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7th Rangers: TM sold KL Tower shares to focus on telco services - Something stinks

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TM sold KL Tower shares to focus on telco services - Something stinks
Thursday, December 29, 2022
Freethinker : Telekom, if you still wanted to sell your money making cash cow, please give me a call.

Malaysiakini : Telekom Malaysia Berhad (TM) today said it decided not to continue holding the concession for Menara KL management because the company wants to focus on its core business, which is telecommunication services.

In a statement, the government-linked company also refuted claims that the plan was made hush-hush, saying that the changes in shareholding of Menara Kuala Lumpur Sdn Bhd, the company that managed Menara KL, had informed Bursa Malaysia via TM’s financial announcement for the third quarters of 2022.

“As part of its business transformation programme, TM is focusing its efforts and resources on strengthening its core business of telecommunications and technology.

“After due consideration on the change in the business nature of Menara KL, from telecommunications services to tourism and hospitality, TM has decided in October 2021 not to renew the MKL concession and informed the government accordingly,” the company said.

CitizenSaro : T Zafrul and Annuar must have known and one of them must be a close crony to the company that acquired the shares.

Open minded 2281 : The question is who decided on the company to buy the concession. Why was there no open tender.

World Citizen : TM sold a cash cow in order to focus on its core business! And KL Tower is after all a telecommunication and broadcasting transmissions tower!

How do we fathom this! It definitely smells rat and TM and the former Minister must give a proper and believable answer and not whitewash it with this kind of silly statement.

OCT : It's ridiculous and don't make sense for any GLC to sell its shares when the said company is making good returns. GLC should be selling loss making companies to mitigate the loss of revenue. This is against good business acumen.

Moreover this new company financial status is not healthy. There should also be goodwill and premium to sell a golden goose. If I had known about this, I could pay more than what is being paid by this company. KL tower is a money printing machine.

There is no good reason to sell to an unknown and financially poor company. Why no due diligence being done before S&P? Saying to focus on core business usually means selling loss making companies and not profit making companies.

This reflects poor management decision making or hanky panky. Someone must be answerable to another fiasco. A big elephant just appeared.

IndigoCamel7131 : Who in the Government made the decision to sell the concession in a hush hush manner. What is the reward via proxies which is the standard SOP of corrupt politicians.

Ghost Rider : Built using taxpayers money, sold and bought like it belongs to individuals. And of course the timing is just superb!!!

GrayPuffin9604 : How come TM didn't tell me about the sale?

Read it all here.....
posted by Major D Swami (Retired) @ 5:10 PM  
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