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Tuesday, 31 December 2013

SingPost acquisition of Axis Plaza heat up competition with Post Malaysia

Axis Reit Managers Bhd (ARMB), the manager of Axis Real Estate Investment Trust (Axis-REIT), has proposed to dispose of Axis Plaza for RM34mil to Collective Developers Sdn Bhd last week.

Located at Glenmarie, Shah Alam, the freehold five-storey office/warehouse with a two-storey basement car park was one of the public initial offering properties purchased eight years ago for a lump sum price of RM22mil.

ARMB chief executive officer Datuk Stewart Labrooy said  the proposed disposal of Axis Plaza was due for completion by April 2014.

Collective Developers Sdn Bhd is an indirect subsidiary of Singapore Post Limited. In an announcement to SGX. Singapore Post Limited stated the Proposed Acquisition is to support the expansion of the Company's regional operations. This seem a wake up call Post Malaysia Berhad.

Singapore Post Limited wholly own subsidiary Quantium Solutions also have an office in Glenmarie, Shah  Alam. It seem business is good after Post Malaysia Bhd increased it International Postal rate since middle of May 2013. Collective Developers Sdn Bhd is a shelf company acquired on 20 Dec 2013 by Singapore Post. It is not sure why Singapore Post Limited to use Quantium Solutions it self to acquired the building. In fact, SingPost have more than 27% stake in another Malaysia base courier company GD Express  Carrier Bhd (GDex), a company listed on main board Bursa Malaysia.

However,Managing director Teong Teck Lean, GDex's largest shareholder with a 41.81% stake, said although its business arrangements with SingPost for the past two years have not been executed “in a very big way”, the company hopes to continue to leverage the partnership.

"We are helping [SingPost] complete the last mile here [and send parcels to their Malaysian clients] .

This mean GD Express helping Singpost complete last mile and send parcels to their Malaysian Clients but not helping route parcel from Malaysia to SingPost to re-route the parcel overseas. This required some technical capability to develop a software to track the parcel and let Singpost know the parcel from Malaysia has been paid as they cannot sell Singapore Stamp here. This job is done by a Malaysian technology startup. However, this can be done in west Malaysia only as the startup do not have network to collect parcel from Ecommerce operator to re-route the parcel. Maybe GD Express can leverage their network in East Malaysia.

Thus,  SingPost have 3 entity operate in Malaysia now, Quantium Solutions, GD Extpress and Collective Developers Sdn Bhd. Malaysia also have Competition Act 2010.

SingPost is Associate company of Singapore Telecommunications.

SingPost quarterly revenue growth approximately 32% and it profit growth between 6% to 14%.

AMMB stated that the courier segment continues to be the key growth area for Pos, recording a 54% growth in operating profit, mainly driven by a boost in online transactions which resulted in a rise in on-demand customer revenue, as well as increased contract customers, parcels and prepaid items.

 AmeSecurities further stated that mail segment recorded an increase of 11% in its operating profit due to higher revenue for prepaid, registered mail, admail, direct mail, international mail and corporate mail, coupled with lower staff costs, support costs and transfer costs. Its traditional franking and ordinary mail continue to contract by 6.4% and 5.4% respectively.

After an price hike of 400% in international postal rate.  Mail segment only growth 11%. This mean either many Ecommerce operator have ceased to operate or have route their parcel via SingPost. Mail segment might encounter same growth rate of 54% or higher than local courier segment if there is no price hike of international postal rate in May 2013. Slower growth in Ecommerce export also cause pressure to Malaysia currency, Ringgit  and cause import leaded inflation.

HLG stated that YoY. Revenue increased by 5.4% to RM316.8m mainly on stronger contribution from Courier segment,  Hong Leong Investment Bank Research further stated QoQ. Core profits declined by 7.5%, despite revenue declined 11.0% on lower volumes,

Kenanga stated:

Key Results Highlights QoQ, 2Q14 revenue fell across the board, led by mail (-14%); retail (-2%) and others (-54%) which more than offset a small improvement from courier (+2%) (refer to summary results table for further details). Overall revenue fell 11% mainly due to lower traditional mail services, lower contribution from LHDN E-filing and lower commissions from agencies in the retail segment. Correspondingly, QoQ, 2Q14 operating profit fell 14% on the back of lower turnover.

YoY, 1H14’s revenues from three segments rose as follows; mail (+5%); courier (+23%) and others (+26%) which more than offset lower contribution from retail (-22%). (refer to summary results table for further details). 1H14 operating profit rose 34% to RM108m due to higher revenue despite increase in expenses. Operating expenses increased by 6.3%

Kenanga further stated that (i) POS requires an estimated capital of RM500m as working capital for its AL-Rahnu Islamic pawn broking business and (ii) its planned estimated capex in FY Mar 14 of RM330m exceeds FY14’s operating cash-flow of RM290m.

This put pressure on Pos Malaysia's  Balance Sheet.

3400万售Axis Plaza Axis 产托拟派1100万收入
Axis产托发文告表示,已跟新加坡邮政(SingPost)的子公司———Collective Developers私人有限公司达成买卖协议,以上述金额脱售位于莎阿南Hicom Glenmarie工业区的Axis Plaza予后者。


Sunday, 29 December 2013

Vincent Tan a British advisor that management must listen! 丹斯里陈志远 退而不休英国殖民时代的顾问

Last month, new business weekly Focus Malaysia have one report stated :

On his 60th birthday in February last year, tycoon Tan Sri Vincent Tan Chee Yioun surprised the corporate world by announcing his retirement from Berjaya Corp Bhd. At the same time, the founder of the Berjaya conglomerate also said he was donating half his fortune to charity.

