This is something I wrote on 7 August 2011, for your information:
Cadangan S P Setia untuk mengambil-alih 40 peratus baki saham dalam KL Eco City dari Yayasan Gerakbakti Kebangsaaan (YGK) dengan nilai RM75 juta telah menimbulkan beberapa soalan.
S P Setia already owned 60 per cent of KLEC, which had obtained a 25-acre plot of prime land opposite Mid Valley City from Kuala Lumpur City Hall (DBKL) on an 80:20 profit-sharing basis with DBKL.
Mengikut The Edge, YGK, ialah sebuah “yayasan yang dimiliki Pemuda Umno yang telah ditubuhkan dengan tujuan menguruskan dana untuk membasmi kemiskinan dan meningkat kebajikan di kalangan kaum miskin”.
Edisi 1 Ogos The Edge telah mengemukakan beberapa soalan:
- Could S P Setia have saved the RM75m?
- What was the rationale for having YGK as a joint-venture shareholder? Apakah peranan YGK?
- Did YGK have the means to fulfil its end of the deal? Or was it just an interim shareholder to cash out after the DBKL deal was secured?
And the 1 August print edition of The Edge (1 August 2011) notes that “getting RM75m in S P Setia shares seems like a fantastic deal for YGK, whose investment in KLEC is probably just 40 per cent of the latter’s current paid-up capital of RM100000, and this is even before a single brick has been laid in the project”.
Such transactions, said The Edge, “do not say much for transparency in dealing with government land”.
This is Bursa’s query and S P Setia’s response:
|Reply to query|