Bursa Securities has given Ramunia Holdings Bhd an extension to July 13 to submit its regularisation plan to the authorities, the latter said in a filing with the exchange yesterday.
Last year the oil and gas concern sold off its fabrication yard and machinery to Sime Darby for RM515mil, most of which to be used for paying off creditors.
Friday, 18 March 2011
Thursday, 17 March 2011
Kelantan bantah royalti dipindah ke bahagian sivil
Kerajaan Kelantan memohon Mahkamah Tinggi Kuala Lumpur mengeluarkan perintah supaya kes tuntutan royalti minyaknya daripada Petroliam Nasional Bhd (Petronas) dipindahkan semula daripada bahagian sivil ke bahagian dagang.
Dalam afidavit yang diikrarkan oleh exconya Datuk Husam Musa sebentar tadi, beliau membantah keputusan dalam pengurusan kes pada 18 Januari di mana pihaknya kali pertama dimaklumkan tentang pemindahan itu.
Menurut Husam (kiri), beliau terkilan dengan keputusan perpindahan yang dibuat secara pentadbiran dan "tanpa pengetahuan atau persetujuannya, dan tanpa memberikan haknya untuk didengar."
Kerajaan Kelantan juga mendakwa, dalam pengetahuan mereka tiada satu pihak pun yang membuat permohonan pemindahan itu.
"Oleh yang demikian, ia merupakan suatu keputusan yang salah di sisi undang-undang dan hendaklah diperbetulkan," katanya dalam afidavit tersebut.
Dalam samannya sebelum ini, Kelantan mendakwa Petronas melanggar kontrak pembayaran wang tunai yang patut dibayar berhubung pendapatan minyak.
Dalam pernyataan tuntutan, kerajaan negeri itu antara lain memohon dikeluarkan perintah terhadap Petronas agar membuat bayaran penuh dan mendedahkan semua fakta berkaitan dengan pembayaran wang tunai yang patut dibayar kepada Kelantan, termasuk sepanjang tempoh petroleum dikeluarkan, ditemui atau diperolehi di luar pesisir Kelantan; kawasan atau blok dari tempat petroleum itu ditemui atau diperolehi; dan jumlah pembayaran wang tunai yang patut dibayar kepada Kelantan.
Manakala kerajaan persekutuan pula pada 19 Februari lalu memohon menjadi pencelah dan dinamakan sebagai defendan kedua dalam saman tersebut.
Antara alasan yang dikemukakan, kerajaan Malaysia wajar dijadikan defendan supaya semua perkara yang dipertikaikan boleh diputuskan dan dihakimi dengan berkesan dan selengkapnya.
Permohonan terbaru kerajaan Kelantan hari ini akan didengar pada 22 Mac, serentak dengan keputusan kerajaan persekutuan menjadi pencelah dalam kes itu. - Malaysiakini
Dalam afidavit yang diikrarkan oleh exconya Datuk Husam Musa sebentar tadi, beliau membantah keputusan dalam pengurusan kes pada 18 Januari di mana pihaknya kali pertama dimaklumkan tentang pemindahan itu.Menurut Husam (kiri), beliau terkilan dengan keputusan perpindahan yang dibuat secara pentadbiran dan "tanpa pengetahuan atau persetujuannya, dan tanpa memberikan haknya untuk didengar."
Kerajaan Kelantan juga mendakwa, dalam pengetahuan mereka tiada satu pihak pun yang membuat permohonan pemindahan itu.
"Oleh yang demikian, ia merupakan suatu keputusan yang salah di sisi undang-undang dan hendaklah diperbetulkan," katanya dalam afidavit tersebut.
Dalam samannya sebelum ini, Kelantan mendakwa Petronas melanggar kontrak pembayaran wang tunai yang patut dibayar berhubung pendapatan minyak.
Dalam pernyataan tuntutan, kerajaan negeri itu antara lain memohon dikeluarkan perintah terhadap Petronas agar membuat bayaran penuh dan mendedahkan semua fakta berkaitan dengan pembayaran wang tunai yang patut dibayar kepada Kelantan, termasuk sepanjang tempoh petroleum dikeluarkan, ditemui atau diperolehi di luar pesisir Kelantan; kawasan atau blok dari tempat petroleum itu ditemui atau diperolehi; dan jumlah pembayaran wang tunai yang patut dibayar kepada Kelantan.Manakala kerajaan persekutuan pula pada 19 Februari lalu memohon menjadi pencelah dan dinamakan sebagai defendan kedua dalam saman tersebut.
Antara alasan yang dikemukakan, kerajaan Malaysia wajar dijadikan defendan supaya semua perkara yang dipertikaikan boleh diputuskan dan dihakimi dengan berkesan dan selengkapnya.
Permohonan terbaru kerajaan Kelantan hari ini akan didengar pada 22 Mac, serentak dengan keputusan kerajaan persekutuan menjadi pencelah dalam kes itu. - Malaysiakini
Monday, 14 March 2011
South Sudan, Malaysia’s Petronas sign oil agreement
The Energy and Mining ministry in the southern government and Petroliam Nasional Berhad (PETRONAS), a Malaysian-owned oil and gas company, on Friday signed a two-year memorandum of understanding (MoU) aimed at boosting mutual cooperation between the two parties.
The MoU, signed in Juba, South Sudan’s capital, outlines the overall principles of cooperation in the oil and gas sector between the government and the Malaysian oil giants, creating an avenue exploiting existing business opportunities in the two regions.
In addition, the agreement further creates a platform for the two parties to set up frameworks for sharing of experiences and expertise in the management of petroleum resources through capability building and other training programs.
Dato Wee Yiaw, PETONAS’s Executive vice president in charge of exploration and production business lauded the initiative, pledging his company’s commitment to fulfill its obligation of developing the oil and gas industry in the semi-autonomous region.
Garang Diing Akuong, South Sudan’s Minister for Energy and Mining remained optimistic that the two-year agreement will promote greater co-operation between the two parties, citing sharing of mutual interests as paramount.
“We believe this important document signed between the two parties will provide an avenue for strong cooperation between GOSS [Government of South Sudan] and PETRONAS,” the minister said amidst applause.
The southern government, the minister further revealed, plans to enter into agreements with all oil companies currently operating in the region prior to the country’s July 09 independence declaration.
In January 2008, Petronas, got permission from south Sudan’s government to begin oil exploration in block 5B, after agreeing to let Moldova’s Ascom Group keep part of the concession, an official said.
Following the signing of the Comprehensive Peace Agreement in 2005 peace deal, the Sudanese government Party mediated the conflicts of interest and in July last year agreed Petronas could keep its share in Block 5B provided it allowed Ascom, already working in the area, a share in the venture.