 Many were taken aback by Tan’s retirement because in Malaysia, 60 is a relatively young age to call it a day, at least among corporate chieftains. And prior to this there were no signs that the hands-on tycoon was slowing down or phasing out his exit.

Now, more than 20 months later, Tan, who had handed over the running of Berjaya to his eldest son Datuk Robin Tan Yeong Ching, is still very much in the news with no signs of taking a back seat or fading into the background.

The Nov issue of Focus Malaysia write lengthy about his retirement. This week, the same business weekly feature Top 10 Best for 2014 also highlight his " retirement. ", The Star also feature him on Watch them in 2014 :

WHILE Vincent Tan has handed over the reins of his sprawling Berjaya Group to his son Datuk Robin Tan, the elder Tan remains the man to watch next year, both on the corporate front and the sporting pages.

Both journalist must never attended a startup event on Oct 2012. Tan Sri Vincent Tan invest in Internet Startup like MOL Global Bhd. MOL Global Berhad acquired Friendster and when Friendster sold it IP to Facebook and end up with 3.5 million shares of Facebook. This make Vincent Tan have reputation in Startup fraternity even in US.

When a historian try to twist the fact and said that Malaysia was never fully colonised. Our ex-Prime Minister Dr Mahathir said this was not the case in the strict sense of the word.

"Technically speaking, we were never colonised. The Sultans decided to invite the British to come and advise them on how to administer the country, and we were never conquered in that sense," he said.  However, he said it was a fact that the British "operated as though we were colonised", adding that the term colonised' was a matter of semantics.  "In other words, the British did not advise, they gave orders. The English language is such that the adviser rules and the rulers advise," he added.

On a meet up with Startup entrepreneur. Tan Sri Vincent Tan said he has "retired" as Executive Chairman of Bejaya Group and just become an advisor to his group of company. Vincent Tan said he is like a British Advisor describe by Dr Mahathir when British colonised Malaysia. Vincent Tan is well connected and he know Tun Dr Mahathir in person. He said Tun Dr Mahathir like to talk about British advisor which our Sultan have to listen to advise of British Advisor. Tan Sri compare his advisor position to his company is like former British advisor. When he give advised, management (his son) must listen.

He also told entrepreneur that he want majority shares in company he invest, so that Entrepreneur will listen to Angel (investor). However, CEO of MOL Global Bhd's Ganesh said he offer 40% to Vincent Tan initially and Tan Sri request 60% of his company. It only take less than one second for him to said "yes". Not many entrepreneur willing to give up controlling interest. However, Ganesh said he never regret that he give up 60% of his company he found. During dot com bubble, investor, refuse to pump more money if they control 40% or less. However, as Angel control 60% interest. Investor.......Vincent Tan continue to pump in money as this is his own company and MOL Golbal Bhd survive Dot com bubble. and when MOL Global Berhad want 40 million to acquired Friendster. Tan continue to support him and there is limited dilution of Ganesh stake.

With such clarification. Hope no media will joke about his retirement anymore.

Few days ago, USA today make a report with title America, meet Vincent Tan, the worst owner in sports

Tan, who purchased 51% of Cardiff City in 2010, apparently doesn’t like bluebirds. There used to be a dragon element to the Cardiff City crest, though, and Tan DOES like dragons. (Also, he knows that dragons are a popular symbol in Asia.) So the team changed the logo.


Cardiff City used to wear blue jerseys. They wore blue jerseys for as long as anyone can remember. When Tan bought the team, though, he changed the team’s colors to red. Why? Because Tan really likes red, and he thought red would sell better in Asia, where he comes from.

Forget that Cardiff City’s team is known as the “bluebirds.” Tan likes red and thought the color change would sell jerseys in Asia, so Cardiff City became red.

The latest news to infuriate the fans is that Tan now wants to change the name of the club from Cardiff City F.C. to Cardiff Dragons.

However, western media and Cardiff fans fail to recognised that Cardiff perform better and newly promoted to Premier league after 51 years, since the change of colour from blue to red and change of it logo! A miracle or Fengshui?

Few day ago, Cardiff City owner Vincent Tan has sealed an agreement to take over the control and management of Bosnia's Premiere League football club Sarajevo,

Given the way he treated startup he invested. It is unlikely that he will let Manager runn the football club he invested. Seed capital or startup investment cost less than a football club. Why he want to give up control if he have spend so much money on it and he is more likely an advisor that management must listen.
Vincent Tan and Malky Mackay Vincent Tan changed his mind about Malky Mackay's future at the club at the weekend

Tan Sri Vincent Tan's daughter, Chryseis Tan Sheik Ling used to show off her Hermes and other branded goods on her Instagram . Her instagram have 5,000++ follower todate

Chryseis Tan Sheik Ling and her Hermes

However, as she never hold any position in public listed company. We will not specially feature her in our Corporate Princess series.

Tan Sri other son's are Dato' Robin Tan Yeong Ching, Rayvin Tan Yeong Sheik, Tan U-Ming, and daughter's are  Nerine Tan Sheik PingMorvin, Euvin , Nevin and his youngest daughter is Chrystal Tan.

