Bank should waive online account fee from 2 Jan 2015

After we published our blog post  Petroleum price drop below Malaysia subsidy level on 28 October 2014. One reader or cyber trooper Wow123 commented that our post just another  talk syior sendiri lio lor .

One of veteran TV host (guy) on Astro AEC's Evening News, Gan, even comment within 24 hours of our blog post that, While petroleum price is dropping, one country, China, is accumulating stock of petroleum. This mean China do not think the current low petroleum price level would be prolong. And he laugh after he said

  On 21 November 2014, Malaysia government announced that retail prices for RON95 petrol and diesel will be fixed according to a managed float effective Nov 2014. This proof every comment above wrong. We thank Malaysia government to lift burden of Malaysia, which have been pressured by inflation and price increase recently. But what next?

Effective 2 Jan 2015, those issuing a cheque will be charged a 50 sen processing fee by commercial banks.  The fee was in addition to the existing 15 sen stamp duty per cheque.

Bank Negara announced this measure on March 20, 2013 to promote the use of electronic payment (e-payment) while capping the fee for interbank GIRO transactions performed via Internet and mobile banking at a maximum of 10 sen from May 2, 2013.

Thank you, Bank Negara. As some bank charge RM2.00 per transaction compare to RM0.15 per cheque than.

However, Bank still charge a monthly fixed charges despite transaction fee cap at RM0.10 per transaction. This is still a burden to Small and Medium Enterprise ( SME ) especially those issue less than 20 cheque per month. This act as a deterrent to SME who have less than 20 transaction per month to switch from issue cheque to e-payment.

Nanyang did a survey on 23 February 2014. Maybank charge minimum RM10.00 per month, plus transaction fee ranging RM78.00 to RM128.00 per month.UOB charges RM10.00 per month to be able to view transaction and check balance online, If want online transaction additional RM50.00 per month will be charges. Public Bank charges RM50.00 on first month and RM20.00 every month subsequently. RHB Bank charge RM30.00 per month regarless any transaction or not.

Cash in current account do not earn you any interest. Bank able to make use of the cash and need not pay any interest to account holder. Now for online account. Bank will charge you money even if you have money in bank and bank able to make used of your money to earn interest for them.

This does not encourage business to switch from cheque to e-payment, especially SME who issue less than 20 cheques per month.

Association of Banks Malaysia (ABM) said cost of processing each cheque amounted to RM3.00 per cheque compare to extra RM0.50 charges. Bank still incurred RM300 million per year in processing cheque.  This mean bank in Malaysia will safe RM300 million per year if all company shift from cheque payment to e-payment. Then, shouldn't bank be the one who absorb the cost of of developing the software by waiving all the monthly charges on business as  bank have RM300 million saving in cost per year and should not pass the cost of software to business.

We urge Bank Negara and Association of Banks Malaysia (ABM) to waive all monthly charges to account holder effective 2 Jan 2015. Same date when extra RM0.50 charge on each cheque issue.

Update :收50仙支票费 国行设立基金 明年奖掖电子付费
 Steps unveiled to speed up migration to e-payments
郑己胜：鼓励客户使用 政府应吸纳电子付费成本

CapitaMalls Malaysia Trust (CMMT) severely affected by Sungei Wang Plaza poor performance

 CapitaMalls Malaysia Trust (CMMT) , a REIT by Singapore's CapitaLand, manages Gurney Plaza in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, The Mines in Selangor and East Coast Mall in Kuantan, Pahang, a portfolio with a total net let table area of over 2.5mil sq ft.


Sungei Wang Plaza continued to suffer negative rental reversion. The mall continues to be plagued by the MRT construction which resulted in a decline in shopper traffic, thus leading to the negative rental reversion .


AmResearch said CMMT had achieved an overall positive rental reversion of +3.3% for the nine-month financial year 2014 (FY14) period – Gurney Plaza (+7.7%), The Mines (+7.4%), East Coast Mall (+13.5%) and Sungei Wang Plaza (-7.3%).

