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Thursday 30 June 2011

Analysts: AMMB may be better fit for RHBCap

Analysts say it would be 'a marriage of equals' and would propel AMMB to being the sixth largest bank from fourth largest now.

Read more: Analysts: AMMB may be better fit for RHBCap http://www.btimes.com.my/articles/rhbxf/Article/#ixzz1QiqTkzxn

Kuala Lumpur: Just a day after the country's fifth largest bank RHB Capital Bhd (RHBCap) got ditched by two suitors, analysts are all abuzz about how it should consider a match with another - AMMB Holdings Bhd. While RHBCap, which is 45 per cent-owned by the Employees Provident Fund, can always pursue growth on a standalone basis, the fact is, it has always been viewed as an attractive takeover target. Having it merge with another would support the country's banking consolidation agenda. RHBCap chief executive Kellee Kam told Dow Jones yesterday that the bank remained interested in merging, but only if it made strategic sense. The country's top two banks, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd, each tried to explore a marriage with RHBCap this month, but concerns over pricing put the brakes on those plans this week. "The two top banks have, in a way, been given the first right of refusal for RHBCap. I'm sure there'll be other attempts to match it with others now," said an analyst from a foreign research firm. RHBCap would make a better fit with AMMB than with either of the other two large banks, he said. "There's definitely more complementarity and less overlap," the analyst remarked. Analysts from OSK Research said it would be "a marriage of equals" and would propel AMMB to being the sixth largest bank from fourth largest now. Their loan market share at home would be larger than Maybank's and their combined branches would come close to the latter's, another analyst pointed out. Should AMMB show some interest, it may rekindle CIMB and Maybank's interest in RHBCap. "It's a defensive move ... they (Maybank/CIMB) can't afford to let someone else have it as it could swing their market position by quite a fair bit. But right now, I think they're having a bit of a timeout on their relationship with RHBCap," the analyst said. The fact is, RHBCap's share price and its shareholders' expectations may first have to come down to more realistic levels before any bank is likely to show interest. Pricing was, after all, the main reason Maybank and CIMB each decided to abort their takeover plans. The deal breaker was Abu Dhabi Commercial Bank's move last Friday in selling its 25 per cent stake in RHBCap to sister company Aabar Investments at a hefty RM10.80 a share, setting the valuation bar too high. At RM10.80, or 2.25 times RHBCap's book value, it was an almost 11 per cent premium over its share price of RM9.75 last Friday. That sale "created certain expectations and we believe that at that valuation, it will be very difficult to be value-enhancing for our stakeholders", Maybank's chief Datuk Seri Abdul Wahid Omar told reporters on the sidelines of an event here yesterday. Asked if he would revisit a merger later down the road, he said, "Not at this juncture," hinting that he wasn't ruling out the possibility. He said the group would pursue organic growth plans in the absence of any merger opportunities. CIMB's chief Datuk Seri Nazir Razak, when asked the same question, said the group's priority was to build an Asean banking platform. "We'll look at all opportunities. Our priority is always overseas but if there are opportunities at home, we will look at them," he told reporters at the same event. RHBCap's share price, which rose to a high of RM9.98 during the merger talks with CIMB and Maybank, fell by 28 sen to RM8.75 yesterday. It was the first time in slightly over a month that it fell below the RM9 mark.

Malaysia US$2b sukuk snapped up

The oversubscription is an indication that investors prefer sovereign debt as they are more comfortable with the ratings and market liquidity.

Read more: Malaysia US$2b sukuk snapped up http://www.btimes.com.my/articles/29WAKALA-2/Article/#ixzz1Qipjt6rr

Kuala Lumpur: Malaysia's US$2 billion (RM6.08 billion) Islamic bond sale was eagerly snapped up by investors, reflecting their confidence in the country's financial health and their hunger for Islamic investments. Investors wanted to give Malaysia almost five times more than what was needed and the strong demand should pave the way for more sukuk sales, either from companies or other countries, analysts said. RAM Islamic ratings head Zakariya Othman said the oversubscription is an indication that investors prefer sovereign debt as they are more comfortable with the ratings and market liquidity. "Malaysia's sovereign rating is anchored by the sustained strength in the country's strong external payments position, high savings rates and deep onshore capital markets. "Official foreign exchange reserves stand at US$132.7 billion (RM403 billion), or more than four times residual short-term external debt as of end-May 2011. "In addition, the rating is supported by strong and well-managed corporate and banking sectors, which poses only marginal contingent liabilities to the government's balance sheet," Zakariya told Business Times yesterday. The Wakala global sukuk is Malaysia's third US dollar-denominated sovereign sukuk issuance. According to the Finance Ministry, 29 per cent of the global Islamic bonds was distributed to investors in the Middle East, 27 per cent to Malaysia, 22 per cent to the rest of Asia, 14 per cent to Europe and 8 per cent to the US. The government's five-year and 10-year Wakala global sukuk attracted over US$9 billion (RM27.4 billion) worth of subscription. The five-year US$1.2 billion (RM3.65 billion) paper, which was priced at 2.991 per cent, and the 10-year US$800 million (RM2.43 billion) paper, priced at 4.646 per cent, were distributed to over 320 global investors, according to the ministry in a statement. It said the strong demand was due to investors' confidence in the government's comprehensive transformation agenda. The successful pricing amid the current volatile global market is also testament of Malaysia's strong macroeconomic fundamentals, it said. "The deal was priced at the tighter end of the revised price guidance, reflecting investor confidence in the Malaysian credit story. "The Wakala global sukuk has been assigned credit ratings of 'A-' by Standard and Poor's and 'A3' by Moody's," the ministry said. Zakariya said the largest percentage of subscribers from the Middle East indicates their increased comfort with sovereign Malaysian risk, especially in tough market conditions and the shortage of such investment grade opportunities in the region. This could serve as the stepping stone for a politically and economically stable sovereign issuer in the Gulf Cooperation Council such as Qatar and Abu Dhabi to come out with its own 10-year sukuk. He said the 10-year sovereign sukuk will also encourage local corporate issuers to issue longer-term debt. "This would fill out the yield curve which is rather stunted currently with most sukuk maturing in five years or less," he said. Zakariya added that the Wakala sukuk would not only encourage longer maturity sukuk in Malaysia but could also serve as a benchmark to US dollar or dollar-linked global sukuk outside of Malaysia. The issuance is seen as having two-pronged benefit. He said not only can it be used to raise funds to finance the government's budget deficit, it will also broaden the investor base as well as set and develop global yield benchmarking. "Now that attention has finally turned towards developing short-term liquidity management tools such as the International Islamic Liquidity Management Corporation, the next important frontier is the long end of the curve, and sovereigns will most likely have to take the lead. "Malaysia has indeed taken the leadership role in expanding the offerings of longer-term sukuk," Zakariya said. According to the ministry, the sukuk represents the first global sovereign US dollar sukuk structured under the syariah principle of Wakala, the largest dual-tranche global sovereign US dollar sukuk ever issued, and the first 10-year global sovereign US dollar sukuk. It also has the lowest absolute yields achieved by an Asian sovereign for a new US dollar issue.