Update : Tan a hard-nosed businessman

丹斯里陈志远 退而不休英国殖民时代的顾问


他计划把3家私人持有的企业上市,包括大马7-Eleven有限公司、MOL全球有限公司(MOL Global)及U Mobile。因此,相信这将引起投资者的注意。
之前传他要将英国加的夫球会(Cardiff City)在新加坡上市;他介入球会,把儿子密友捧上转会总监的位子,让陈志远在足球市场上声名大噪。



除了上市计划之外,还有股权脱售也是其中一项焦点。他早前提及因为与旗下的Cosway Pharmacy有利益冲突,有意脱售刚上市的康宁药剂(CARING,5245,主板贸服股)20.35%股份。

丹斯里陈志远之女Chryseis Tan陈雪铃,时在instagram展示她的爱马仕(Hermes)包包.她的instagram现在有五千多追随者.



Wednesday, 25 December 2013

Genting Hong Kong opens new lodge at its ski resort in China's Hebei 云顶香港进军中国河北 打造滑雪度假村

Outdoor jacuzzis at the new lodge
Genting Hong Kong has opened a new accommodation option at its ski resort in China’s Hebei province. Located in China's Hebei province, 230km from Beijing and 59km from Zhangjiakou City, the ski resort is a collaboration between Hong Kong-based VXL Group and 3rd Valley (ZhangJiaKou) Resort Corp. The luxury ski lodge officially opened its doors to holidaymakers on 14 December.

The VXL Group, which was set up by Malaysian businessman Datuk Lim Chee Wah, has had investments in the information, communication and technology (ICT) sector in Malaysia, and property development and tourism sectors in Hong Kong and China. Lim is the youngest son of the late Tan Sri Lim Goh Tong, founder of the Genting Group.

The new 30-suite lodge has launched last week at the Genting Resort Secret Garden, which is located three hours’ drive from Beijing.

The majority of the 30 suites are designed in loft style, while the chalet-style hotel also offers spa facilities, fireplaces, outdoor jacuzzis, function rooms and restaurants.
Genting Hong Kong Chairman Tan Sri Lim Kok Thay and Genting Resort Secret Garden Chairman Datuk Lim Chee Wah commemorated the grand opening ceremony featuring a traditional Swiss music performance.Genting Hong Kong’s chairman, Lim Kok Thay, said he hoped the project would strengthen Beijing’s bid to host the 2022 Winter Olympics.

"We will aim for Genting World to be the best ski lodge and the best ski resort not only in China but in Asia,” said Lim. “[With] this great project here… we hope to be championing the dream of China getting the Winter Olympics.”
“We will aim for Genting World to be the best ski lodge and the best ski resort not only in China but in Asia. I’d like to sincerely thank my dear brother Datuk Lim Chee Wah for giving Genting this opportunity to pioneer this great project here, which we hope to be championing the dream of China getting the Winter Olympics.”
Also in attendance were Genting Resort Secret Garden Chief Executive Officer Mr. Ye Xiang, Genting Hong Kong China Operations Senior Vice President Mr. Ang Moo Lim and Genting Hong Kong Hospitality Division Executive Vice President Mr. Peter Foster.

To further enhance the skiing and hospitality experience for holidaymakers, Genting Resort Secret Garden has entered into a partnership with LAAX Switzerland, winner of “Best Ski Resort in Switzerland” at the World Ski Awards 2013. The partnership is a significant step to bring Genting Resort Secret Garden in line with international standards as a world-class ski resort.

The total investment for the 262ha resort with 87 ski trails (total length 70km) and 22 ski lifts (total length 30km) is RMB7.5 billion, and it is expected to be the largest international family vacation destination in China.

During the 2011/12 winter, the resort launched 11 ski trails for beginners, intermediate and advanced skiers while a total ski area of about 40 sq m, two four-person ski lifts and one ski magic carpet were also launched.

The ski resort will offer a variety of leisure activities and skiing facilities, and will be on par with world-class ski resorts such as the Vail in the US and Whistler in Canada.

It is estimated to receive over 1.6 million visitors each year when fully completed in six to seven years.

The new lodge becomes the third Genting property at the ski resort, following the Genting World and Genting Grand hotels. Genting Resort Secret Garden currently offers 30 ski runs, but by time the complex is fully developed in 2018, it will offer 87 ski routes totalling 70km, served by 22 ski lifts.

 云顶香港进军中国河北 打造滑雪度假村 中国云顶酒店开幕




  大自然赋予崇礼独特、优质的滑雪旅游资源。崇礼境内多为中低山脉,海拔从814米上延至2174米,山地坡度多在5度到35度之间,非常适宜建滑雪场。冬季的崇礼雪量大、雪质优,存雪期长达150多天,气温适宜,风速较小,完全符合冬奥会评估要求,适于开展国际高端竞技滑雪运动。诸多的优势使崇礼被业内专家誉为 “华北地区最理想的天然滑雪区域”。 国际奥委会专家到崇礼考察时表示,“崇礼以五道沟为中心的区域,是中国目前最好的能够举办冬季奥运会雪上项目比赛地点”。


Tuesday, 24 December 2013

Multi racial coalition form to tackle issues affecting SMEs in view of the series of price hikes 跨领域族群加强发言权 工商会结盟抗涨潮

From right : K. Subramaniam,Mohd Fazil Abdullah, Michael Kang , Madhu , Mr. CHAREON S. TANG WHYE AUN

KL and Selangor Indian chamber of commerce and Industry ( KLSICCI ) would form a multi-racial, multi industry, and multi territory coalition with Malaysia Muslim chamber of Economic and Social Affairs ( DESMMA ), SMI Malaysia, The Electrical and Electronics Association of Malaysia (TEEAM), KL and Selangor Chinese chamber of Commerce and Industry, Malaysia Retailer-Chains Association and Kuala Lumpur, Malay chamber of Commerce to tackle issues affecting SMEs in view of the series of price hikes.