Sungei Wang Plaza Merchants Association Kuala Lumpur (tenant) claim poor management by Property Manager CB Richard Ellis(Malaysia)Sdn Bhd (CBRE).

Sungei Wang Plaza Merchants Association Kuala Lumpur claim some lot able to command RM25,000 per month but now no taker even at RM6,000 to RM10,000 per month. They claim the plaza have few hundred vacant lot (excluding 6th floor), of which, 70%  of vacant lot own by CMMT and the balance of 30% vacant lot own by private individual owner. Sungei Wang Plaza have 600 lots. This seem more severe than AmResearch of -7.3% base on 3rd quarter result.

Earlier, Nanyang reported that CBRE refuse to answer query from media.

The Association urge owner to refuse renting the vacant lot to foreign worker and reduce rental to keep the tenant to maintain current tenant mixed as shopper not not want to shop in a plaza operate by foreigner.

Opportunity for non-lawyers to hold share in a law firm

Former lawyers from Kuala Lumpur-based legal outfit Zaid Ibrahim and Co, commonly shortened to “Zico”, are seeking to list a Singapore-based company on Singapore’s Catalist Board.

Zico Holdings Inc, integrated professional services provider, has placed out 48 million shares at 30 cents (77 sen) apiece and will be listed on the Catalist Board on Nov 11.

Malaysia's biggest law firm has come up with a novel way to tap into capital markets while adhering to local rules that forbid non-lawyers from owning law firms.

Zico’s IPO is targeted at raising S$14.4mil (RM37.18mil) from institutional investors, where net proceeds of about S$12.5mil (RM32.27mil) will fund business growth within South-East Asia via acquisitions and expansions of new services or strengthening of existing ones.

Labuan-incorporated Zico Holdings provides professional services in areas such as trust advisory, business support and advice on syariah.

The holding company, Zico Holdings Inc, is legally separate from Zaid Ibrahim, which is part of a regional network of law firms known as ZICOlaw. However, they are closely linked in terms of business; Zico provides management and business support services to ZICOlaw network firms, which remain status quo in the provision of law services.

“It wasn’t easy leaving my practice behind, but as managing director of the firm supporting ZICOlaw, there’s more flexibility in servicing our clients because of the multi-disciplinary nature of our business,” says Zico managing director Chew Seng Kok, who was formerly Zaid Ibrahim’s managing partner. Chew had to leave the law practice in order to be allowed to run Zico.

ZICOlaw, founded by controversial politician, Zaid Ibrahim, no longer have any interest in the law firm other than his name still appear as brand.. Zaid Ibrahim an ex-Minister in Prime Minister Department of Malaysia during Abdullah badawi era. He resign as a Minister to protest for government use of Internal Security Act (ISA). He joint PKR and fall out with opposition leader anwar Ibrahim when he contest for chairman of PKR. He is one of columnist of The Star

Zico and ZICOlaw firms also “cross-promote” and offer “integrated services” to each other’s customers, reported The Star.

“Most big Asean players are in Singapore. We see ourselves as an Asean player, so this ties in strategically,” Chew says.

Law firms, generally structures as partnerships, are usually limited from raising capital with the lawyers’ own funds or bank borrowings, Chew says.

He points out that law firms are typically owned by lawyer partners. That means that any money needed for an upgrade to a law firm’s information technology systems, for instance, would have to come from its partners.

But with the way the holding company is set up, ZICOlaw network firms can tap capital markets for that funding rather than partners’ pockets, he said.

In fact, it was through ZICOlaw’s network that Chew contrived the idea of creating a holding company that provided support to law firms.

“It worked out beautifully and it was unique because the lawyers were autonomous,” says Chew.

The bread and butter of the business are syariah law cases and secretarial services – typically recurring income.

“These contribute more than 50% of our revenue,” Chew says.

Pre-tax profit came in at RM13mil, up 145% from FY2011.

Zico does own some law firms in South-East Asia, but only in Myanmar and Laos, where law firms are allowed to be owned by non-lawyers. This create an opportunity for non-lawyer to become shareholder of law firm.