Block 5B, which lies partly in the swampy Jonglei state and covering more than 20,000 square km (7,723 sq miles), is operated by the consortium WNPOC (White Nile Petroleum Operating Company) led by Petronas and including India’s ONGC Videsh , Sudan’s state-owned Sudapet and Nilepet and Sweden’s Lundin Petroleum .
Founded on August 14, 1974, PETRONAS is wholly owned by the Malaysian government. Since its incorporation, the company has reportedly grown to be an integrated international oil and gas company with business interests in 35 countries.
In March 2005, according, the PETRONAS Group comprised 103 wholly owned subsidiaries, 19 partly owned outfits and 57 associated companies. The Malaysia oil and gas company was ranked among Fortune Global 500’s largest company in the world. It also ranked PETRONAS as the 13th most profitable company in the world and most profitable in Asia.
The MoU, signed in Juba, South Sudan’s capital, outlines the overall principles of cooperation in the oil and gas sector between the government and the Malaysian oil giants, creating an avenue exploiting existing business opportunities in the two regions.
In addition, the agreement further creates a platform for the two parties to set up frameworks for sharing of experiences and expertise in the management of petroleum resources through capability building and other training programs.
Dato Wee Yiaw, PETONAS’s Executive vice president in charge of exploration and production business lauded the initiative, pledging his company’s commitment to fulfill its obligation of developing the oil and gas industry in the semi-autonomous region.
Garang Diing Akuong, South Sudan’s Minister for Energy and Mining remained optimistic that the two-year agreement will promote greater co-operation between the two parties, citing sharing of mutual interests as paramount.
“We believe this important document signed between the two parties will provide an avenue for strong cooperation between GOSS [Government of South Sudan] and PETRONAS,” the minister said amidst applause.
The southern government, the minister further revealed, plans to enter into agreements with all oil companies currently operating in the region prior to the country’s July 09 independence declaration.
In January 2008, Petronas, got permission from south Sudan’s government to begin oil exploration in block 5B, after agreeing to let Moldova’s Ascom Group keep part of the concession, an official said.
Following the signing of the Comprehensive Peace Agreement in 2005 peace deal, the Sudanese government Party mediated the conflicts of interest and in July last year agreed Petronas could keep its share in Block 5B provided it allowed Ascom, already working in the area, a share in the venture.
Block 5B, which lies partly in the swampy Jonglei state and covering more than 20,000 square km (7,723 sq miles), is operated by the consortium WNPOC (White Nile Petroleum Operating Company) led by Petronas and including India’s ONGC Videsh , Sudan’s state-owned Sudapet and Nilepet and Sweden’s Lundin Petroleum .
Founded on August 14, 1974, PETRONAS is wholly owned by the Malaysian government. Since its incorporation, the company has reportedly grown to be an integrated international oil and gas company with business interests in 35 countries.
In March 2005, according, the PETRONAS Group comprised 103 wholly owned subsidiaries, 19 partly owned outfits and 57 associated companies. The Malaysia oil and gas company was ranked among Fortune Global 500’s largest company in the world. It also ranked PETRONAS as the 13th most profitable company in the world and most profitable in Asia.
Saturday, 12 March 2011
'Jika selamat, mengapa tak bina di Perth'
Katanya, jika benar pusat bernilai RM700 juta yang dibina oleh sebuah syarikat Australia, Lynas Corp didakwa tidak akan memberi kesan kepada kesihatan penduduk, mengapa bahan sisa perlu diproses di negara ini.
“Malangnya Pengarah Lembaga Perlesenan Tenaga Atom Malaysia, Raja Abdul Aziz Raja Adnan mengatakan kesan radiasinya rendah dan selamat.
“Persoalannya, jika proses menapis tanah jarang ini tidak memberi kesan kepada kesihatan penduduk, kenapa ia dilombong di Mount Weld Australia dan tidak sahaja ia diproses di Perth Australia?
“Kenapa perlu pindahkan ke Gebeng, Kuantan melepasi 2500 km jauh jaraknya?” soalnya dalam satu kenyataan media.
Pembinaan pusat pemprosesan tanah jarang yang paling besar di dunia dilaporkan beberapa hari lalu oleh akhbar harian Amerika, the New York Times (NYT) yang memetik beberapa pakar yang melahirkan kebimbangan berhubung sisa radioaktif yang bakal dihasilkan .
“Penduduk sekitar daerah Kuantan dan Gebeng sekali lagi terdedah kepada ancaman sisa radioaktif yang bakal terhasil... Saya melihat projek seperti ini sangat mengundang risiko kepada tahap kesihatan masyarakat kita kerana Pusat Industri Gebeng letaknya berhampiran dengan taman perumahan penduduk.
“Sisa buang yang akan tersalur ke sungai akan memberi kesan radioaktif kepada masyarakat. Apakah seluas-luas gurun di Australia tidak mencukupi untuk membina kilang seperti ini jika ia benar-benar didakwa selamat?” soal Nasrudin.
Menurutnya, kilang serupa pernah cuba dibina di Bukit Merah, Perak pada sekitar tahun 1982 hingga 1987. Namun ia mendapat bantahan hebat dari pelbagai pihak kerana ia memberi kesan buruk kepada kesihatan penduduk seperti kanser, leukemia dan kecacatan.
“Malah ada yang meninggal dunia. Sekarang mereka membinanya pula di Pusat Industri Gebeng Kuantan, Pahang yang letaknya tidak jauh dari kawasan penempatan awam yang besar di daerah Balok , Beserah dan Pelindung,” katanya.
Nasrudin kemudian menyenaraikan semula kronologi penetangan Asian Rare Earth (ARE) di Bukit Merah, Ipoh sehingga penutupannya pada 19 Januari, 1994.
Berikut disiarkan kronologi penuh berkenaan:
1979
November: Syarikat Asian Rare Earth (ARE) dibentuk untuk mengekstrak itrium ( sejenis unsur nadir bumi) daripada monazit. Pemegang saham utamanya ialah Mitsubishi Chemical Industries Ltd (35 peratus), Beh Minerals (35 peratus), Lembaga Urusan dan Tabung Haji (20 peratus) dan beberapa peniaga bumiputera (10 peratus).
Pihak ARE telah mendapatkan pandangan dari Pusat Penyelidikan Atom Tun Dr Ismail (Puspati), Kementerian Sains, Teknologi dan Alam Sekitar mengenai sisa buangan radioaktif yang dihasilkan melalui pemerosesan monazit. Adalah diputuskan, sisa buangan itu yang menjadi milik kerajaan Negeri Perak akan disimpan kerana berpotensi sebagai sumber tenaga nuklear.
1982
Jun: Penduduk Parit, Perak mendapat tahu kerajaan telah memilih kawasan seluas sembilan ekar, kira-kira 6 kilometer penempatan mereka untuk dijadikan tapak penimbunan sisa radioaktif syarikat ARE.