出席10大公会及商会的代表, 踊跃交流, 纷纷说出各自面对的困境。

"Given the rising costs and a sluggish economic environment, the picture doesn't look good for local business." said KLSICCI president Madhu Sudan Nair : "Malaysian SMEs are already fighting to survive in a very competitive environment.....with all the price increases happening at the same time, it is going to make it even harder for businesses"

According to the DESMMA president Mohd Fazil Abdullah, the increases in prices, the increases in prices were too drastic and too rapid for local businesses.

This is a sort of "tsunami" for is too drastic for us rto absorb." Mohd Fazil said.

In recent months, the  Government has reduced its subsidies for fuel, resulting in the increase of the prices of RON95 petrol and diesel by 20 sen to RM2.10 and RM2 per litre, respectively. It had also abolished the 34 sen per-kg subsidy for sugar, resulting in the price of domestic refined sugar increasing to RM2.84 per kg.

And starting next month, the average electricity tariffs in Peninsular Malaysia and Sabah and Labuan will increase by 15% to 38.54sen perkWh and 34.52sen/kWh, respectively, as the Government scales back subsidies for the power sector.

There were also concerns raised over the increase in assessment rates for properties in Kuala Lumpur and the impending hike in toll rates.

SMI Malaysia deputy President Michael Kang said many SMEs would be in trouble if they could not adapt to the change in business environment next year. "We don't know what's going to happen in 2014," Kang said, adding that there would be negative implications on the country's economic growth and employment rate if SMEs failed.

SMI Malaysia deputy President Michael Kang

SMEs represent 97.3% of all businesses in Malaysia, and account for 32% of the country's gross domestic product and 52.7% of total employment in the country.

According to local business chambers and associations, Malaysia SMEs are already facing intense competition from foreign businesses that had penetrated the Malaysian market, yet many local companies are not competitive enough to go into foreign markets due to their relatively higher cost of production.

TEEAM vice-president K. Subramaniam, in voicing his concerns about the future of local manufacturers, said some players faced the prospects of being shut down due to an inability to compete effectively.

"Malaysian SMEs will face a tremendous uphill battle in the coming months," Madhu said. "Many businesses are currently already operating on a profit margin of 4% to 5%...all the (recently announced) price increases are definitely going to add to their production costs," he noted.

"We know our costs will definitely go, but we don't know by how much," he explained.

"In business, we must be able to estimate our costs in order to be competitive...but now, we don't" Madhu said.

Madhu stressed that local businesses were not against the policies of subsidy rationalisation, but they believed such a move must be don in "Structured" way, and accompanied by a move to open up the market by getting rid of monopolies. He also said the Government should have rationalised subsidies in an even more gradual manner to give more time for businesses to absorb the rising cost.

Mr. CHAREON S. TANG WHYE AUN, Deputy President of  KL and Selangor Chinese chamber of Commerce and Industry said minimum wage of RM900 reasonable in Kuala Lumpur and Klang valley. In fact, it is too low for this area. However,, in plantation estate where employer provide food and accommodation. RM900per month is too high in those remote area

跨领域族群加强发言权 工商会结盟抗涨潮

Thursday, 19 December 2013

Never say died atititude of Tan Sri Lee Kim Yew 李金友不認輸‧重振綠野聲威

We get a lot of search of "Lee Kim Yew" and "Tan Sri Lee Kim Yew" as a keyword search to this blog for past few weeks. It is not sure it is related to speculation of his intention to contest political party MCA top post or his daughter Dian Lee in Singapore's Asiasons, Blumont, Liongold saga. Lee Kim Yew is familiar face foe Malaysia, I guess the search is from Singaporean who search info for for Asiasons, Blumont, Liongold.


Growing up in Batu Pahat, Lee, who was the youngest in a family of six, had to mature rather quickly as his father pass away when he was 13. Despite life being hard, Lee preserved in his studies, and upon completion of his Senior Middle Three in 1973, left for the bright lights of Kuala Lumpur.

He took on various jobs in the publishing and book trade. Within four years he grew tired of working for others so he started his own business. He dabbled in everything, from printing to cakes and confectionery. "If there is anything that could be sold, I sold it" Lee remembers.

A few of his business forays lost money and sank like lead balloons. One of his more successful early forays was in automatic gates business. His thriving automatic gates business could not have given Lee a better insight into how the other half lived. He was literally beating up the path that led to the front doors of the monied classes and the privileged few.  "I felt one day I could live in such nice homes and become successful myself" he says.

Blessed with a willingness to work hard and the ability to bounced back from setbacks, Lee made his first million soon enough, at 23 years old.

He enjoyed the fruits of his labour for a while but became restless when he turned 30. It was then that Country Heights was born. "it was 1985 and I was looking for a new business venture. I did not want to go into some plain run-of-the-mill property development project. To succees, I thought, one had to be original."

