BN HAS NO CLUE ON SAS?

SAPP Youth Exco member Clement Lee has called on the UMNO led-BN government to explain the failure to elevate the SAS to its original value, 14 years after the financial crisis in 1997-1998, even when all the counters in BURSA and Unit Trusts price have recovered to its original value or higher.

Based on the latest SAS price updated on 21 May 2012 remained at RM0.3067 (NAV per unit) as reported from www.sahamsabah.com.my.

It has proven that SAS investment team which has appointed by UMNO led-BN government simply failed in value investing due to poor management planning, incompetency and lack of experiences.

In order to elevate the SAS, one of the solutions is they could use SAS to acquire the Initial Public Offering (IPO) from the institutional offer price from the new listing of Government Linked Company and other potential counters with strong and solid company foundation, management team and fundamental values like Petronas Chemicals, Maxis, Astro, Felda Global Ventures Holding's (FGVH), Gas Malaysia Berhad and etc but they had missed all these opportunities to elevate the SAS for the past 14 years.

For example, Petronas Chemicals, a diversified chemicals maker, rose to a high of RM5.72 before leveling off at RM5.52 on the first day of listing on 26, Nov 2011, up about six per cent from the institutional offer price of RM5.20, while the broader market was flat. Retail investors paid RM5.04 per share in the IPO. Petronas Chemicals jumped as much as 10 per cent on its stock market. SAS could easily benefit from this exercise. Clement Lee said.

The people of Sabah should deserve certain percent of share from Petronas Chemicals whereby Sabah is one of the richest states with oil and gas in Malaysia.

Clement Lee lamented another example like Felda Global Ventures Holding's (FGVH) is planning to issue the IPO either by end of May 2012 or earlier of June 2012. The people of Sabah should deserve certain share since Felda possesses more than 250,000 acres of oil palm plantations in Sabah alone. SAS should capitalize in this exercise but yet they missed this opportunity again.

Unfortunately, Datuk Dr. Yee Moh Chai by praising his CM boss, Datuk Musa Aman as the best CM in Sabah during the dinner of MSAM as reported at Daily Express on 30 April 2012 yet conveniently forgetting the 55000 SAS investors that had been caused plenty of hardship and nightmare, making them poorer or even bankrupt, some of whom took loans from banks and others, left with little or no life and retirement savings as they wait in peril for chances of recovery.

Additionally, the injection of RM 200 million announced by Sabah CM, Datuk Musa Aman on 2008 into SAS whereby we still couldn’t see any impact and positive sign of recovery of SAS price after 4 years until today 2012. Clement Lee said.

We have given ample time for BN to resuscitate SAS but it failed disappointingly. In this coming GE13, let us all stay united in support of our local party SAPP and once and for all, regain the Sabah government from the present incompetent UMNO led-BN government. SAPP will not only to issue WHITE PAPER to reveal the truth of the SAS fiasco but also will substantiate plans to elevate SAS to its original value, if not higher, when we form the next Sabah government. - Sabahkini