Gold Price Monitor Chart (KFH) 30.06.2011


Friday 24 June 2011

CIMB, Maybank drop merger talks

CIMB and Maybank had each indicated that they would not overpay for RHBCap as it was not vital for their growth plans.


Read More : http://www.btimes.com.my/articles/mabortf/Article/


Kuala Lumpur: The country's two largest banks, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd, have each aborted plans to pursue a takeover of RHB Capital Bhd (RHBCap), a move sources said was due to concerns about pricing. Abu Dhabi Commercial Bank's (ADCB) move last Friday in selling its 25 per cent stake in RHBCap to sister company Aabar Investments at a hefty RM10.80 a share had set the valuation bar too high. At RM10.80, or 2.25 times RHBCap's book value, it was an almost 11 per cent premium over its share price of RM9.75 last Friday. CIMB and Maybank, which had separately been looking to do a deal involving share swaps, had each indicated that they would not overpay for RHBCap as it was not vital for their growth plans. "That sale (to Aabar) was expensive ... it didn't create any value and effectively killed prospects of a merger," a source close to the merger negotiations said. Maybank and CIMB each said, in stock exchange filings late yesterday, that they had ceased merger talks with RHBCap. The move, which the Singapore Business Times had reported about earlier yesterday citing sources, led to a steep drop in RHBCap's share price. It fell by 5.9 per cent, or 57 sen, to RM9.03, its lowest close in just over a month. It was the biggest loser in the stock market. "Based on our various discussions and our assessment of the present expectations of key stakeholders, we do not believe that we will be able to arrive at a value-creating merger," CIMB's chief executive officer Datuk Seri Nazir Razak said in a statement. He said given that merger negotiations are both resource-consuming and distracting for staff and stakeholders, the bank preferred not to prolong the discussions unnecessarily, allowing all parties to return to "business as usual" as soon as possible. Maybank, in its statement said: "In light of recent developments and following further deliberations, the board of directors of Maybank has decided not to pursue the possible merger at this juncture." Bank Negara Malaysia on May 31 given CIMB and Maybank permission to have those talks. The banks were to have put in their proposals to RHBCap on June 29, if things had proceeded as planned. A merger of RHBCap, the country's fifth largest lender, with either Maybank or CIMB would have created one of the largest banking groups in Southeast Asia. The move to end talks is a blow to Malaysia's ambition for the banking industry to consolidate further from eight entities now. Lim Sue Lin, an analyst with HwangDBS Vickers, doesn't discount the possibility of the two large banks re-visiting a merger with RHBCap further down the road. For now, the Aabar deal "probably drove away" the suitors, she said. HwangDBS maintained its buy call on RHBCap and said the stock is still fairly valued at RM10 a share, even without a prospective merger. "For them, it's business as usual ... they didn't need an MandA (merger and acquisition) to begin with," Lim remarked. RHBCap, which is 45 per cent owned by the Employees Provident Fund, took the latest news in its stride, saying it would continue to aim for sustainable growth and was confident of its ability to execute its plans and strategy. It noted that the group was able to hit record growth and profitability in recent years. "The group looks forward, with its head up high, to another year of good sustainable growth," it said in a statement. Maybank's stock fell by 2 sen to RM8.82, while that of CIMB fell by 4 sen to RM8.51.

Thursday 23 June 2011

Banks likely to submit RHBCap plans by June 29

Kuala Lumpur: The country's two largest banks, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd, are each expected to submit their merger proposals to RHB Capital Bhd (RHBCap) on June 29.