30 Jun: Berikutan bantahan hebat daripada jawatankuasa penduduk serta lain-lain pertubuhan politik dan sosial, kerajaan membatalkan cadangan itu dan kemudian mula mencari tapak baru.
11 Julai: Kilang ARE mula beroperasi di KM 7.2, Jalan Lahat di Bukit Merah.
1983
November: Penduduk Papan (kira-kira 16 km dari Ipoh) mendapat tahu ARE sedang mengorek lubang berhampiran tempat kediaman mereka untuk dijadikan tapak buangan sisa radioaktif. Tapak itu merupakan pilihan kerajaan
1984
24 Mei: Kira-kira 6,700 penduduk Papan dan pekan-pekan yang berhampiran menandatangani satu surat bantahan dan menghantarnya kepada Perdana Menteri, Menteri Besar Perak, Menteri Kesihatan serta Menteri Sains, Teknologi dan Alam Sekitar.
31 Mei: Seramai 200 penduduk Papan membantah tapak pembuangan yang dicadangkan. Mereka menyekat jalan yang menuju ke tapak itu.
5 Jun: Perdana Menteri berkata, kerajaan telah mengambil segala langkah berjaga-jaga untuk memastikan keselamatannya dan menegaskan pembinaan tapak buangan radioaktif di Papan akan diteruskan.
18 Jun: Kira-kira 300 penduduk Papan sekali lagi mengadakan tunjuk perasaan sebagai membantah tapak buangan yang dicadangkan.
28 Jun: Menteri Sains, Teknologi dan Alam Sekitar, Datuk Amar Stephen Yong berkata, tapak buangan Papan adalah selamat kerana dibina mengikut piawaian yang ketat. Beliau mencabar pengkritik supaya membuktikan tapak itu boleh mengancam kesihatan dan alam sekitar. Sementara itu, ARE meneruskan operasinya dengan menimbun sisa torium di sebuah kawasan terbuka dan kolam berhampiran kilang itu.
1 Julai: Kira-kira 3,000 penduduk termasuk wanita dan kanak-kanak mengadakan tunjuk perasaan secara aman sebagai membantah tapak buangan tersebut.
4 Julai: Seramai 2,000 orang penduduk terus mengadakan tunjuk perasaan meskipun Ketua Polis Perak memberi arahan supaya bersurai.
18 Julai: Pembentukan Jawatankuasa Bertindak Bukit Merah, terdiri daripada penduduk Bukit Merah, Lahat, Menglembu dan Taman Badri Shah, sebagai tanda sokongan kepada penduduk Papan.
Sahabat Alam Malaysia (SAM) menghantar satu memorandum kepada Perdana Menteri memaklumkan paras radiasi yang tinggi telah dikesan dikawasan kolam terbuka berhampiran kilang ARE di Bukit Merah.
Satu bacaan yang dicatat oleh pegawai-pegawai SAM sewaktu berkunjung ke situ ialah 43,800 milirem/tahun. Paras ini melebihi 88 kali paras maksimum yang ditetapkan oleh Suruhanjaya Antarabangsa bagi Perlindungan Radiologi (ICRP) untuk orang ramai.
29 Ogos: Michael O 'Riordan dari Lembaga Perlindungan Radiologi Kebangsaan British dijemput oleh kerajaan untuk memeriksa tapak buangan toksik di Papan.
19 September: Sekumpulan tiga orang dari Agensi Tenaga Atom Antarabangsa (IAEA) Pertubuhan Bangsa-bangsa Bersatu mengunjugi tapak buangan di Papan atas jemputan kerajaan Malaysia. Mereka mengisytiharkan tapak buangan itu tidak selamat.
5 Oktober: Dr William Cannell, seorang ahli fizik dan penganalisis kesihatan menerima jemputan penduduk Papan untuk melawat tapak buangan tersebut. Hasil pemerhatian beliau mendapati kerja-kerja kejuruteraan yang dijalankan oleh syarikat terbabit sangat buruk.
21 Oktober: Seorang pakar dari Amerika dan bekas ahli jawatankuasa Akademi Sains Kebangsaan Amerika bagi kesan-kesan Biologi Radiasi Mengion (BEIR), Dr Edward Radford, atas jemputan penduduk Papan, membuat tinjauan di tapak buangan sisa itu.
Beliau dapati tapak itu tidak sesuai sementara lubang-lubang yang digali mempunyai dinding yang nipis atau sudah merekah.
7 November: Seorang pakar buangan sisa industri dari Jepun, Dr Jun Ui, menerima jemputan penduduk Papan untuk memeriksa tapak buangan ARE. Beliau juga mendapati tapak itu tidak sesuai dijadikan kawasan penimbunan sisa berbahaya.
28 November: Kabinet membincangkan laporan-laporan yang diserahkan oleh dua badan kawalan. Laporan yang dikemukan oleh Lembaga Perlindungan Radiologi Kebangsaan British (NRPB) berkata, penduduk hanya akan selamat jika faktor-faktor tertentu diberi perhatian oleh kerajaan Perak dan syarikat ARE. Laporan kedua oleh IAEA pula berkata, lubang-lubang yang dibina tidak memenuhi syarat-syarat yang ditetapkan.
9 Disember: Lebih 1,500 penduduk di Papan mengadakan mogok lapar selama sehari sebagai membantah keputusan kerajaan untuk meneruskan rancangan menempatkan tapak buangan sisa di Papan.
Penduduk Bukit Merah membawa masuk seorang pakar radiasi dan genetik dari Jepun, Profesor Sadao Ichikawa untuk mengukur paras radiasi di kawasan terbuka dan kolam berhampiran kilang ARE. Beliau dapati paras radiasi di situ terlalu tinggi malah paras tertinggi yang dicatatkan melebihi 800 kali paras yang dibenarkan.
12 Disember: Timbalan Perdana Menteri, Datuk Musa Hitam menunjukkan minat secara peribadi terhadap perkembangan isu Papan ini. Beliau mengunjungi tapak buangan tersebut.
1985
11 Januari: Selepas mesyuarat kabinet yang dipengerusikan oleh Timbalan Perdana Menteri ketika itu, Datuk Musa Hitam, kerajaan mengambil keputusan memindahkan tapak buangan sisa ke Mukim Belanja di Banjaran Kledang yang terletak kira-kira 5 km dari Papan dan 3 km dari Menglembu.
1 Februari: Lapan orang penduduk, bagi pihak diri mereka sendiri dan penduduk Bukit Merah membuat satu permohonan di Mahkamah Tinggi Ipoh menahan ARE daripada mengeluar, menyimpan atau menimbun sisa radioaktif di sekitar kampung tersebut.