“No one else has done this. We have the first mover’s advantage, that’s why we have garnered so much interest,” Chew says. “We foresee other players hopping onto the bandwagon after us.”

Elsewhere in South-East Asia, the ZICOlaw network is present in every South-East Asian country except Brunei and the Philippines.

Managing director Chew Seng Kok says the IPO would also help the company retain talent in those markets by offering stock options to employees.

“We now have the ability to align the interests of shareholders with performance,” Chew says. “As we anticipate a talent war, this gives them something to hold on to. Seeing as we can’t support them enough, equity would be important to them.”

Zico’s margins are healthy at above 50% and reflective of the business it is in, Chew says.

For the financial year ended Dec 31, 2013, Zico achieved revenue of RM19.2mil, up 115.7% from RM8.9mil two years earlier.

“We need the working capital to do more. We need more capital to support our information technology support software, for instance. That would facilitate our replicating the business models,” Chew says.

Chew: ‘We need more capital to support our information technology support software, for instance.(pic from The Star)

Pauline Chai Siew Phin step sister of Tan Sri Khoo Kay Peng

High profile divorce case between Tan Sri Khoo Kay Peng, who run Malayan United Industries and Laura Ashley and Miss Malaysia 1969 Pauline Chai Siew Phin, make headline recently. People also gossip about 1,000 pair of shoes Pauline Chai claim to have.

Few tycoon in Malaysia marriage a Miss Malaysia. People might be curious about their love story! How they started?

A Malaysia gossip weekly magazine, Special Weekly specifically feature their love story recently.


Malaysia familiar with story of Tan Sri Khoo Kay Peng, an ex-banker who used MUI group to acquired a cement plant ( now Lafarge) and a hotel chain (Now Corus Hotel) to form a conglomerate.

However, recent Special Weekly reported that actually Tan Sri Khoo Kay Peng has a rich father. He inherited MUI ( a toothpaste manufacturing plant then) from his late father.  

His late father have a second wife, who has a daughter then. This mean Pauline Chai is step sister of Tan Sri Khoo Kay Peng and they grow up together since young age.

However, Pauline Chai is second wife of Tan Sri Khoo Kay Peng. Tan Sri Khoo have a first wife and he divorce his first wife to marriage his step sister, Pauline Chai.

Pauline chai contest in Miss Malaysia pageant 1969 and won. During media interview, media ask what is her ideal husband criteria. She reply that, if I want to marriage, I hope to marriage a man like my brother. When media reported the interview the next day. Tan Sri Khoo read it and realise her step sister actually admirer him secretly. He get touch and decided to marriage his step sister.

Christian forbid divorce and second marriage. It is not sure whether the couple baptized before or after their marriage.

Children get bully in Australia

One of the reason Tan Sri Khoo move his family from Australia to Canada because his children get bully in Australia. This is similar to what happen to Taiwan base Malaysian chinese singer Gary Chaw 曹格. Gary Chaw reveal in a radio (988) interview that his parent send him to Australia at very young age. He face racial discrimination and bully by white children in Australia's school. This seem happen regardless of whether you are rich or poor. It seem Gary Chaw do not have rich father that able to move him to Canada. Thus, he have to fight his case on his own with other schoolmate from asia. He have to fight them first, let them know that he cannot easily get bully, then he negotiate with them. Ask them whether they want to become enemy or friend with him. He suggest that it can only be Win win if they become friends rather than become enemy as they cannot avoid seeing each other everyday. Eventually, Gary Chaw become friends with his schoolmate.

It seem poor people without rich father able to face the challenge better than rich people, who give up and run away when problem arise. It doesn't mean a person have more advantage if you have a rich father. Gary Chaw, who become famous in China on TV reality show " Where are we going, Dad?"爸爸去哪兒 said he would never send his children overseas at young age alone, unless he went together to protect them 

However, people who went to UK boarding school like Air Asia's founder Tony Fernandes seem do not encounter such problem. Tony Fernandes even want to bring  Epsom College to Malaysia.