Read more: Banks likely to submit RHBCap plans by June 29 http://www.btimes.com.my/articles/30rhb/Article/#ixzz1Q4tQZjqX



RHBCap's board set that deadline, keen not to drag things out and prolong uncertainty for its staff, sources said. RHBCap, the fifth largest bank, is being pursued for a takeover by the two bigger banks and its staff is said to be nervous, not knowing which party the smaller bank might go to bed with, if at all. Maybank and CIMB, which began merger talks with RHBCap early this month, should have little problem meeting that deadline as each have already indicated that a proposal will be made by the month's end. It is understood that their respective talks with RHBCap are still at a relatively early stage. Details of potential synergies and duplications have yet to be ascertained. Abu Dhabi Commercial Bank's move last week in doing a "left hand-to-right-hand" sale - selling its 25 per cent stake to sister company Aabar Investments at a hefty RM10.80 a share - has dampened a potential merger, sources said. At RM10.80, or 2.25 times RHBCap's book value, it would not be cheap for either CIMB or Maybank to match. Both parties are considering share-swap proposals and have yet to decide if these may also include a small cash portion. Neither has engaged Aabar in talks as yet. "It all boils down to the swap ratio ... if they see a future in the enlarged entity, then they'll (accept shares and) stay on," said one of the sources. Both banks have expressed that it is not a "do-or-die" deal for them and that they will walk away if it gets too expensive. CIMB's current higher price-to-book value (PBV) of 2.3 times versus Maybank's 2.1 times gives CIMB greater share-swap pricing power, says OSK Research. "But both groups are well aware of potential value destruction. Given the downside risk on return-on-equity post-merger and li-mited synergistic upside, we believe that both banks are likely to exercise pricing discipline, which in our view could cap the offer price for RHBCap at below the 2.25 PBV multiple - RM10.80/-share," it said in a report yesterday. Sources also said that the banks' proposals will have to include RHBCap's operations in its entirety, and if there are any intentions to sell parts of it later, this would have to be stated in the proposal. Meanwhile, the banks' early merger talks have revealed that RHBCap can open up to 30 branches in Thailand. It only has one there so far. This is likely to excite Maybank more than CIMB, given that Maybank does not have a commercial banking presence in Thailand, which is the only major market in the region it isn't represented in. Maybank, which recently bought regional broker Kim Eng Securities, has 48 Kim Eng branches in Thailand and some of it can be converted to bank branches if the Thai authorities allow it, a source said. CIMB already has a presence in Thailand through CIMB Thai. RHBCap's share price closed at RM9.60 yesterday, up 2 sen from the previous day.

Gold Price Monitor Chart (KFH) 23.06.2011


Wednesday 22 June 2011

Peristiwa Pemecatan Sultan Abd. Hamid (Khalifah Thmaniah Terakhir) dan Bagaimana Bankers Yahudi menjatuhkan Khilafah Othmaniah


Peristiwa Pemecatan Khalifah Islam Terakhir Sultan Abdul Hamid( 1876 - 1909 )

Malam itu, Sultan Abdul Hamid dan keluarganya dikunjungi oleh sekumpulan manusia yang tidak akan dilupakan oleh sejarah.

Emmanuel Carasso, seorang Yahudi warga Itali dan wakil rakyat Salonika (Thessaloniki) di Parlimen Othmaniyyah (Meclis-i Mebusan) melangkah masuk ke istana Yildiz. Turut bersama beliau adalah Aram Efendi, wakil rakyat Armenia, Laz Arif Hikmet Pasha, anggota Dewan Senat yang juga pemimpin Armada Othmaniyyah, serta Arnavut Esat Toptani, wakil rakyat bandar Daraj di Meclis-i Mebusan.

“Bukankah waktu seperti ini adalah waktu khalifah menunaikan kewajipannya terhadap keluarga. Tidak bolehkah kalian berbincang dengan aku pagi esok?”, Sultan Abdul Hamid tidak selesa menerima kedatangan mereka yang kelihatannya begitu tergesa-gesa.

Tiada simpati di wajah mereka.“Ummah telah memecat kamu”, Esat Pasha memberitahu.

Angkuh benar bunyinya.Satu persatu wajah ahli rombongan itu diperhati oleh Sultan Abdul Hamid.

“Apakah mereka ini sedar dengan apa yang mereka lakukan?”, baginda berfikir.

“Jika benar Ummah yang menurunkan aku, mengapa kamu datang dengan lelaki ini?”, Sultan Abdul Hamid menundingkan jarinya kepada Emmanuel Carasso.

“Apa kena mengenanya Yahudi ini dengan Ummah?”, wajah baginda kemerah-merahan menahan marah.

Sultan Abdul Hamid memang kenal benar siapa Emmanuel Carasso itu. Dia jugalah yang bersekongkol bersama Theodor Herzl ketika mahu mendapatkan izin menempatkan Yahudi di Palestin dengan penuh licik lebih sedekad yang lalu (1898). Mereka menawarkan pembelian ladang milik Sultan Abdul Hamid di Sancak Palestin sebagai tapak penempatan Yahudi di Tanah Suci itu. Sultan Abdul Hamid menolaknya dengan tegas, termasuk alternatif mereka yang mahu menyewa tanah itu selama 99 tahun.

Pendirian tegas Sultan Abdul Hamid untuk tidak mengizinkan Yahudi bermastautin di Palestin, telah menyebabkan Yahudi sedunia mengamuk. Harganya terlalu mahal. Sultan Abdul Hamid kehilangan takhta, dan Khilafah disembelih agar tamat nyawanya. “Sesungguhnya aku sendiri tidak tahu, siapakah sebenarnya yang memilih mereka ini untuk menghantar berita penggulinganku malam itu”, Sultan Abdul Hamid meluahkan derita hatinya di dalam diari baginda.

Perancangan untuk menggulingkan baginda sudah dimulakan lama sebelum malam itu.

Beberapa Jumaat kebelakangan ini, nama baginda sudah tidak disebut di dalam khutbah.

“Walaupun engkau dipecat, nyawamu berada di dalam jaminan kami”, Esat Pasha menyambung katanya.