Akta Perlesenan Tenaga Atom 1984 dikuatkuasakan. Ia memastikan pengendali bahagian pemasangan nuklear (termasuk kerajaan) bertanggungjawab terhadap ancaman nuklear.
Lima ahli Lembaga Perlesenan Tenaga Atom (AELB) dibentuk di bawah Akta itu, dengan perwakilan dari Puspati, Kementerian Kesihatan serta Kementerian Sains, Teknologi dan Alam Sekitar.
14 Oktober: Hakim Anuar Datuk Zainal Abidin di Mahkamah Tinggi Ipoh memberikan kepada penduduk Bukit Merah perintah menahan dan menghentikan ARE daripada mengeluar dan menimbun bahan sisa radioaktif sehingga langkah-langkah keselamatan yang secukupnya diambil.
Lebih daripada 1,500 penduduk Bukit Merah hadir di mahkamah untuk mendengar keputusan itu.
1986
22 September: ARE mendakwa ia telah membelanjakan lebih RM2 juta untuk meningkatkan langkah-langkah keselamatan (sepertimana yang dikehendaki oleh perintah mahkamah), diikuti oleh piawaian IAEA.
Ia menjemput pakar tenaga atom dari Amerika, Dr E.E. Fowler (Bekas kakitangan IAEA) untuk mengunjungi kilang berkenaan. Menurut beliau, paras radiasi berhampiran kawasan pembuangan yang disediakan oleh ARE memenuhi piawaian ICRP dan beliau dapati kilang itu selamat untuk beroperasi.
5 Oktober: Kira-kira 3,000 penduduk Bukit Merah dan kawasan sekitarnya mengadakan tunjuk perasaan terhadap rancangan ARE untuk menimbun sisa radioaktif di tapak kekalnya di Banjaran Kledang.
28 Oktober: Profesor Sadao Ichikawa dalam kunjungan kali keduanya ke Bukit Merah mendapati paras radiasi di sekitar kilang ARE masih melebihi paras yang dibenarkan. Beliau dilarang masuk ke dalam kilang itu.
16 November: Sekumpulan penyiasat dari AELB memeriksa beberapa buah tapak buangan sisa torium yang dilonggokkan secara haram di Bukit Merah. Mereka dibantu oleh bekas kontraktor ARE, Ng Toong Foo yang pernah membuang sisa di situ.
Bacaan di salah sebuah tapak ialah 0.05 – 0.10 milirem/jam (iaitu 438 - 876 milirem/tahun) melebihi paras keselamatan maksimum 0.057 milirem/jam yang ditetapkan oleh ICRP.
26 November: Perwakilan dari tujuh kawasan (Bukit Merah, Lahat, Taman Badri Shah, Menglembu, Papan, Falim dan Guntong) membentuk sebuah jawatankuasa Anti-Radioaktif Perak (PARC).
8 Disember: Menteri di Jabatan Perdana Menteri, Encik Kasitah Gadam berkata hasil pemeriksaan AELB di dua tapak buangan haram Bukit Merah mendapati paras radiasi di situ adalah selamat.
Menurutnya, sungguhpun AELB mendapati paras radiasi di situ melebihi paras normal, ini tidak membahayakan kerana tapak-tapak itu sangat sedikit bilangannya.
1987
6 Februari: Tanpa mempedulikan perintah Mahkamah Tinggi Ipoh kepada ARE supaya menghentikan operasi, AELB Malaysia memberikan lesen kepada ARE supaya meneruskan operasinya.
10 April: PARC menjemput 14 pakar asing untuk datang ke Bukit Merah-pengasas-pengasas Institut Antarabangsa bagi Kepentingan Awam di Kanada, Dr Rosalie Bertell; Setiausaha Pusat Keselamatan Industri dan Kepentingan Alam Sekitar di India, V.T. Pathmanaban; dan Presiden Institut Kesihatan dan Tenaga di Amerika Syarikat, Kathleen Tucker merupakan antara mereka yang dilarang memasuki kawasan ARE.
Dalam satu forum yang berlangsung di Bukit Merah, pakar-pakar itu membuat kesimpulan bahawa ARE mendedahkan pelbagai ancaman kesihatan yang serius.
12 April: Kira-kira 10,000 orang penduduk berarak di Bukit Merah sebagai membantah operasi yang dijalankan semula oleh ARE.
24 Mei: Kira-kira 300 orang penduduk diperintahkan bersurai oleh anggota Unit Simpanan Persekutuan (FRU) berhampiran ARE.
Lebih 20 orang, termasuk tiga wanita mengalami kecederaan dalam dua pertelingkahan pada hari itu. Seramai 60 orang ditahan oleh pihak polis. Semua kecuali enam dibebaskan kemudian selepas disoal-siasat.
Keenam-enam pemuda itu dibebaskan seminggu kemudian di mana pihak polis tidak mengenakan sebarang tuduhan. Penduduk menghalang kerja-kerja membina jalan yang menuju ke tapak buangan kekal di Banjaran Kledang yang dicadangkan.
23 Julai: Seorang doktor Kanada, Bernie Lau, diupah oleh PARC untuk meletakkan alat pengesan gas radon di luar kilang ARE. Beliau berjaya mengesan sejumlah gas radon dibebaskan daripada kilang itu.
Terdahulu dari itu, Menteri Sains, Teknologi dan Alam Sekitar Datuk Amar Stephen Yong berkata, kerajaan berpuas hati dengan laporan penilaian kesan alam sekitar bagi tapak buangan kekal yang dicadangkan itu. Penilaian itu dijalankan oleh ARE bersama beberapa orang pegawai Kementerian.
7 September: Perbicaraan saman yang dikemukakan oleh lapan orang penduduk Bukit Merah terhadap ARE bermula di hadapan Hakim Peh Swee Chin di Mahkamah Tinggi Ipoh.
Sebagai mengetengahkan nasib mereka, para penyokong PARC berjalan sejauh 8 km dari Bukit Merah ke Ipoh. Polis menyuraikan tunjuk perasaan mereka berhampiran Menglembu. Sembilan orang ditahan tetapi dibebaskan setelah diikat jamin. Kira-kira 1,000 orang hadir di mahkamah sebagai menunjukkan sokongan mereka.
11 September: Para penduduk berarak dari Bukit Merah ke Mahkamah Tinggi Ipoh pada hari terakhir perbicaraan. Jumlah mereka yang hadir dianggarkan 3,000 orang.
18 Spetember: Penduduk Bukit Merah mengemukakan permohonan perbicaraan kerana menghina mahkamah terhadap ARE memandangkan ia melanggar perintah menahan operasi yang diberikan oleh Mahkamah Tinggi Ipoh kepada mereka pada tahun 1985.