Daughter support wife

His daughter Angeline Francis appear on court and and said she support her mother Pauline Chai to divorce her father. I think she has right to support anyone as she gave a valid reason. However, what people curious and gossip is why she support the divorce case to be hear in UK but not in Malaysia? Shouldn't a divorce proceeding able to be expedite in Malaysia then in UK, if she claim her mother in a miserable marriage and desperately want to out of this marriage?

Coastal Contracts Bhd's Ng Chin Heng, from RM500,000 to RM837million 沿海工程黄振兴从50万到8.35亿

• 

Coastal Contracts Bhd can trace its roots to the early 1980s when former animal feed trader Ng Chin Heng, together with his wife and brothers, bought over a loss making tug and barge outfit called Coastal Transport (Sandakan) Sdn Bhd founded by a Sabahan at RM500,000.00. He only age 33 at that point.

It only had a fleet of four small tankers at the time, used mainly to ship commodities around the Borneo region. 

Ng, 66, who now holds the position of executive chairman, was previously a trader in animal feed, fertiliser and raw rubber in the 1970s. He had no prior knowledge of the shipping business.

But the enterprising Sabahan learnt on the job, and even paid visits to shipyards in Malaysia, Indonesia, Singapore and China, facilitating the group’s entry into ship fabrication in 1993.

This is like Mitsubishi Sogoshosha in Japan. which started from shipping business and then venture into shipbuilding. Another company have similar trend is Petronas controlled MISC, which also controlled Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE). 

However,I feel one company most similar to Japan's Mitsubishi Sogoshosha in Malaysia is Boustead Holdings Berhad, which has a trading house and a Banking arm Affin Bank Berhad, Other than have a naval shipyard controlled by boustead heavy industries corporation. As Mitsubishi also own a bank.

Back to Coastal Contracts Bhd and Ng Chin Heng

His fledgling marine transportation firm went on to be listed on the Main Board of Bursa Malaysia in 2003.

He and the company has survived 3 recession.

In 1985 recession, few of his customers in Singapore close down, which affected his company operation. 

During Asean Financial Crisis in 1997, it is fortunated that some contract in USD has mitigate the  effect.

Subprime crisis also have little affect on the company, as company able to maintain it growth  in 2008/2009.

Sandakan, Sabah-based Coastal Contracts owns 100 acres of yard space where it builds tugs, barges and offshore supply vessels (OSV).

The group has over the years carved a niche in the construction of sophisticated, higher-end OSVs that deliver better margins.

• 

Ng Chin Heng (Second from left together with board member during IPO at 2003

The company had some years ago ordered its first jack-up drilling rig, the Friede & Goldman JU2000E, costing US$210mil (RM697.2mil).

The rig expected to be completed in the third quarter of this year, has a water depth of 400 ft and drilling depth of 35,000 ft.

Ng directly and indirectly controls 49.34% of the group, filings with the stock exchange show, value at RM837million as at 31 Dec 2013. Not bad, for a company start with just RM500,000 in a loss making company.