Sultan Abdul Hamid memandang wajah puteranya Abdul Rahim, serta puteri baginda yang seorang lagi. Malang sungguh anak-anak ini terpaksa menyaksikan kejadian malam itu.

“Bawa adik-adik kamu ke dalam”, Sultan Abdul Hamid mengarahkan Amir Abdul Rahim membawa adik beradiknya ke dalam bilik.

“Aku tidak membantah keputusanmu. Cuma seperkara yang kuharapkan. Izinkanlah aku bersama keluargaku tinggal di istana Caragan. Anak-anakku ramai. Mereka masih kecil dan aku sebagai bapa perlu menyekolahkan mereka”, Sultan Abdul Hamid meminta pertimbangan. Baginda sudah tahu yang tiada gunanya untuk keputusan yang dibawa oleh rombongan itu dibantah.

Itulah kerisauan terakhir baginda. Mengenangkan masa depan anak-anaknya yang ramai.

Sembilan lelaki dan tujuh perempuan adalah jumlah yang besar.Permintaan Sultan Abdul Hamid ditolak mentah-mentah oleh keempat-empat lelaki pengkhianat Ummah itu. Malam itu juga, baginda bersama ahli keluarganya hanya dibenarkan membawa sehelai dua pakaian, dan mereka diangkut di dalam gelap menuju ke Stesyen Keretapi Sirkeci. Khalifah terakhir umat Islam, dan ahli keluarganya dibuang negara ke Salonika, Greece.

Gerombolan tentera kedengaran melangkah penuh derap ke istana. Meriam diletupkan sebagai petanda Sultan Mehmed V Resad ditabal menjadi raja boneka. Rasmilah malam itu Sultan Mehmed V Resad menjadi Khalifah ke 99 umat Islam semenjak Abu Bakr al-Siddiq r.a. Tetapi khalifah yang satu ini sudah tiada kuasa. Hanya boneka umpan menahan pemberontakan masyarakat terhadap pembubaran Khilafah Othmaniyyah.

“Entahlah, di saat hidup dan matiku tidak menentu, aku terasa begitu tenang dan aman.

Seperti sebuah gunung besar yang selama ini menghempap dadaku, diangkat penuh kelegaan” kata Sultan Abdul Hamid di dalam diarinya.

Sultan Abdul Hamid mengusap kepala anaknya Abdul Rahim yang menangis ketakutan.

Anak-anaknya yang lain turut menangis sama. Perjalanan dari Sirkeci Istanbul menuju ke Salonika di Greece penuh misteri.

“Sabarlah anak-anakku. Jika Allah mengkehendaki kematian bagi kita, bukankah kematian itu kesudahan untuk semua”, kata Sultan Abdul Hamid kepada sekalian kaum kerabat baginda.

Kereta api meluncur laju. Bumi khilafah ditinggalkan di belakang. Sejarah kegemilangan 600 tahun Bani Osman, berakhir malam itu. Palitan hitam yang mustahil untuk diputihkan kembali.

Dalam suasana malam yang sejuk, Sultan Abdul Hamid II melunjurkan kakinya di atas kerusi kereta api sambil dipicit oleh anaknya Fatimah.

“Sabarlah anakku, Ummah tidak tahu apa yang telah mereka lakukan kepada umat Muhammad ini”, baginda mengusap wajahnya dengan linangan air mata.

Lama benar baginda dan ahli keluarganya dikurung di istana Yahudi yang buruk itu. Mereka dikurung di dalam bilik tanpa perabot. Pintu dan tingkap istana, dilarang daripada dibuka.

Hari demi hari, adalah kematian sebelum mati bagi baginda sekeluarga. Akhirnya pada tahun 1912, Sultan Abdul Hamid dibawa pulang ke Istanbul, dan anak-anaknya bercerai berai, dibuang ke Perancis sebagai pengemis dan pelarian yang merempat di jalanan.

Sultan Abdul Hamid dikurung di Istana Beylerbeyi selama 6 tahun.

“Maafkan patik, Tuanku. Mereka tidak mengizinkan saya untuk hadir lebih awal”, doktor yang merawat Sultan Abdul Hamid berbisik ke telinga baginda.

Nafas Sultan Abdul Hamid turun naik. Penyakit asthma baginda semakin serius. Doktor sudah tidak dapat berbuat apa-apa.

Renungan Sultan Abdul Hamid menghancurkan hati doktor tersebut. Bagaimana seorang khalifah umat ini harus menemui ajalnya di tangan beliau.

“Ampunkan aku ya Allah. Tiada upaya bagi hamba-Mu yang lemah ini”, seorang doktor sudah hilang upaya.

Baginda Sultan Abdul Hamid II telah menghembuskan nafasnya yang terakhir di dalam kurungan di Istana Beylerbeyi pada 10 Februari, 1918. Pemergiannya diratapi oleh seluruh penduduk Istanbul kerana mereka sudah sedar, apakah harga kebodohan mereka membiarkan Khilafah Othmaniyyah dilumpuhkan selepas penggulingan Sultan Abdul Hamid, 10 tahun yang lalu. Menangislah… tiada sejarah yang mampu memadamkan penyesalan itu.

Nukilan dari muzakirat/diari Sultan Abdul Hamid

Kejatuhan Empayar Othmaniah sebenarnya bermula sejak dari pemerintahan Sultan Mahmud II (1808 -1839) lagi. Kita boleh melihat puncanya dari dua sudut :

Pertama : Pemodenan mengikut arus barat.

Kedua : Meninggalkan amalan Islam.