27 Oktober: Lebih 100 orang yang ditahan di bawah Akta Keselamatan Dalam Negeri (ISA). Di antaranya termasuklah pengerusi PARC, Hew Yoon Tat; timbalannya, Hiew Yew Lan; (bekas) setiausaha PARC, Lee Koon Bun; ahli jawatankuasa, Phang Kooi Yau dan peguam Pengguna Pulau Pinang (CAP) yang mewakili plaintif Bukit Merah, Meenakshi Raman. Merek dibebaskan selepas dua bulan.
November: ARE mula membina tapak buangan kekal sisa toksik di Banjaran Kledang.
1988
25 Januari: Perbicaraan disambung semula.
1990
13 Februari: Perbicaraan tamat selepas berlansung selama 65 hari dan berlanjutan lebih 32 bulan.
1992
11 Julai: Penduduk Bukit Merah memenangi kes saman terhadap ARE. Mahkamah mengarahkan penutupan kilang ARE dalam tempoh 14 hari. Pihak ARE pula mengumumkan ia akan membuat rayuan di Mahkamah Agung.
23 Julai: ARE mengemukan rayuan di Mahkamah Agung berhubung perintah Mahkamah Tinggi Ipoh supaya operasinya dihentikan. Pengerusi PARC Hew Yoon Tat dan salah seorang plaintif dalam saman terhadap ARE, Lau Fong Fatt menemui kakitangan atasan Mitsubishi Chemical di Jepun. Mereka diberitahu ARE mengemukan rayuan tanpa kebenaran syarikat itu.
24 Julai: Berikutan permohonan ex-parte oleh ARE, Hakim Besar Mahkamah Agung menahan (sehingga perintah selanjutnya) perintah Mahkamah Tinggi Ipoh kepada ARE supaya menghentikan operasinya.
3 Ogos: Lebih 2,000 orang dari Bukit Merah hadir di Mahkamah Agung untuk mendengar rayuan ARE terhadap perintah Mahkamah Tinggi Ipoh yang menggantung operasinya. Bagaimanapun, hakim-hakim Mahkamah Agung Menangguhkan perbicaraan kepada 5 Ogos kerana 'tekanan oleh mereka yang berpiket di luar mahkamah.'
5 Ogos: Mahkamah Agung membenarkan permohonan ARE untuk menolak perintah Mahkamah Tinggi yang meminta ARE menghentikan operasinya berikutan rayuan syarikat berkenaan. Menurut hakim-hakim itu, penutupan tersebut akan menyulitkan kilang dan 183 pekerjanya.
1993
15 Mac: Perbicaraan rayuan yang dikemukan oleh ARE di Mahkamah Agung ditangguhkan pada 7 Jun.
7 Jun: Perbicaraan mendengar rayuan ARE sekali lagi ditangguhkan ke satu tarikh yang akan diberitahu kelak.
1994
19 Januari: Pengumuman syarikat ARE untuk menghentikan operasi.
Malaysia Kini
Friday, 11 March 2011
Kebimbangan radiasi menular di Gebeng
Pekan industri Gebeng berhampiran Kuantan bakal menyaksikan pusat pemprosesan tanah jarang (rare earth) yang paling besar di dunia, menurut laporan akhbar harian Amerika, the New York Times (NYT).
Menurut beberapa pakar yang dipetik dalam laporan itu, kebimbangan mula timbul berhubung sisa radioaktif yang bakal dihasilkan selepas projek itu beroperasi.
Pusat penapiasan bernilai RM700 juta itu sedang dibina oleh syarikat Australia, Lynas Corp. Mereka akan menghantar tanah jarang yang dilombong di barat negara itu di Mount Weld dengan kapal.
Ini adalah percubaan kedua Malaysia dalam penapisan tanah jarang, kali pertama menimbulkan kontroversi dan bantahan apabila ia cuba didirikan di Bukit Merah, Perak pada sekitar 1980an.
NYT memetik pengarah Lembaga Perlesenan Tenaga Atom Malaysia, Raja Abdul Aziz Raja Adnan sebagai berkata kelulusan diberikan kepada projek Lynas selepas melalui penilaian oleh pelbagai agensi kerajaan.
Katanya, bijih yang diimport dan sisa tanah itu akan mempunyai tahap radiasi yang rendah dan mampu dikendalikan dengan selamat.
“Kami telah mempunyai pengalaman dan tiada sesiapa yang akan diberikan sebarang kebebasan,” kata Raja Adnan yang merujuk kepada Bukit Merah.
Namun bagi seorang pengamal perubatan dan ahli toksilogi, Dr Jayabalan A Thambyappa, yang pernah merawat beberapa pesakit di Bukit Merah, beliau kurang yakin dengan kenyataan itu.
“Perkataan 'rendah' adalah semata-mata persepsi - ia adalah karsinogen,” katanya kepada NYT.
Di sebalik kebimbangan itu, kerajaan Malaysia cukup cenderung agar pusat pemprsosesan Lynas itu dibina dan telah menawarkan taraf perintis selama 12 tahun.
http://www.malaysiakini.com/news/158170
Related articles :
Malaysia Gambles on Processing Rare Earths - NYTimes.com
Kuantan MP to fight rare earth plant in two parliaments - The Malaysian Insider
Menurut beberapa pakar yang dipetik dalam laporan itu, kebimbangan mula timbul berhubung sisa radioaktif yang bakal dihasilkan selepas projek itu beroperasi.Pusat penapiasan bernilai RM700 juta itu sedang dibina oleh syarikat Australia, Lynas Corp. Mereka akan menghantar tanah jarang yang dilombong di barat negara itu di Mount Weld dengan kapal.
Ini adalah percubaan kedua Malaysia dalam penapisan tanah jarang, kali pertama menimbulkan kontroversi dan bantahan apabila ia cuba didirikan di Bukit Merah, Perak pada sekitar 1980an.
NYT memetik pengarah Lembaga Perlesenan Tenaga Atom Malaysia, Raja Abdul Aziz Raja Adnan sebagai berkata kelulusan diberikan kepada projek Lynas selepas melalui penilaian oleh pelbagai agensi kerajaan.Katanya, bijih yang diimport dan sisa tanah itu akan mempunyai tahap radiasi yang rendah dan mampu dikendalikan dengan selamat.
“Kami telah mempunyai pengalaman dan tiada sesiapa yang akan diberikan sebarang kebebasan,” kata Raja Adnan yang merujuk kepada Bukit Merah.
Namun bagi seorang pengamal perubatan dan ahli toksilogi, Dr Jayabalan A Thambyappa, yang pernah merawat beberapa pesakit di Bukit Merah, beliau kurang yakin dengan kenyataan itu.“Perkataan 'rendah' adalah semata-mata persepsi - ia adalah karsinogen,” katanya kepada NYT.