Data from  : The Star, Nanyang

沿海工程黄振兴从50万到8.35亿

黄振兴，通过妻儿间接持有沿海工程（COASTAL，5071，主板工业产品股）逾44%股权，本身直接握有大约5%股权，总计8.35亿令吉的上市资产。

沿海工程主要业务，是提供海事产品和服务给船运、油气和原产品领域，如打造、出租、维修和买卖船只，包括拖船、油轮、驳船等。

追溯沿海工程与黄振兴的渊源，是在80年代初的沙巴……

现年65岁的黄振兴，原本是个穷小子。造船业对他而言是极其陌生，因为他在70年代是从事动物饲料、废料和塑胶贸易。

直至他去到东马，了解到当地的地理形势和道路建设缓慢，发展不如西马的公路般四通八达。

不过，他发现东马内陆河流多，水路运输才是当地主流，船运业发展远超过道路。这一重点，为黄振兴创业之途掀开序幕。

接手亏损船运公司

因缘巧合，他在80年代初通过友人撮合，正式接触到造船领域。

沿海工程的前身，名为沿海交通（Coastal Transport），始于1976年，由一名沙巴人开始经营，但公司蒙受亏损，原持有人决定出售公司。

一家蒙亏的船运服务公司，并未让黄振兴就此却步。他详细翻阅这家公司的业务和账目，决定以50万令吉接手这家位于山打根的公司。

当年才33岁的黄振兴完成收购后，公司只有4艘油轮。可是，当时小地方的输油需求不大，公司要就此翻身是难如登天。

木材业发展成转机

山穷水尽疑无路，柳暗花明又一村。木材领域的蓬勃发展，成为公司的转机。

看到新机会的黄振兴，收购二手驳船，从内陆运输木桐到下游厂房，还可输出海外。在短短一年内，他以过人的眼光和毅力，成功把公司转亏为盈。

进入90年代后，公司转至运载其他产品，如煤炭、棕油和燃油等。

沿海工程接着茁壮扩展，开始涉足船只维修和服装，并学习船坞营运所需的技术和管理，到印尼、新加坡和中国探访别人的船坞，方在1993年推行造船业务。

随着公司规模扩大，他决定把其他家庭成员带进公司，协助他管理。

虽然沿海工程如今可说是家族生意，但累积数十年的经营能力，成为公司重要基础，并持续推动公司更上一层楼。

获《福布斯亚洲》肯定 入榜“200大最佳公司”

在黄振兴的领导与家人的协助下，沿海工程从一家只有4艘船的亏损公司，发展到今天拥有总计100亩的船坞、出租超过40艘船，并为大马皇家海军、大马海事执法机构等提供维修服务。

公司如今的客户，也不受限于国内，它打入邻国新加坡和印尼市场，更冲向中东、欧洲、非洲和美国。

以专业于打造岸外支援船（OSV）和海事运输业务而知名，沿海工程逾30年来持续取得好成绩，更荣获许多奖项。

例如，公司曾在《福布斯亚洲》“200大10亿美元以下最佳公司”连续6年榜上有名；毕马威（KPMG）股东价值大奖则连续5年获奖；《The Edge》10亿令吉俱乐部企业奖项的2011年“最赚钱公司奖”。

挨过三次经济风暴 沿海工程乘风破浪

沿海工程至少三度经历经济风暴，但依然屹立不倒。

80年代的大萧条，多家新加坡客户倒闭，曾冲击公司业务。

接着1998年的亚洲金融风暴，造船业务放缓，所幸租赁业务以外币收费，令吉贬值和与美元挂钩，缓和沿海工程的冲击。

在2007至2008年的全球金融危机，对站稳船运服务市场的沿海工程，冲击不大，公司盈利始终稳定增长。

掌舵沿海工程迄今32年，黄振兴向媒体分享自己的成功要诀时，提到多个要素：勤劳、坚毅，不会半途而废。

“不管你在从事什么行业，当你遇到困难时，切记要坚持下去，同时生活要有规律。”