Ada agenda tersembunyi yang perlu kita fahami. Sepanjang kurun ke 19 berlaku proses perindustrian dan elektonik di Eropah, ianya bukan satu proses semulajadi bahkan satu perancangan pihak tertentu untuk mengaut keuntungan. Apa yang terjadi ? Kemajuan teknoloji membawa saudara kembarnya yang menjadi protokol atau prosedur bersama – samanya iaitu bon – bon, sekuriti, wang kertas dan lain – lain instrument kewangan.

Bermula dari projek pembinaan keretapi yang memerlukan modal yang besar, cara pembayaran Islam tidak boleh dipakai. Mereka menumpu di Turki sebagai pusat pemerintahan dan Mesir sebagai pusat intelektual Islam. Cara perniagaan atau muamalat islam mesti diketepikan, maknanya keputusan para Ulamak dalam hal – hal perniagaan tidak diperlukan lagi.

Selama ini umat Islam menguasai bidang perniagaan dan perdagagan sementara masyarakat Yahudi dan Kristian membayar jizyah bagi keselamatan mereka dan membenarkan mereka tidak ikut serta dalam kewajipan ketenteraan. Malangnya selepas tugasan penyusunan semula masyarakat diserahkan kepada Bankers Yahudi atas nama untuk memodenkan Khilafah Othmaniah , pekara yang sebaliknya berlaku orang Yahudi dan Kristian menjadi TUAN/Masters kaya raya sedangkan rakyat Khilafah pulak menjadi miskin.

Sultan Mahmud II membentuk tentera diraja bermodelkan tentera British. Tentera jihad diganti dengan tentera makan gaji. SIstem demokrasi diperkenalkan, jawatan wazir besar diganti dengan Perdana Menteri. Cukai dinaikkan.

Tanzimat (reformasi) diperkenalkan pada tahun 1839 oleh Sultan Abdul Mecit . Sistem kerajaan tempatan digantikan dengan model Perancis. Ini menyebabkabkan sistem perniagaan Bazaar, khidmat masyarakat melalui waqaf yang dipanggil imaret dan millet (majlis perlindungan bagi golongan minoriti ) tidak lagi berfungsi . Pendidikan dua aliran diperkenalkan , tradisional dan sekular yang bertulang belakangkan stok, bon dan lain – lain institusi kewangan moden. Ini berlaku secara tidak sedar atas nama memodenkan empayar.

Undang – undang Islam keatas status ahlu Zhimmah dihapuskan. Reformasi Tanzimat memfokuskan kepada pemusatan pentadbiran ( administrative centralization) menggantikan sistem autonomi amiriah tempatan. Tiga wazir yang menjayakan tanzimat ialah Rechid, Ali dan Fuad Pasha. Mereka bersahabat baik dengan banker Yahudi bernama Camondo. Mereka menghabiskan banyak masa mereka di Paris mempelajari teknik permodenan barat. Nasihat dari financial planner Yahudi diperlukan bagi memodenkan empayar.

Kebanyakan orang Yahudi di Istanbul tinggal di Galata. Isaac Camondo menubuhkan Bank Camondo pada tahun 1802. Saudaranya Abraham-Salomon Camondo menggantikannya pada tahun 1832. Kerana sumbangannya yang besar kepada tanzimat beliau dianugerahkan Nishan-I Iftihar dan menjadi Komander Mejidiye pada tahun 1849.

Pada tahun 1842 wang kertas KAIMA diperkenalkan menggantikan dinar dan dirham , ini membawa kepada penguasan banker YAHUDI keatas kedaulatan khilafah. Secara tidak sedar, banker - banker ini dijemput untuk mencipta system kewangan moden dengan system riba mereka melalui bon, kredit, saham dan pengeluaran wang kertas yang dikuasai banker Yahudi. Reformasi kewangan memberi mereka peluang untuk membuka bank – bank baru.

Pada tahun 1845 Kerajaan Othmaniah bersama Mm. Alleon dan Theodore Baltazzi menubuhkan Bank of Constantinople bagi tujuan memberi pinjaman kepada kerajaan. Perang Krimea memberi peluang kepada banker Yahudi berkembang dalam empayar Othmaniah.

Kerajaan memerlukan dana untuk peperangan. Bank memberi pinjaman dengan interest.

Ottoman Bank ditubuhkan pada tahun 1856, ia menjadi satu langkah kepada penubuhan bank pusat dengan dana dari luar dengan jumlah 500,00 pound sterling. Transformasi modal persendirian kepada Bank Pusat akan membawa kepada system kuasa berada ditangan pemilknya banker – banker Yahudi Antarabangsa.

Keluarga Rothschilds yang terlibat dalam penubuhan Federal Reserve USA juga turut terlibat atas nama pelaburan melalui Alphonse de Rothchilds dan bapaknya James Rothschilds membuka cawangan French Rothchilds Bank di Istanbul.

Kerja – kerja untuk penubuhan bank pusat akhirnya berjaya dengan tertubuhnya La Bank Imperiale Ottomane pada tahun 1863 dengan bantuan Yahudi bernama Emil dan Isaac Pereire. Ini model yang menjadi superbank seterusnya dari Bank pusat kepada Bank Dunia dan International Monetary Fund. Bank ini menjadi bankers bank, dengan deposit dan pengumpul dan pengedaran kredit. Ia akan menentukan kadar antara Bank, memberi pinjaman, jual dan beli, membincangkan pembelian komoditi, memberi dana dan melibatkan diri dalam projek pelaburan dan mengeluarkan dan mencetak wang baru.

Bank Camondo hanyalah bank biasa, Ottoman bank ialah bank dengan dana tempatan seterusnya bank baru Imperial Ottoman bank menjadi Bank Pusat dengan dana antarabangsa.

