open up its GLCs to foreign ownership. Its banking conglomerates have gone the other way with both CIMB and Malayan Banking aggressively expanding throughout Southeast Asia.

The current Sime Darby is from an early 2007 merger of Sime Darby Berhad, Kumpulan Guthrie and Golden Hope, all units within the Permodalan Nasional Berhad group of companies.

The original Sime, Darby & Co, was established in 1910 by European businessmen William Sime and Henry Darby, to dabble in the lucrative rubber industry before diversifying to cultivating oil palm and cocoa.

I think this story is palatable even though Sime Darby has earlier on denied it.

Top Jokes from All Over

Let's have some fun, okay?

Top Joke-Anywhere

A young man went to his father one day to tell him that
he wanted to get married.

His father was happy for him. He asked his son who the
girl was, and he told him that it was Samantha, a girl from
the neighborhood.

With a sad face the old man said to his son,
''I'm sorry to say this son but I have to. The
girl you want to marry is your sister, but please don't tell your mother.''

The young man again brought three more names to his
father but ended up frustrated because the response was
still the same.

So he decides to go to his mother.
''Mom I want to get married but all the girls that
I love, dad said they are my sisters and I mustn't tell you.''

His mother smiling said to him,
''Don't worry my son, you can marry any of
those girls. You're not his son.

Top Joke in Northern Ireland

A doctor says to his patient, 'I have bad news and worse news'.
'Oh dear, what's the bad news?' asks the patient.
The doctor replies, 'You only have 24 hours to live'..
'That's terrible', said the patient. 'How can the news possibly be worse?'
The doctor replies, 'I've been trying to contact you since yesterday'.

Top Joke in UK

A woman gets on a bus with her baby.
The bus driver says: 'That's the ugliest baby that I've ever seen. Ugh!'
The woman goes to the rear of the bus and sits down, fuming.
She says to a man next to her: 'The driver just insulted me!'
The man says: 'You go right up there and tell him off, go ahead,
I'll hold your monkey for you.

Top Joke in USA

A man and a friend are playing golf one day at the ir local golf course.
One of the guys is about to chip onto the green when he sees a long funeral procession on the road next to the course. He stops in mid-swing, takes off his golf cap, closes his eyes, and bows down in prayer.
His friend says: 'Wow, that is the most thoughtful and touching thing I have ever seen.. You truly are a kind man.'
The man then replies: 'Yeah, well we were married for 35 years.'

Top Joke in Canada

When NASA first started sending up astronauts, they quickly discovered that ballpoint pens would not work in zero gravity. To combat the problem, NASA scientists spent a decade and $12 billion to develop a pen that writes in zero gravity, upside down, underwater, on almost any surface including glass and at temperatures ranging from below freezing to 300 C.

The Russians used a pencil.

Top Joke in England

Two weasels are sitting on a barstool. One starts to insult the other one.
He screams, 'I slept with your mother!'
The bar gets quiet as everyone listens to see what the other weasel will do.
The first again yells, 'I SLEPT WITH YOUR MOTHER!'
The other says, 'Go home dad you're drunk.'

Genting Rights-Intended Application

Gaming operator Genting Singapore which announced plans of a rights issue to raise 1.63 billion Singapore dollars to would use 60 percent of the funds to pursue future expansion in the leisure, hospitality and gaming sectors.The rest of the money will be set aside for working capital purposes."The rights issue will strengthen the company's financials and put us in a strong position to tap strategic opportunities," said managing director Justin Tan.

Existing Genting Singapore shareholders can subscribe for new shares at 80 cents each, which represents a discount of 32.8 percent to the company's closing price of 1.19 dollars Tuesday on the local exchange.

Genting Singapore, which has a market capitalisation of 11.5 billion dollars, is building a casino resort in the city-state's Sentosa island.

It said the 6.59-billion-dollar Resorts World at Sentosa is scheduled for a soft opening in early 2010.

PS:

RHB Research Institute Sdn Bhd has said Genting Singapore Plc’s plan to raise as much as S$1.63 billion in a rights offer will have “minimal” impact on Malaysian parent Genting.

At 9.15am on 10 September 2009, on the Bursar, the shares of Genting Bhd, advanced 1.8 per cent to RM6.99, rebounding from yesterday’s 4.2 per cent decline.

So, who has 2020 vision?

Can You Read This?

I can read it, can you?

fi yuo cna raed tihs, yuo hvae a sgtrane mnid too. Cna yuo raed tihs? Olny 55 plepoe out of 100 can.

i cdnuolt blveiee taht I cluod aulaclty uesdnatnrd waht I was rdanieg. The phaonmneal pweor of the hmuan mnid, aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it dseno't mtaetr in waht oerdr the ltteres in a wrod are, the olny iproamtnt tihng is taht the frsit and lsat ltteer be in the rghit pclae. The rset can be a taotl mses and you can sitll raed it whotuit a pboerlm. Tihs is bcuseae the huamn mni d deos not raed ervey lteter by istlef, but the wrod as a wlohe. Azanmig huh? yaeh and I awlyas tghuhot slpeling was ipmorantt! if you can raed tihs forwrad it.