Di sebalik kebimbangan itu, kerajaan Malaysia cukup cenderung agar pusat pemprsosesan Lynas itu dibina dan telah menawarkan taraf perintis selama 12 tahun.
http://www.malaysiakini.com/news/158170
Related articles :
Malaysia Gambles on Processing Rare Earths - NYTimes.com
Kuantan MP to fight rare earth plant in two parliaments - The Malaysian Insider
Thursday, 10 March 2011
Petronas profit rises, but Capex spending looms
Malaysian state-owned oil and gas company Petroliam Nasional Bhd.'s fiscal third-quarter net profit rose 74 percent from a year earlier helped by higher oil prices and one-time gains, and said crude oil prices are likely to remain above $100 per barrel over the next couple of months.
The company, however, said it will face challenges ahead as many of its oil and gas producing assets in the country average between 19 years and 28 years in age, which will require large amounts of capital spending as it attempts to replace and refurbish them.
Chief Executive Shamsul Azhar Abbas said Wednesday, "The next five years will be all about capex," adding that the company is targeting capital expenditure spending of 50 billion to 55 billion Malaysian ringgit, or about $16.5 billion to $18.1 billion, annually over the next five years.
Crude oil prices have been on an upswing recently hurt by the expectation of disruption in supplies as the political conflict in the Middle East and North Africa threatens to spread to neighboring large oil producing nations. Shamsul said the impact of easy money policies in the US on risk sentiment and the US dollar is expected to support crude oil prices together with growing demand by emerging economies.
For the quarter ended Dec. 31, the company�known as Petronas�said net profit rose to 21.21 billion ringgit compared with 12.19 billion ringgit a year earlier, while revenue rose 12 percent to 60.04 billion ringgit from 53.44 billion ringgit.
The company had one-time gains amounting to 9.3 billion ringgit from the listing of two of its units during the third quarter. Petronas Chemicals Group Bhd. made its debut in November raising 12.8 billion ringgit, while Malaysia Marine & Heavy Engineering Holdings Bhd. had its listing in late October raising about $645 million.
Shamsul said the company benefited from higher crude oil prices during the quarter, but the strengthening ringgit against the US dollar has hurt profitability.
Malaysia's most profitable company said third quarter earnings before interest, tax, depreciation and amortization was up 4.6 percent at 24.9 billion ringgit, excluding the impact of the one-time gain.
Shamsul also said the company is on track to meet its fiscal year 2011 pretax profit target of 80 billion ringgit, excluding the one-off gains. He expects the fourth quarter to be "strong" on the back of higher oil prices.
Nymex crude-oil prices for April delivery straddled the psychologically-important $100 a barrel level in electronic trading on fears of a prolonged conflict between forces supporting and opposing Libyan ruler Col. Moammar Gadhafi. The front-month futures contract was at $99.48 a barrel, down 15 cents from their close in New York overnight; the contract rose as high as $100.64 earlier in the day on Globex.
In the quarter just ended, Petronas produced 2.13 million barrels of oil equivalent a day, down from 2.18 million a year earlier. Crude oil and condensates accounted for 875,000 barrels, down 4.6 percent on year, and natural gas fell slightly to 1.25 million from 1.26 million.
The decline in production of crude oil and condensates was mainly caused by adverse reservoir performance and natural field depletion, Petronas said.
Unlisted Petronas controls several listed units such as shipping firm MISC Bhd., gasoline-station operator Petronas Dagangan Bhd. and gas distributor Petronas Gas Bhd.
Petronas Vice President Finance George Ratilal said the company paid 30 billion ringgit in dividends to the government for the nine-months ended Dec. 31. Shamsul said, given the need for high capital spending going forward it will be difficult for the company to sustain high dividend payout.
Ratilal also said the company's balance sheet remains strong with total assets rising 4.8 percent to 430.5 billion ringgit as of Dec. 31, compared with 410.9 billion ringgit as at the end of March 2010. The group's total debt to total assets is at 0.11 times as of the end of December, down from 0.13 times as of the end of March 2010.
The company, however, said it will face challenges ahead as many of its oil and gas producing assets in the country average between 19 years and 28 years in age, which will require large amounts of capital spending as it attempts to replace and refurbish them.
Chief Executive Shamsul Azhar Abbas said Wednesday, "The next five years will be all about capex," adding that the company is targeting capital expenditure spending of 50 billion to 55 billion Malaysian ringgit, or about $16.5 billion to $18.1 billion, annually over the next five years.
Crude oil prices have been on an upswing recently hurt by the expectation of disruption in supplies as the political conflict in the Middle East and North Africa threatens to spread to neighboring large oil producing nations. Shamsul said the impact of easy money policies in the US on risk sentiment and the US dollar is expected to support crude oil prices together with growing demand by emerging economies.
For the quarter ended Dec. 31, the company�known as Petronas�said net profit rose to 21.21 billion ringgit compared with 12.19 billion ringgit a year earlier, while revenue rose 12 percent to 60.04 billion ringgit from 53.44 billion ringgit.
The company had one-time gains amounting to 9.3 billion ringgit from the listing of two of its units during the third quarter. Petronas Chemicals Group Bhd. made its debut in November raising 12.8 billion ringgit, while Malaysia Marine & Heavy Engineering Holdings Bhd. had its listing in late October raising about $645 million.
Shamsul said the company benefited from higher crude oil prices during the quarter, but the strengthening ringgit against the US dollar has hurt profitability.
Malaysia's most profitable company said third quarter earnings before interest, tax, depreciation and amortization was up 4.6 percent at 24.9 billion ringgit, excluding the impact of the one-time gain.
Shamsul also said the company is on track to meet its fiscal year 2011 pretax profit target of 80 billion ringgit, excluding the one-off gains. He expects the fourth quarter to be "strong" on the back of higher oil prices.
Nymex crude-oil prices for April delivery straddled the psychologically-important $100 a barrel level in electronic trading on fears of a prolonged conflict between forces supporting and opposing Libyan ruler Col. Moammar Gadhafi. The front-month futures contract was at $99.48 a barrel, down 15 cents from their close in New York overnight; the contract rose as high as $100.64 earlier in the day on Globex.
In the quarter just ended, Petronas produced 2.13 million barrels of oil equivalent a day, down from 2.18 million a year earlier. Crude oil and condensates accounted for 875,000 barrels, down 4.6 percent on year, and natural gas fell slightly to 1.25 million from 1.26 million.
The decline in production of crude oil and condensates was mainly caused by adverse reservoir performance and natural field depletion, Petronas said.
Unlisted Petronas controls several listed units such as shipping firm MISC Bhd., gasoline-station operator Petronas Dagangan Bhd. and gas distributor Petronas Gas Bhd.