Satu system penguasaan kewangan telah diletakkan batu asasnya. Bank ini akan menyerap masuk dalam setiap aktiviti masyarakat bermula dari kedai runcit. Tidak ada aktiviti masyarakat yang dapat lepas dari Bank. Dari aktiviti jual beli, simpanan seterusnya dana kewangan dan pelaburan , semuanya melibatkan bank.

Mereka menjadi Tuan kepada dunia. Masters of the Worlds.

Pada tahun 1858 bankers Yahudi telah meletakkan syarat pinjaman dengan jaminan tranformasi sosial kepada Kerajaan Othmaniah. Ini menunjukkan sistem ekonomi hutang berkait rapat dengan kejuruteraan sosial. Pada waktu itu jizyah sudah berkubur. Bank Yahudi bertapak, sistem politik Nasrani Kristian menjadi penggerak empayar Othmaniah ! Hak menandatangani kerajaan tergadai kepada peminjam wang. Tahun itu juga , undang - undang tanah baru menafikan hak Sultan. Seterusnya tahun 1867 , orang asing dibenarkan membeli tanah.

Projek keretapi menghubungkan Istanbul ke Vienna , Austria dikatakan akan menghubungkan dunia Islam dan Eropah. Oleh kerana projek ini begitu besar, begitu jugalah peranan penipuan besar oleh bank - bank Yahud di London, Paris dan Brussel dalam membiayai projek ini dengan bon - bon kerajaan Othmaniah. Pada tahun 1873 , berlaku ' crash 1873 ' yang membawa kepada kejatuhan nilai bon - bon tersebut. Projek ini bukan sahaja pembanggunan fizikal dalam bentuk konkrit bangunan semata - mata. Bahkan suatu gerakan yang mengatasi ruang lingkup sempadan nasional dan bangsa tetapi didalangi dengan angka - angka pada dokumen kewangan yan dipanggil saham dan bon. Pada tahun 1875 Kerajaan Othmaniah diistiharkan muflis kerana tidak mampu membayar hutang. Suruhanjaya Asing dilantik mewakil pemegang saham asing. Kerajaan terpaksa mengenakan cukai terhadap rakyat. Serbia memberotak. Bosnia diserahkan kepada Austria dibawah bendera Othmani. Jalan keretapi tidak siap tetapi separuh dari perniagaan laut telah jatuh ke tangan British.

Kesan mengurangkan perjalanan dari Vienna ke Istanbul dari seminggu ke 40 jam ialah kejatuhan Khilafah Othmaniah.

Sultan Abdul Hamid menjadi Khalifah pada tahun 1876. Beliau mahu kembali kepada pemerintahan asal Othmaniah sebelum tanzimat. Beliau menolak sistem hiraki barat dan mahukan sistem topkapi dan imaret diperintah oleh keluarga diraja Othmaniah semula. Beliau tidak percaya kepada pegawai - pegawai yang berkhidmat sebelumnya. Secara beransur - ansur beliau mengurangkan peranan mereka dalam kerajaan. Beliau berjaya mengurangkan hutang kerajaan.

Pada tahun 1896, perwakilan Zionis telah menemui beliau. Sebagai tawaran untuk mendapatkan Palestin mereka memberi tawaran untuk memperbaiki keadaan krisis kewangan yang dihadapi oleh kerajaan Othmaniah. Bagaimana seorang yang tidak mempuyai tanahairnya sendiri boleh membuat tawaran kepada pewaris salah satu empayar terbesar di dunia. Jawapannya ialah satu bentuk kuasa baru telah muncul, kuasa bank telah mengatasi kuasa kerajaan atau kuasa politik. Kuasa tidak lagi dalam bentuk ketenteraan tetapi dalam bentuk jumlah nombor wang dalam bank. Politik dijadikan alat untuk mengawal masyarakat.

Kuasa politik pulak dijadikan alat bank ntuk menjalankan projeknya.

Sultan Abdul Hamid telah mengungkapkan kata-kata bersejarah yang ditujukan kepada Herzl melalui utusan yang dihantar untuk perundingan tersebut :

"Saya menganjurkan supaya dia(Hezrl) tidak meneruskan perkara ini (usaha mendapatkan tanah Palestin). Saya tidak dapat menjualkan walaupun satu kaki persegi daripada tanah ini kerana ianya bukan milik saya, tetapi milik rakyat saya. Rakyat saya telah membentuk serta mengekalkan Empayar ini dengan pengorbanan dan darah, dan kami akan mempertahankannya dengan darah kami sebelum menyerahkannya kepada sesiapapun. Biarlah yahudi-yahudi itu menyimpan sahaja wang mereka yang berbilion-bilion itu. Jika sekiranya Empayar ini berpecah, maka mereka boleh mengambil Palestin secara percuma. Tetapi mestilah dilangkah mayat kami dahulu, dan saya tidak akan membenarkan ianya berlaku atas sebab apapun.."

Sultan Abdul Hamid digulingkan pada tahun 1908. Pada tahun itu juga , pejabat pertama zionis di buka di Palestin dibawah firma Rohschilds. Maka berakhirlah empayar Othmaniah walaupun ia masih belum secara rasmi sehingga tahun 1924. 

