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7th Rangers: KL Tower shares transfer: Annuar says TM didn't need his permission By Hariz Mohd

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KL Tower shares transfer: Annuar says TM didn't need his permission By Hariz Mohd
Wednesday, December 28, 2022

Malaysiakini : Former communications and multimedia minister Annuar Musa said he had nothing to do with the transfer of Telekom Malaysia Berhad (TM) shares from Menara Kuala Lumpur Sdn Bhd - its subsidiary which manages the iconic Kuala Lumpur tower, to another company in October.

In a message to Malaysiakini, he said TM is a publicly listed company and does not need the minister's permission to transfer its shares.

Here is another version via WhatsApp : 

KL TOWERS SOLD QUIETLY

The concession and right to manage Menara KL is a business owned by Telekom Malaysia Berhad through its subsidiary Menara KL Sdn Bhd. It is not a loss-making business, but a business that generates tens of millions of ringgit in net profit every year for Telekom Malaysia Berhad. For example in 2019 (before Covid-19), the net profit recorded by Menara KL Sdn Bhd through concessions and the right to manage Menara KL was as much as RM20 million.

In 2018, Menara KL recorded a net profit of RM25 million. Because the business of managing Menara KL brings profit to Menara KL Sdn Bhd, it also brings profit to Telekom Malaysia Berhad. So directly it also brings benefits to Malaysia and the people of Malaysia because Telekom Malaysia Berhad is a company owned by the Malaysian Government and the public.

Strangely, on 31 October 2022, which is the date after Parliament was dissolved, 10 million shares owned by Telekom Malaysia Berhad in Menara KL Sdn Bhd were quietly transferred to Hydroshoppe Sdn Bhd. I don't know who Hydroshoppe Sdn Bhd is. But SSM's review found that Hydroshoppe Sdn Bhd was a troubled company and was on the verge of being delisted from SSM for failing to make declarations and filings on schedule.

It is problematic and is in the process of being thrown out, but PN has made a decision to channel net profits of tens of millions of ringgit a year from the bank account of Telekom Malaysia Berhad to the bank account of a troubled company. In summary, tens of millions of ringgit in net profit which was originally being enjoyed by Telekom Malaysia Berhad (the country and the people) has been handed over to a few selected people (Hydroshoppe Sdn Bhd).

These tens of millions of ringgit were originally being enjoyed by Malaysians through the ownership of shares in Telekom Malaysia Berhad, the construction of telco towers, the development of communication networks in rural areas and so on. But it was suddenly stopped and distributed to a few selected people in Hydroshoppe Sdn Bhd.

So the people of Marhaen will not feel the abundance of tens of millions of ringgit in the future. On the other hand, only a few selected people in Hydroshoppe Sdn Bhd will enjoy the tens of millions of ringgit. Why can this happen when Annuar Musa is Minister of Communications?

Is Annuar Musa who is now with PN involved in trying to marginalize the Malays instead of enjoying the overflowing profits of Menara KL?

Continue back to Malaysiakini story here........
posted by Major D Swami (Retired) @ 1:34 PM  
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