Lee's outstanding achievement was the exclusive Country Heights residential project dubbed the "Beverly Hills of Malaysia". The Luxury country style residential project got underway in 1986 when the nation was in the throes of deep recession.

Around that time, he made the acquaintance of Arab Malaysian chieftain Tan Sri Azman Hashim whose family happened to own a large chunk of a rubber estate land hear Kajang next to the newly built Kuala Lumpur-Seremban highway. Lee came to know that Azman was anxious to dispose of the land and so made his approach. "For so long I had the idea. Now here was some one with the location. the place was perfect as it was next to the highway, and on good day, Kuala Lumpur is less than 30 minutes away by road" he says.

Quite a few people took a bit of convincing before they committed themselves for forking out a little under RM10psf for the land. since then, Country Heights has become such desirable property that the same square foot of turf is now worth many times more.

That it was sucha success cannot be put down to mere luck. Lee cleverly pitched his project at the top income bracket. the originality of luxurious country-style homes and being the first to introduce a new lifestyle ( where each home and expansive grounds are not walled up by physical barriers such as fencing) did not receive much interest initially. there have been well documented cases of individuals, including one cabinet minister, who did not take up the offer of buying one of the bungalow lots at the then prevailing rate, only to regret it later as the property value skyrocketed.

The success of Country Heights persuaded Lee to take his flagship property company public. Country Heights was offered to the public at RM1.50 a share in February 1994 and debuted at RM4.20, a premium of RM2.70.

The company's listing and subsequent hike in value has increased Lee's personal wealth to such an extent that he could afford to lead an idle life in retirement if he wanted to. He choose in stead to work on the Mines Resort City and set himself the task of transforming the derelict portion of Sungai Besi into a premier tourist attraction.

Sceptics deride his extraordinary recklessness when he, in a joint venture with some partners, acquired almost 1,000 acres of what was then wasteland in 1988 for about RM50million.

The purchase came with a huge lake, the result of rainwater that had collected over the years in the excavated pit of the disused mine. the huge amount of crystal clear water threatened to be his biggest liability at one point. Having filled to capacity, there was nowhere for all that accumulated rainwater to go but flood the adjacent Sungai Besi road. this treat has been nullified by the construction of an efficient system of drainage channels which divert excess water into Sungai Kuyoh and on to suingai Klang.

The then Prime Minister Datuk Seri Dr Mahathir Mohamad (now Tun) has visited the project site twice within a space of two years. Brimming with ideas, the prime minister was also responsible for suggesting that thr resort's two neighbouring lakes be connected by way of canal, according to Lee. He suggested that with a canal, a major transport link could be established between the various resort attractions without having to reply totally on road transportation. It would also become an attractive feature in itself.

Lee unabashedly describes it as Malaysia's Seven Wonders - for the seven components that make up the RM2billion development. These consist of the super exclusive Mines Resort and Golf Club, the mines Wonderland (leisure theme park), The mines Shopping Fair (Shopping and retail centre), The Mines Beach Resort. The mines Waterfront Business park, Palace of the Golden Horses ( the country's first resort hotel with an equine theme)  and the nation's largest exhibition centre - Malaysia International Exhibition and Showroom.

Having struck gold in the residential sector, Lee looked to industrial development next, The Subang Hi-Tech Industrial Park.  Chunghwa Picture Tubes was the first Taiwanese firm to set up shop in Subang Hi-Tech Industrial Park. Chunghwa Picture Tubes later take up a stake  to become second largest shareholder in Country Height during Asia financial Crisis.

Country Heights has further expanded into other segments of the property market in its aim to become a well diversified property developer. However, its core business remains bungalow land development. when reeled off one by one, the project name include the trademark "Heights" as if it were proprietory. (Like College Heights, Corporate Heights, Borneo Height resort, etc)So there is no danger of not being identify projects belonging to the group. However, all product are target high end customer and it is bad hit during economic crisis.

 Bouyed by the success of this foray into Mauritius (Kit Homes). Country Heights through its International and new Business Division entered into a joint-venture agreement to develop Pecanwood Estate in South Africa. Situated on the southern banks of the Johannesburg's Dam which is one of Johannesburg's largest,  600acre freehold estate a mixed residential, leisure and commercial development with golf course, conference centre and facilities for watersports activities.

In short 3 years after the company IPO. The company hit with Asia Financial Crisis in 1997 when the completion of Mines Resorts. It financial result miss market expectation.

The Devaluation of RM and bad economic condition cause much difficulties. However, Lee never say died attitude make him to remain positive. In earlier 1998, Tan Sri Lee actively seeking investor in Taiwan and Chunghwa Picture Tubes Ltd become second largest shareholder, Chunghwa Picture Tubes Ltd have 13.93%  stake in Country Heights today,

Taiwan-listed Chunghwa Picture Tubes manufactures cathode ray tubes for monitors and televisions.

After some hardworking, his able to continue his project in UK and South Africa. The project in Sarawak, Borneo Heights, also revive after stop work for 4 months.

 When people cutting advertising cost. Country Heights increase advertising expenses. In fact, London International Exhibition Centre (ExCel) in Canary Wharf, which Country's Height hold 42.7% stake, also a project that initiated during Asia financial Crisis. ExCel Canary Wharf able revive after 10 years also increase Country Height reputation in Europe. British also invite Country Height to bid for Millennium Dome job at one point due to it reputation on ExCel project.