CMC-led team 'sidetracks' rivals to win LRT job

Kuala Lumpur: CMC Engineering-Colas-Uniway has beaten other rivals to clinch a RM673.9 million contract to build the Kelana Jaya LRT line

Read more: CMC-led team 'sidetracks' rivals to win LRT job http://www.btimes.com.my/articles/LRT222/Article/#ixzz1Py6grTWd



Kuala Lumpur: CMC Engineering-Colas-Uniway, a Malaysian and British group, has edged other contenders to land a RM673.9 million contract to build a light rail transit (LRT) extension after it met all of the tender conditions. The contract covers engineering, procurement, construction, testing and commissioning of system works, Syarikat Prasarana Negara Bhd said in a statement issued yesterday. The Kelana Jaya LRT line will be extended by another 17km from the Kelana Jaya station to Putra Heights. It will travel through 13 new stations. Last week, Business Times reported that the contract will be given to the Hartasuma Sdn Bhd-Bombardier Inc-SNC Lavalin consortium. Sources close to Prasarana said the consortium was voted out as Bombardier is still facing penalty for late delivery of 35 four-car sets worth RM1.2 billion to Prasarana. Bombardier officials could not be reached for comment. The third bidder, Ingress Corp Bhd-Balfour Beatty Rail Sdn Bhd, lost out because it had put in a bid which did not fulfil financial conditions, the source said. The team was also not selected because Balfour Beatty, in a joint venture with Ansaldo Systems, currently have issues interfacing and integrating the systems' portion for the Ipoh-Padang Besar double-tracks, he added. Balfour officials could not be reached for comment. The source said the contract was given to CMC-Colas-Uniway as their proposal had complied with all the conditions of the tender issued late last year. "The team met the full financial conditions, and also the technical requirements such as interfacing and integration for the system, to ensure 100 per cent performance of the train services," he said. The government and Prasarana were in favour of Colas, a leader of the UK and French railway construction market, because of its railway expertise. Colas, which has a yearly turnover of about e12 billion (RM52 billion) is a major European player in design and engineering of large-scale complex railway infrastructure projects. It is believed that Hartasuma-Bombardier-Lavalin, CMC-Colas and Ingress-Balfour Beatty's final price for the contract was RM920 million, RM750 million and RM610 million, respectively. Their proposals include the pricing for linear induction motor rail system, which enables fully automated driverless train operation.

Gold Price Monitor Chart (KFH) 22.06.2011


Tuesday 21 June 2011

Maybank proposal by end of this month

The merger with RHBCap would provide Maybank with economies of scale and talent that the bank needs to compete with global players, says Maybank's chairman

Read more: Maybank proposal by end of this month http://www.btimes.com.my/articles/13SCALE/Article/#ixzz1PtQPAgXr



Kuala Lumpur: Malayan Banking Bhd (Maybank) will make a proposal to merge with RHB Capital Bhd (RHBCap) before the end of this month, chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said. The board is now deliberating details of the proposal, he said, adding that the deal will help improve the group's earnings. "When we make the final proposal to the shareholders of RHB, it will be the best proposal we can make," he told a news conference after the bank's shareholders meeting yesterday. Maybank, the country's largest banking group, and second largest lender CIMB Group Holdings Bhd are competing to buy RHBCap, the fifth largest banking group with a market value of about RM20.2 billion. Zaharuddin said the merger with RHBCap would provide Maybank with economies of scale and talent that the bank needs to compete with global players. He said RHBCap has many services, which would contribute significantly to Maybank in the competitive regional banking industry. "They (RHBCap) have licence in Thailand, branches in Singapore, (and) they have talents and systems that maybe of interest to us," Zaharuddin added. Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar said the merger would involve a share swap. He also repeated that Maybank will be very disciplined in its approach, just like it paid a fair value for Singapore brokerage Kim Eng Holdings Ltd. Last week, OSK Investment Research has set RM10.80 as a realistic pricing cap for the acquisition, which is a 9 per cent premium to RHBCap's current share price. Abdul Wahid said Maybank will only continue with the transaction if it creates value for its shareholders and adds to earnings. Maybank is also in talks with all major shareholders, including the Employees Provident Fund and Abu Dhabi Commercial Bank (ADCB). The EPF has a 44.7 per cent stake in RHBCap, while ADCB owns 25 per cent.

Gold Price Monitor Chart (KFH) 21.06.2011


Thursday 16 June 2011

Planters likely to follow Sime's pay hike

Other plantation companies will have no choice but to respond immediately with incentives for their staff to work harder, says CIMB Investment Bank


Read more: http://www.btimes.com.my/articles/WAGELOW-2/Article/


Kuala Lumpur: The oil palm plantation industry is likely to follow Sime Darby Bhd's pay hike move for its 37,000 estate workers to avoid losing staff and, more importantly, to attract local workers to join the already short-handed industry. Industry executives say other government-linked plantation companies like Federal Land Development Authority, TDM Bhd, and Tradewinds Plantation Bhd are in the process of doing the same thing. CIMB Investment Bank analyst Ivy Ng Lee Fang said over time, other plantation companies will have no choice but to respond immediately with incentives for their staff to work harder. "If the industry does not hike the salaries of their workers, everybody would want to join Sime Darby. Paying above market price will entice locals to join the palm oil industry and make it more competitive." Although raising pay will increase production cost, this could be offset by higher worker productivity if the salaries are linked to performance. TH Plantations Bhd chief executive officer Datuk Zainal Azwar Zainal Aminuddin said the move is timely as a reward for workers in line with high crude palm oil prices. "The salary of plantation workers should commensurate with their hard work and also encourage locals to work and, at the same time, reduce dependency on foreign labour," Zainal told Business Times in a phone interview. In an unprecedented move, Sime Darby Plantation Sdn Bhd on Monday increased the salaries of 37,000 of its estate and mill workers throughout the country, with each of them expected to earn an extra RM200 in basic salary effective July 1.