Petronas Vice President Finance George Ratilal said the company paid 30 billion ringgit in dividends to the government for the nine-months ended Dec. 31. Shamsul said, given the need for high capital spending going forward it will be difficult for the company to sustain high dividend payout.
Ratilal also said the company's balance sheet remains strong with total assets rising 4.8 percent to 430.5 billion ringgit as of Dec. 31, compared with 410.9 billion ringgit as at the end of March 2010. The group's total debt to total assets is at 0.11 times as of the end of December, down from 0.13 times as of the end of March 2010.
Wednesday, 9 March 2011
Petronas plans $91 bln capex over 5yrs; warns about volatile oil
* Capex focus on replacing ageing assets-Petronas CEO
* Carrying out studies on uncoventional oil and gas
* Crude oil to stay above $100 for next two months (Adds details, quotes and background)
By Niki Koswanage and Julie Goh
KUALA LUMPUR, March 2 (Reuters) - Malaysia's Petronas could spend up to 275 billion ringgit ($90.6 billion) over the next five years as the state oil giant seeks to boost its stable of high-yielding oil assets and secure profit growth, its chief said on Wednesday.
Petronas joins firms such as ExxonMobil in planning to raise capital expenditure, spurred by high crude prices and energy demand recovering with the global economy, even as it warned about volatile oil that could stay above $100 on the Middle East turmoil and its impact on inflation.
Annual capital spending of the company, which manages Malaysia's energy reserves, will range from 50 billion ringgit to 55 billion ringgit over the next five years, up from 40 billion ringgit in the current fiscal year, Petronas Chief Executive Shamsul Azhar told reporters on Wednesday.
"If we do not grow, we will become irrelevant," Shamsul told reporters after announcing the firm's strong third-quarter results. "For the next five years, our capital expenditure is going to be higher. All those ageing assets need to replaced."
As a result, the firm's dividend payouts to the government may not increase from the 30 billion ringgit level despite higher oil prices, Shamsul said, signalling Petronas was racing to keep up with other oil majors in terms of capital outlays.
In the year to March 2010 it kicked in 57.6 billion ringgit to federal revenues in terms of dividends and taxes. It's debt is more highly rated than the sovereign state, leading analysts to dub Malaysia as a "subsidiary of Petronas."
* Carrying out studies on uncoventional oil and gas
* Crude oil to stay above $100 for next two months (Adds details, quotes and background)
By Niki Koswanage and Julie Goh
KUALA LUMPUR, March 2 (Reuters) - Malaysia's Petronas could spend up to 275 billion ringgit ($90.6 billion) over the next five years as the state oil giant seeks to boost its stable of high-yielding oil assets and secure profit growth, its chief said on Wednesday.
Petronas joins firms such as ExxonMobil in planning to raise capital expenditure, spurred by high crude prices and energy demand recovering with the global economy, even as it warned about volatile oil that could stay above $100 on the Middle East turmoil and its impact on inflation.
Annual capital spending of the company, which manages Malaysia's energy reserves, will range from 50 billion ringgit to 55 billion ringgit over the next five years, up from 40 billion ringgit in the current fiscal year, Petronas Chief Executive Shamsul Azhar told reporters on Wednesday.
"If we do not grow, we will become irrelevant," Shamsul told reporters after announcing the firm's strong third-quarter results. "For the next five years, our capital expenditure is going to be higher. All those ageing assets need to replaced."
As a result, the firm's dividend payouts to the government may not increase from the 30 billion ringgit level despite higher oil prices, Shamsul said, signalling Petronas was racing to keep up with other oil majors in terms of capital outlays.
In the year to March 2010 it kicked in 57.6 billion ringgit to federal revenues in terms of dividends and taxes. It's debt is more highly rated than the sovereign state, leading analysts to dub Malaysia as a "subsidiary of Petronas."
Tuesday, 8 March 2011
Low Petronas dividend not a major setback
Economists say pro-growth policies will offset decreasing contribution
PETALING JAYA: An expanding economy supported by pro-growth and and pro-business policies will help offset the lower contribution in dividend from Petroliam Nasional Bhd (Petronas) to the Government.
Economists who spoke to StarBiz said as long as the Government continued with pro-growth policies that would expand the economy, lure private sector investments and rationalise the subsidy for fuel and other basic staples, the lower dividend from Petronas would not be a major worry.
Petronas president and chief executive office Datuk Shamsul Azhar Abbas had indicated on Wednesday that the national oil company would cut dividend contributions to the Government as there was a need to raise capital expenditure substantially.
Affin Investment Bank Bhd economist Alan Tan said healthy growth and consequently higher contributions from corporate and personal taxes would help offset the lower dividend, which annually averaged RM30bil.
This did not include corporate taxes, which would depend on how much profit Petronas made. Petronas paid RM53.5bil to the Government for the financial year ended March 31, 2010 (FY10), including RM18.7bil in taxes.
This was on top of RM18.9bil in gas subsidy for FY10.
The taxes and dividends paid by Petronas account for over 40% of the Government's revenue. Among other sources of revenue, taxes collected from businesses and individuals amounted to RM86.4bil last year.
“Its important to have pro-growth and pro-business policies which can then lead to more taxes from corporate and personal sources as the economy expands,” Tan said.
He added that to reduce the budget deficit, which the Government had targeted to lower to 5.4% of gross domestic product from 5.6% last year, further fiscal consolidation would have to be pursued.
“This can be done by cutting down on the operating expenditure,” Tan said.
MIDF Research chief economist Anthony Dass said besides direct taxes, the much-debated goods and services tax, which has been postponed indefinitely, could be another avenue, especially since private sector consumption has risen.
“There's also the rationalisation of the subsidy although that will be something that can only happen gradually,” he said.
Meawhile, observers said the reduction in revenue, which would come at a time when the Government was embarking on infrastructure building programmes, might impact Malaysia's sovereign ratings.
However, RAM Ratings Services deputy CEO Chong Kwee Siong said although a major portion of sovereign ratings depended on the ability of governments to finance their budgets and service debt, this would also depend on agency view and benchmark.
“The question to ask is if reduction in government revenue is just temporary,” he said.
Chong said rating agencies would also take into consideration what governments spend on. “It depends on what the budget is spent on, if its investment on infrastructure to boost the economy, then its positive,” he said.
PETALING JAYA: An expanding economy supported by pro-growth and and pro-business policies will help offset the lower contribution in dividend from Petroliam Nasional Bhd (Petronas) to the Government.
Economists who spoke to StarBiz said as long as the Government continued with pro-growth policies that would expand the economy, lure private sector investments and rationalise the subsidy for fuel and other basic staples, the lower dividend from Petronas would not be a major worry.
Petronas president and chief executive office Datuk Shamsul Azhar Abbas had indicated on Wednesday that the national oil company would cut dividend contributions to the Government as there was a need to raise capital expenditure substantially.