At one point, when cash in the market was low, Country Height allowed people to use shares of listed company to swap property in the company.  This is an innovative measure as people do not have cash at that point. company able to sell the shares to get some cash flow for the company as shares are more liquid than property that company own.

Tan Sri Lee said he is satisfied with performance of his daughter, Dianna Lee Cheng Wen as a CEO of the company.  Lim become semi retired as a vice chairman of the group after pass the CEO position to his daughter. The company more focus on healthcare division now. Medical tourism is the way forward. The figures are growing but what we want now is to capture the foreign market," he said.

Mines Shopping Fair to Singapore's CapitalLand Ltd

In 2007, it sold Mines Shopping Fair to Singapore's CapitaLand Ltd for RM432 million, from which it made an estimated gain of RM102 million. The proposed disposal will enable Country Heights to realise its investment in the Mines Shopping Fair complex and raise funds to reduce its gearing, the Malaysian company said in a statement

Lee Kim Yew also launch Country Heights Grower Scheme in 2007. Some financial journalist promote the scheme as it is launch by Tan Sri Lee Kim Yew. However, those financial journalist fail to recognised that Tan Sri Lee expertise in on property and he has no experience in palm oil nor plantation business at all. The scheme has been terminated in 2013.

Tan Sri Lee has been high profile recently, first, at EGM of Matang Holdings Berhad, which, majority of it shareholder are member of MCA, part of ruling political party, and later his intention to contest top post in MCA

Update : Country Heights at 6-year high



儘管1987年國內經濟不景氣,產業市場低迷之際,不過綠野集團創辦人兼副主席李金友卻毅然選擇了產業市場,作為他“更上一層樓”的基石,並擴展至工業園發展計劃。當時41歲的他更開創綠野山莊,猶如大馬的“Beverly Hills”,以致被喻為國內最具創意的發展商之一。
1997年7月,金融風暴開始來襲,狂烈拍打企業家的門口,具代表性的綠野度假城(Mines Resort)於同年落成,形成強烈對比。
可是,他始終“不認輸、不低頭、不屈服”,不斷在萎靡的市道中尋找一絲希望,為公司尋覓資金及為海外陷入停頓的發展計劃重新催生,如邀來台灣中華映像管(Chung Hwa Picture Tube)入股綠野,成為第二大股東。他積極奔走,讓綠野的英國及南非的2項大型投資得以延續,而停工了4個多月的砂拉越婆羅洲山莊也迅速復工。
同時,該公司的高檔產業計劃仍成功攫取市場的熱烈反應,渡過產業市場的低潮期。1999年更涉足博彩業提昇收入來源,以倫敦國際戰展開控股股權,換取泛馬彩券(Pan Malaysia Sweeps)的股權,交易值達3億令吉。
現實始終是殘酷的,長期累積的債務,導致綠野於2007年不得不以4億3千萬令吉,脫售綠野水上購物廣場給嘉德置地(Capita Land),以套現還債。





最新 : 綠野近漲停板‧小資本股續發威

Sunday, 15 December 2013

Catcha become outsourced partner of Mavcap to invest in Startup

New business weekly in Malaysia, Focus reported that Catcha Media Berhad become outsourced partner of Mavcap to manage RM150million fund to provide seed and earlier stage investment for technology startup in Asean.

It is believed that the fund will be jointly managed by  Patrick Grove, CEO of Catcha Media Berhad and Khailee Ng,  Co-founder and CEO of .

Earlier July 2013, ACE Bursa Malaysia listed Catcha Media Berhad confirmed that the final agreements with Youth Asia Sdn Bhd to merge certain assets with Says Sdn Bhd, the owner of has been formally signed. The announcement made at Bursa Malaysia formalizes the RM60 million merger that will see Catcha Media subsidiaries and come together to form one of the country’s largest digital advertising business by reach, clients and spend, and potentially revolutionise the way advertisers reach out to Malaysia’s increasingly socially connected populace.

Catcha Media  has 4 business, publishing, online media, ecommerce and online classified. Only Publishing and online classified is profitable for year ended 2012.

E-commerce and profit guarantee

For Catcha Media, E-commerce business registered most loss for year ended 2012. This segment comprises Catcha Media's  and,  a Singapore base operator of the members-only luxury fashion sales website, which was acquired by Catcha Media over a year ago. There is a profit guarantee from the vendors of of S$1.5mil (RM3.7mil) for the 12 months after the completion of the deal. It is not sure why Catcha Media never claim profit guarantee from vendor. – a joint venture between Catcha Group and Intel Capital. Catcha Media own 70 per cent and Intel Capital, venture capital arm of Intel,  – owns 25 per cent of the company. The rest is with management.

Conflict of interest / Joel Neoh

Dealmates began as a group buying services in 2011.  This should be a conflict of interest with another business of Youth Asia Sdn Bhd, which has been acquired by Co-founder of Youth Asia Sdn Bhd, Joel Neoh, have since become CEO of Groupon Malaysia, the merged entity with Groupon and quickly rise to oversee operation of Groupon Taiwan. Today, Neoh is also the vice-president and general manager for Groupon's South-East Asia operations, which includes Malaysia, Thailand, Singapore and India. If Joel Neoh able to keep the pace. It might be possible that President of Groupon will be a Malaysian one day!

Okay, back to Catcha,  Dealmates claim they have converted into online flash site and no longer a group buying website like Groupon and might not have conflict of interest with vendor of


Catcha Publishing publishes and distributes 14 magazine in 17 editions including JUICE, Kitchen+Bathroom,EVO and Prestige.