拟打入油气上游 扩充造船价值链

沿海工程2013财年净利按年涨升27.57%，达到1亿5162万令吉；营业额微跌0.36%，报7亿6158万令吉。整体表现优异，只是租船业务收入降低。

油气带动OSV商机

随着全球经济逐步复苏，2014年的展望无疑优于2013年，特别是油气领域，全球石油需求料水涨船高。

油气领域如今逐步转到深海油田，意味更多探勘活动将从浅水转移到深海，势必刺激可在深海操作的岸外支援船（OSV）需求。

为了符合市场需求，且考量到现有OSV船队已不适用于深海区域，沿海工程表明将专注在打造更高科技，并可在深海操作和具有高规格的OSV。

此外，原油价格高企，加上岸外勘探活动捎来好消息，带动国际升降式钻油台（Jack-up Drilling Rigs）需求，特别是在东南亚、中东及墨西哥海湾等。

目前全球升降式钻油台使用率不错，在墨西哥海湾一带的出租费也稳定回升，更可一并提高东南亚的出租费率。

同时，全球现有船队都是80年代船只，无疑需要添新配备。因此，升降式钻油台的市场将在未来数年高速增长。

最近数年，公司也提供出租升降式天然气压缩服务单位（Jack-up Gas Compression Service Unit）。

整体而言，沿海工程的前景愈加耀眼，公司将继续双管齐下，推行扩展计划，即进一步打入油气上游领域，以及扩充造船价值链。

资料来自:南洋商报

Corporate Princess 12 : Gadang's Kok Pei Ling and sister.企业公主系列12 : 嘉登控股郭佩灵郭佩馨

 Ms Kok Pei Ling (right) and sister (left), who are the daughter of Tan Sri Dato' Kok Onn, the Managing Director cum Chief Executive Officer and a major shareholder of Gadang Holdings Bhd - (9261) (GADANG)

Ms Kok Pei Ling, aged 31, joined the Board on 2 January 2013 as an Executive Director. She has been the Company’s Chief Financial Officer since September 2009.

According to website of Gadang. Ms Kok graduated from University of Melbourne, Australia with a Bachelor of Commerce (Finance and Management) Degree in 2003.

She began her career as a consultant for Corporate Recovery and Insolvency in BDO Capital Consultants Sdn Bhd from April 2004 to June 2006. She then joined OSK Investment Bank Berhad as an Associate for Debt Capital Markets from June 2006 to May 2007. Prior to joining Gadang in September 2009, she was the Assistant Manager (Investment Banking) of OCBC Bank (M) Berhad.

Tan Sri Dato’ Kok Onn, a Malaysian, aged 62, joined the Board on 10 March 1997 as the Joint Managing Director of Gadang and was subsequently appointed as the Managing Director cum Chief Executive   Officer on 2 September 1997.

Prior to joining  Gadang,  Tan  Sri Dato’ Kok Onn was the Group Chief Executive Officer of Bridgecon. He was also the founder of Bridgecon Engineering Sdn Bhd (“BESB”), the wholly-owned subsidiary of Bridgecon. The track record of BESB was used to list Bridgecon on the Second Board of the Bursa Malaysia Securities Berhad on 16 November 1994.

Tan Sri Dato’ Kok Onn’s exposure in the construction industry began in 1972 and has been involved in the industry for more than 40 years. 

Tan Sri Dato’ Kok Onn was also the person who transformed Bridgecon from a pure  construction  company to activities involving manufacturing and supply of readymixed concrete, concrete pumping, quarrying, property and resort  development and on international aspect.

Tan Sri Dato’ Kok Onn is an Angel investor where he invested in Green Packet before other venture capital like OSK invested in the company and before it IPO. Now, Tan Sri Dato' Kok onn still a Non-Independent Non-Executive Director of Green Packet Berhad.

企业公主系列11 : 嘉登控股郭佩灵郭佩馨

嘉登控股首席財务员郭佩灵，也是嘉登控股董事经理兼首席执行员丹斯里郭安的女儿。嘉登控股（9261）23April 2014举行股东特别大会，董事经理丹斯里郭安﹝中﹞和他的2位女儿郭佩馨(﹝左)﹞及郭佩灵﹝(右)﹞齐齐亮相。

在马交所上市的嘉登主要业务包括工程与建筑。除了土木工程和一般的建筑工程，也涉及商务产业、工业产业及住宅产业建筑。

同时，嘉登也有产业投资和发展业务，及公用事业建筑与维修等。

嘉登现有工程合约总值为14亿令吉，当中59%或8亿900万令吉，来自首期捷运工程、2亿7800万令吉来自莎阿南医院，以及总值2亿5400万令吉的炼油与石油化工综合发展计划（RAPID）土木工程合约，足以支持未来3年盈收。

丹斯里郭安也是天使投资者,他在其他风险投资者如OSK还没投资已投资绿驰通讯.现在丹斯里郭安也是上市后绿驰通讯非独立非执行董事。