Affin Investment Bank Bhd economist Alan Tan said healthy growth and consequently higher contributions from corporate and personal taxes would help offset the lower dividend, which annually averaged RM30bil.
This did not include corporate taxes, which would depend on how much profit Petronas made. Petronas paid RM53.5bil to the Government for the financial year ended March 31, 2010 (FY10), including RM18.7bil in taxes.
This was on top of RM18.9bil in gas subsidy for FY10.
The taxes and dividends paid by Petronas account for over 40% of the Government's revenue. Among other sources of revenue, taxes collected from businesses and individuals amounted to RM86.4bil last year.
“Its important to have pro-growth and pro-business policies which can then lead to more taxes from corporate and personal sources as the economy expands,” Tan said.
He added that to reduce the budget deficit, which the Government had targeted to lower to 5.4% of gross domestic product from 5.6% last year, further fiscal consolidation would have to be pursued.
“This can be done by cutting down on the operating expenditure,” Tan said.
MIDF Research chief economist Anthony Dass said besides direct taxes, the much-debated goods and services tax, which has been postponed indefinitely, could be another avenue, especially since private sector consumption has risen.
“There's also the rationalisation of the subsidy although that will be something that can only happen gradually,” he said.
Meawhile, observers said the reduction in revenue, which would come at a time when the Government was embarking on infrastructure building programmes, might impact Malaysia's sovereign ratings.
However, RAM Ratings Services deputy CEO Chong Kwee Siong said although a major portion of sovereign ratings depended on the ability of governments to finance their budgets and service debt, this would also depend on agency view and benchmark.
“The question to ask is if reduction in government revenue is just temporary,” he said.
Chong said rating agencies would also take into consideration what governments spend on. “It depends on what the budget is spent on, if its investment on infrastructure to boost the economy, then its positive,” he said.
Monday, 7 March 2011
Hydrogen Diffusion Demonstration
In our never-ending pursuit to educate the world about hydrogen cracking, DNV Columbus have produced a video that shows the diffusion of hydrogen from welds made using different types of electrodes. It also shows the beneficial effect of preheating and slow cooling and the importance of proper care of low-hydrogen electrodes.
Saturday, 5 March 2011
KNM sees debt falling
CEO says recovering unit Borsig helping to bring down debt level
Process equipment manufacturer to the oil and gas industry KNM Group Bhd expects the company's debt levels to fall further as unit Borsig GmbH is doing better now.
KNM chief executive officer and executive chairman Lee Swee Eng said the company's overall debt levels (at RM1bil) were coming down now as Borsig was doing well.
The company's plans to use Berlin-based Borsig, which was acquired in early 2008 for RM1.7bil, to expand business was somewhat derailed following the global economic recession, which saw oil prices drop as low as US$33 a barrel from over US$147.
Since then analysts and fund managers have been concerned about KNM's ability to pare down debt.
This was made obvious when KNM's share price fell to a nine-week low of RM2.43 last Thursday after the company's net profit for the fourth quarter ended Dec 31, 2010 tumbled 63.99% to RM20.63mil from a year ago while revenue was 7.75% lower at RM384.23mil.
For the full year, the company posted a net profit that was 49.64% down at RM131.20mil from revenue that fell 15.24% to RM1.55bil on lower job orders, lower contribution margins and higher operating costs.
“I don't understand the concern really,” Lee told reporters yesterday following a road show by Germany Trade & Invest to showcase the soon-to-be-completed Berlin Brandenburg International Airport, which would serve as a catalyst to draw more investments and business travellers from Asia to Germany's eastern states.
He said the high fixed costs were related to the business but that the company's finances would see ups and downs due to falls in margins.
“Nevertheless, the industry we're in is always strong and sustainable,” Lee said, adding that the company's orderbook now stood at RM4.5bil versus the pre-Borsig acquisition high of RM3.5bil, and a net cash in hand of RM296mil.
Lee declined to comment on whether there were any renewed plans to take the company private after a deal by Mettiz Capital and GS Capital Partners VI Fund LP, a Goldman Sachs unit, at 90 sen a share fell through.
OSK Research analyst Jason Yap said in a report dated Feb 25 said the tax incentive the company has been enjoying for the past two years would continue to play a big role in the future.
He said the company's fourth quarter earnings were lifted by a tax incentive (which was supposed to enable the company to price its products more competitively and make gross margins that were one to three percentage points lower) of RM14mil.
Yap said KNM's current orderbook “should keep the company busy for the next two years”. The company's tenderbook on the other hand, stood at more than RM16bil.
Process equipment manufacturer to the oil and gas industry KNM Group Bhd expects the company's debt levels to fall further as unit Borsig GmbH is doing better now.
KNM chief executive officer and executive chairman Lee Swee Eng said the company's overall debt levels (at RM1bil) were coming down now as Borsig was doing well.
The company's plans to use Berlin-based Borsig, which was acquired in early 2008 for RM1.7bil, to expand business was somewhat derailed following the global economic recession, which saw oil prices drop as low as US$33 a barrel from over US$147.
Since then analysts and fund managers have been concerned about KNM's ability to pare down debt.
This was made obvious when KNM's share price fell to a nine-week low of RM2.43 last Thursday after the company's net profit for the fourth quarter ended Dec 31, 2010 tumbled 63.99% to RM20.63mil from a year ago while revenue was 7.75% lower at RM384.23mil.
For the full year, the company posted a net profit that was 49.64% down at RM131.20mil from revenue that fell 15.24% to RM1.55bil on lower job orders, lower contribution margins and higher operating costs.
“I don't understand the concern really,” Lee told reporters yesterday following a road show by Germany Trade & Invest to showcase the soon-to-be-completed Berlin Brandenburg International Airport, which would serve as a catalyst to draw more investments and business travellers from Asia to Germany's eastern states.
He said the high fixed costs were related to the business but that the company's finances would see ups and downs due to falls in margins.
“Nevertheless, the industry we're in is always strong and sustainable,” Lee said, adding that the company's orderbook now stood at RM4.5bil versus the pre-Borsig acquisition high of RM3.5bil, and a net cash in hand of RM296mil.
Lee declined to comment on whether there were any renewed plans to take the company private after a deal by Mettiz Capital and GS Capital Partners VI Fund LP, a Goldman Sachs unit, at 90 sen a share fell through.
OSK Research analyst Jason Yap said in a report dated Feb 25 said the tax incentive the company has been enjoying for the past two years would continue to play a big role in the future.
He said the company's fourth quarter earnings were lifted by a tax incentive (which was supposed to enable the company to price its products more competitively and make gross margins that were one to three percentage points lower) of RM14mil.
Yap said KNM's current orderbook “should keep the company busy for the next two years”. The company's tenderbook on the other hand, stood at more than RM16bil.
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