Online classified

The online classifieds segment comprises iCar Asia Ltd.iCar Asia’s car sales websites in Thailand, Malaysia and Indonesia reach 1.5 million people every month. The company was listed on the ASX in September last year with a $10 million capital raising. In March acquired a 19.9 per cent stake in iCar Asia.

iCar Asia’s Malaysian website is now the number one classified site in Malaysia, with nearly 104,000 listings. In Indonesia its has increased total listings to over 105,000. In Thailand remains the leading automotive content website.

There is little mentioned about Catcha's Online media segment but it still reporting loss for year 2012'

Online media doubts

Both Catcha Media and claim they are already a formidable presence in the region, with Catcha Media recording an estimated monthly reach of 8 million people and recording an estimated monthly reach of 6 million people. Collectively the companies service over 500 large clients, with brands like Petronas, Proton, Maybank, Maxis, MAS, Unilever, Samsung, Guinness Anchor and Carlsberg ranking amongst its biggest spenders.

However, monthly  comScore’s traffic comparison on top 30 website in Malaysia never show Catcha nor on the list for 2 consecutive month.

Synergy is a crowd-sourced content platform that leverages active social media users to curate and share trending news items, paying them when they broadcast advertiser-sponsored content. It currently boasts a portfolio of clients which includes Nike, Coca-Cola, Unilever, Maxis and Nestle.

 Catcha Media Berhad claim already established digital content leadership and broad online advertising base, with the power of social media and viral marketing of’s crowd-sourced curation service, has already generated significant buzz within the advertising industry. Said Patrick Grove, CEO of Catcha Media Berhad of the new company’s plans.

The proposed merger is valued at RM60 million, and under the deal, Catcha Media will be entitled to 35 million shares to be issued by NewCo while Says, which is owned by Youth Asia Sdn Bhd, is set to receive RM6 million in cash and 15 million shares. According to Grove, the merger value was based on the earnings of both companies and what they potentially could have been if both companies had been a single entity throughout the 2012 financial year. This is an acceptable valuation method with Grove sharing that a PE (Price Earnings) ratio of 10 was applied for the RM60 million valuation.

According to a Bernama report which quotes from RHB Research, the merger could potentially quicken Catcha’s turnaround.

"Based on a study by our source, is profitable and has an annual net profit ranging from RM1 million to RM2.5 million per annum. Post-merger, Catcha Media will hold a 70% stake in, which we think will boost the former's earnings," said the research house.

Ng noted that potential synergies are manifold when “you put leaders in social content distribution, leaders in content creation, and an advertising network that reaches 9.78 million Malaysians” together.

“Beyond that, it is also about two entrepreneurs and their passionate and driven teams coming together to build the future of media and advertising,” he added.

Ng said that advertisers are always excited to use to get their branded content shared on social media. In some cases, the advertisers would request for the company to create the content, which the team would need to decline because of its "laser focus and expertise in the distribution of social content."

On the flip side, Catcha Media's publishing unit has always been in the business of creating custom content, and in many cases, entire content channels and magazines for advertisers.

“At the same time, they are also frequently requested to integrate social media-centric solutions into the fold. The more we talked, the more opportunities we saw. That's when we knew that our shared vision for the future of advertising had to be acted upon,” said Ng.


Youth Asia, parent company of Says, is an investee of Teak Capital, a technology-focused venture capital management corporation, also an outsourced partner of Mavcap. This mean Khailee Ng himself  is benefited from Mavcap indirectly few years back.

Patrick Grove

After graduating with a commerce degree in 1996 Patrick Grove, who was born in Singapore but grew up in Sydney, he started working at accounting firm Arthur Andersen in 1997. By mid-1999, the original internet boom was under way, and Grove was itching to be part of it.

He had spent most of the time in the firm’s corporate recovery division, but was later seconded to the corporate finance division, where he started writing business plans for internet IPOs in Australia.
“I was disillusioned,” he says. “I was raising money for people that I felt were not worthy of the money investors were giving them. I thought, if it’s this easy to raise money with a good plan, I can do it myself.”

However, the dotcom bubble meant the IPO never happened. Patrick become a "Veteran entrepreneur". Catcha Media only get IPO in  July 2011. 12 years after he found the company.  However, he experience in corporate finance before he become entrepreneur make him qualified to evaluated a business plan. And he understand the challenge of startup and technology entrepreneur. His weakness can be supported by Khailee Ng of

Khailee Ng

Khailee Ng, co-founder of Youth Asia Sdn Bhd successfully raise seed capital funding from Teak Capital within short period of time after founded Youth Asia Sdn Bhd. And Youth Asia Sdn Bhd have two startup that successfully being acquired. Groupsmore acquired by Groupon and acquired by Catcha Media Bhd. He must able to evaluate the creative, technology and growth potential of a startup. It would be more beneficial if another co-founder of Youth Asia Sdn Bhd, Vice President of Groupon, Joel Neoh be included in the evaluation committee.

Joel Neoh Joel Neoh

Catcha Media will speed up it merger and acquisition process, which started since it IPO. Will Startup environment in Malaysia and Malaysia Multimedia Super Corridor (MSC) will be change is yet to be see.

