Mahathir – Cashing out from Malaysia? Save MALAYSIA.

By M Nathan

Why is it that Mahathir has forced Najib to give Mirzan the gas concession from Qatar Gas and force Tenaga to buy this gas at an inflated price? Imagine buying and shipping gas all the way from Qatar to burn here in Malaysia to generate electricity? Is this not going to bankrupt TNB and Malaysia in the process. NST reported recently that TNB has no more cash. How is this possible? A monopoly company going bankrupt?

Many people saw Mirzan on  the flight to Qatar to close the deal which forces our utility giant (now crippled because of other Mahathir’s cronism ideas like take or pay for Francis Yeoh iPP) to buy this gas using Petron, the San Miguel money laundering oil company in the Philippines. Just ask Fidel Ramos, who fought against and beat Eduardo Cojango the Chairman of San Miguel, and became President. It’s a matter of time before the Phillipinos put these crooks in jail. Lets beat them to it!

PRU-13 please vote out UMNO. No matter how much anyone may think its not important, the only way to get rid of Mahathir, cronyism, corruption,
Mirzan and these crooks and put them all in jail is to vote UMNO out. Its also the only way to have cheap electricity bills and to save TNB, and as a whole
save our country Malaysia from this greedy cheating mamak.

You can also see the merger of Kencana and Sapuracrest, they are taking money out RM 500 million from a merger and getting the SC to approve it.
No where else in the world would this be allowed. Go to Sharil Sapura’s daughter’s wedding soon and you can see this mamak connection and crooks all at the wedding. Go there and BERSIHkan their unholy alliance. Throw Sharil and Mirzan, Mokhzani, Muhkriz and all these children pretending to be aristocrats when all they are are just really nothing but crooks. We need to make sure they go behind bars. All of them, cashing out of Malaysia on the pretext of being so and so. PRU-13. This time, not wait to PRU-14. Only way to get rid of Mahathir and the mamak crooks and clan – Get rid of UMNO.


Wednesday November 9, 2011

Kencana, SapuraCrest to jointly bid for contracts


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PETALING JAYA: Kencana Petroleum Bhd will jointly bid with SapuraCrest Petroleum Bhd for international engineering, procurement, construction and commissioning contracts upon completion of their merger slated for the first quarter of 2012, said Kencana group chief executive officer Datuk Mokhzani Mahathir.

“With SapuraCrest winning the contract from Petrobras, this is good for the merger. These are some the things we are hoping to do as a bigger company. To jointly bid for contracts is the whole purpose of our merger,” Mokhzani said.

SapuraCrest announced on Nov 1 that it had been awarded a US$1.4bil (RM4.4bil) contract to charter and operate three units of Pipe Laying Support
Vessels (PLSV) from Petroleo Brasileiro SA (Petrobras). It will be SapuraCrest’s maiden entry into this region.

Asked whether Kencana was preparing or investing more for capital expenditure for future international jobs, Mokhzani declined to comment.

A Nomura Research analyst said SapuraCrest was making its mark in the oil and gas arena. While the analyst remained “neutral” for now on SapuraCrest, he said this development was setting up nicely for a re-rating story. “We are positive on this development. While we are still cautious in the near term,
this provides further comfort to investors to buy into the SapuraCrest Petroleum-Kencana Petroleum merger story,” the analyst said, adding that the
original Petrobras tender had involved six vessels for a total value of about US$2bil (RM6bil).

“The award of the lion’s share of the contract, and without a tie-up with any other major installation player, signifies how far the company has come in
terms of international competitiveness since the Sapura group first became involved in 2003,” the analyst said.

He sees substantial earnings impact after the capital expenditure jump a 50% increase in normalised profit in its financial year ending Jan 31, 2012.Another analyst was less optimistic on SapuraCrest’s ability to garner good profits from this contract. This is because, based on a report by Upstream, SapuraCrest’s bid for the Petrobras contract was 9% below its closest foreign competitor.

“Nine per cent is very substantial. So I am concerned about the margin contribution of this project. Many Malaysian companies that go overseas always
go through a learning curve. To get a foothold in this project, SapuraCrest may be foregoing its margins on this project,” the analyst said.

Upstream reported that SapuraCrest had received bids from a list of Brazilian facilities that included OSX, Eisa, STX, Brasfels and Wilson &
Sons for the construction of one unit.

The report said only SapuraCrest had made a competitive offer for a single Brazilian-built vessel, with a daily charter rate of at least US$265,000.
SapuraCrest also bid to supply the two larger foreign-built vessels at US$245,000 per day 9% below the closest foreign bidder.

SapuraCrest is in the midst of merging with Kencana to form what would be the country’s largest support services provider, valued at about RM12bil.

Under the proposal, Kencana shareholders will get RM3 a share worth of Integral Key Sdn Bhd stock sand cash, while owners of SapuraCrest stocks will receive the equivalent of RM4.60 per share in shares and cash. Integral Key is the special purpose vehicle established by Mayban Ventures Sdn. Bhd.