Grove has an indirect stake of 58.5% in Catcha Media as at 15 May via Catcha Group Pte Ltd. The media company largest shareholder. It is follow by HSC Care Sdn Bhd, Datuk Justin Leong of Genting Bhd and Star Publications (M) Sdn Bhd. Star Publication has it own Star Accelerator Fund

Thursday, 12 December 2013

Shanghai overtakes HK to become China’s most competitive city 上海競爭力首超香港 成为中国最具竞争力城市

Shanghai has overtaken Hong Kong as China's top city in terms of comprehensive competitiveness, said a report released in Hong Kong on 10th Dec, 2013.

With the establishment of the first state-level pilot Free Trade Zone, Shanghai was listed for the first time as the most competitive city in China, overtaking Hong Kong, which held the position for more than a decade.

With a score of 16,163.08, Shanghai topped the list which measures comprehensive competitiveness based on the cities' economic, social stability, environmental and cultural conditions.

Hong Kong was ranked second, the champion in the past 11 years but scoring 16,099.80 this time.
Beijing. Shenzhen, Guangzhou and Tianjin took the next few spots.

The China City Competitiveness Report is published by the China Institute of City Competitiveness, a nongovernmental organization in Hong Kong. The 12th yearly report was based on research across 34 Chinese cities and areas including Hong Kong, Macao and Taiwan.

The ranking — which focuses on the overall competitiveness of Chinese cities — also considered quality of assets, safety of city life and sustainable development outlook.

Gui Qiangfang, president of the institute, said it brings no surprise for Shanghai to surpass Hong Kong in the ranking.

"The establishment of the first state-level free trade zone in Shanghai is a powerful driver to enhance the city's competitiveness," Gui said. "Considering Hong Kong's limited potential for further economic growth, more cities in the Chinese mainland will exceed Hong Kong in this list in the future."

In terms of economic output, Shanghai outmatched Hong Kong in 2011, while Beijing managed to do so last year.

But Hong Kong still led concerning regulatory system and the ownership of professionals, Gui said.

The following are the top 10 most competitive cities in the year of 2013 and their scores.

1. Shanghai
shanghai house rent
Competitiveness Score: 16,163.08

2. Hong Kong
hong kong
Competitiveness Score: 16,099.80

3. Beijing
Competitiveness Score: 15,813.05
4. Shenzhen
Shenzhen CBD

Competitiveness Score: 9,115.16

5. Guangzhou
Competitiveness Score: 9,024.81

6. Tianjin
tianjin house prices
Competitiveness Score: 7,048.11
7. Hangzhou
hangzhou house prices
Competitiveness Score: 6,747.29
8. Suzhou
Suzhou City
Competitiveness Score: 6,426.11

9. Taipei
Ximending, Taipei
Competitiveness Score: 5,801.88

10. Chongqing
Chongqing CBD
Competitiveness Score: 5,724.68

Highest Asset Quality Ranking

Hong Kong remains the city with the highest asset quality in the country. The report cited its healthy economy, low level of leverage, living conditions and sustainability of development as reasons for that ranking. Shanghai, Beijing and Shenzhen came next, followed by Macao, Chongqing and Tianjin.

City Life Safety Ranking

Hong Kong also ranked highest in terms of city life safety, followed by Taipei, for its zero record of public security incidents this year, few industrial accidents and reliability for mass consumption products.

Sustainability and Environmental Ranking

On the sustainability front, Tianjin and Chongqing ranked as the top two cities, with Shenzhen, Shanghai and Beijing following. For the first time this year, the report also published an  environmental ranking . Anji county in Zhejiang province and Dongning county in Heilongjiang province scored the highest for their high forest coverage rate and good environments.

 Discussion : Shanghai of Malaysia :

上海競爭力首超香港 成为中国最具竞争力城市

■中国城市竞争力研究会发表最新一届城市竞争力排行榜,香港综合竞争力排名不及上海仅得第二。 中新社

中国城市竞争力研究会10日在港发表最新一届城市竞争力排行榜,香港综合竞争力排名不及上海仅得第二,上海因设立第一个国家级自由贸易试验区等综合因素的驱动与影响,其城市综合竞争力首次超过香港位列第一。研究会相信未来数年中国内地会有更多城市超越香港,故建议香港把握制度及人才优势,加强发展金融及高科技产业。此外,香港作为亚太地区主要的国际金融、贸易、船运、旅游和资讯中心,被评为城市资产质量与安全程度最高的城市, 反映香港城市实力强及社会治安良好。


排名 城市 分数
01  天津 2219.01
02  重庆 2056.57
03  深圳 2000.70
04  上海 1931.70
11 香港 1000.06




排名 城市 分数
1  上海 16163.08
2  香港 16099.80
3  北京 15813.05
4  深圳 9115.16
5  广州 9024.81




排名 城市 总分
1  香港 94.31
2  上海 92.47
3  北京 89.95
4  深圳 85.24
5  澳门 83.23



排名 城市 总分
1  香港 96.57
2  台北 95.36
3  深圳 93.28
4  拉萨 92.73
5  烟台 90.29


中新网12月10日电 据香港《星岛日报》网站消息, 香港在中国国际化城市排行榜中亦居首位。中国国际化城市排行方面,香港获92.01分,以0.6分险胜上海,而北京、澳门和广州排行第三、第四和第五位。研究会表示,国际化城市是指形成发达经济性开放主体,并通过整合世界资源进行持续发展的城市,特征是国际影响力大、经济发达、制度健全和城市具相当规模等。