Petronas: Crude should be trading at US$75-US$80

Kuala Lumpur: Crude oil prices, which are hovering at above US$100 (RM300) per barrel, should be between US$75 and US$80 (RM225 and RM240) a barrel in line with actual market conditions and fundamentals, a top industry executive said.

Read more: Petronas: Crude should be trading at US$75-US$80 http://www.btimes.com.my/articles/OILAP/Article/#ixzz1PQN6U2JR



Petroliam Nasional Bhd (Petronas) president and chief executive officer Datuk Shamsul Azhar Abbas said oil prices have risen by more than US$25 (RM75) per barrel within a few months due to concerns of a supply disruption in the Middle East, North Africa as well as a weakening US dollar. "Prices play a pivotal role in resource allocation decisions of both consumers and producers but are influenced by the actions of central bankers and financial speculators. "How have we reached these price levels this early in the economic cycle given the absence of any real evidence of shortages in the market?," Shamsul asked in his keynote address at the 16th Asia oil and gas conference here yesterday. On another note, he said global capital expenditure in the upstream sector is expected to rise, reaching a record high of US$410 billion (RM1.23 trillion) this year from US$380 billion (RM1.14 trillion) last year. Shamsul said the Organisation of the Petroleum Exporting Countries' spare capacity has fallen below four million barrels a day while inventory levels of crude palm oil and petroleum products have come off their highs. Global natural gas rebounded strongly by 4.9 per cent and liquefied natural gas demand has increased 21 per cent. The buffers in supply that exist today might absorb this demand rise quite comfortably. On Asia's future oil demand, Shamsul said the region is expected to consume more than 250 billion barrels of oil by 2030, more than sixfold than its current proved reserves of about 40 billion barrels. "Asia's oil demand is projected to increase by two-thirds within the next 20 years. This will amount to more than 60 per cent of the gross increase in global demand over this period." Shamsul said geology-based assessments suggest that Asia's undiscovered oil resources at around 50 billion barrels. The majority of these resources are likely to be located in small-and medium-sized fields, which collectively amount to a significant potential. "At a recovery factor of 30 per cent, these undiscovered resources would translate into a resource base, one-and-a-half times the combined proved reserves of Indonesia, Vietnam and Malaysia," he noted.

Celcom on way to 21st consecutive quarter of growth

The growth is driven by its data business such as text messages, content downloads, and Internet surfing grew by 20 per cent to RM619 million during the period.

Read more: Celcom on way to 21st consecutive quarter of growth http://www.btimes.com.my/articles/celcom03/Article/#ixzz1PQMhd2au



Kuala Lumpur: Celcom Axiata Bhd, the country's second largest mobile operator, is likely to achieve its 21st consecutive quarter of revenue growth, helped by the continuous momentum of its data business. "Based on what we see so far in the second quarter, the momentum we are experiencing is similar. There's no drastic change in the landscape. So, that gives us a bit of comfort," said chief executive officer Datuk Seri Shazalli Ramly at a media conference yesterday. The company had been suffering drop in voice revenue recently, as stiff competition resulted in reduction in call rates. For the first quarter ended March 31 2011, the company's voice revenue suffered a 4 per cent decline to RM1.08 billion, from RM1.12 billion in the same quarter last year. Good news is that its data business such as text messages, content downloads, and Internet surfing grew by 20 per cent to RM619 million during the period, from RM516 million in the first quarter of 2010. As a result, Celcom Axiata registered its 20th consecutive quarter of revenue growth to RM1.74 billion (+2 per cent year-on-year, +0.8 per cent quarter-on-quarter). The company, which posted some RM1.8 billion in net profit last year, aims to achieve a net profit of at least RM2 billion this year. "The industry gets more and more competitive each day. We expect competition to rise in the second quarter, and even more so in the second half. That's the nature of the industry. Nevertheless, we will be pushing really hard to achieve the goal," said Shazalli. During the quarter, Celcom Axiata also added 134,000 new customers, comprising 117,000 prepaid users and 17,000 postpaid users. It now has more than 11.33 million subscribers. The company will be emphasising more on growing its data business and roaming business in the coming months. "We will be launching something big very soon, one that addresses the data segment, and one that addresses roaming," Shazalli (above) said. Celcom Axiata launched its SMS-based social network named Kolony recently. So far, there are some two million active subscribers. "This is a huge response. The active Kolony base is even bigger than our Call Me Tones active subscriber base, which is only about one million users," Shazalli added.

Dosa yang menjadi kunci ke Syurga Allah SWT


Jangan kamu pandang dosa kamu dari sudut kamu sebagai tuhan, tetapi pandang dosa kamu dengan pandangan seorang hamba Allah SWT, kasihanilah mereka yang Allah SWT timpakan bala, pujilah Allah SWT yang telah mengurniakan kamu segala keafiatan.

Jangan kamu hukum seseorang sebagai ahli neraka atau ahli syurga. Jangan kamu membanggakan diri kepada ahli maksiat tetapi berdoalah kepada Allah SWT agar mereka mendapat keampunan Allah SWT serta hidayah Allah SWT.
.
Seorang sahabat telah melakukan maksiat di Mekah dan mendapat penghinaan dari orang ramai serta semua orang beranggapan bahawa dosanya tidak akan mendapat keampunan daripada Allah SWT.

Berbekal dengan dosa dan penghinaan tersebut sahabat berkenaan telah bertaubat dan memulakan umrah di Masjid Tanaem dan akhirnya meninggal dunia di sisi Kaabah Al-Musyarrafah selepas selesai menunaikan tawaf..

Rujukan :

http://www.drchamsipasha.com/ar/index.php?art=show_articles&id=170

Technical Analysis Insight: The "Triple Fan" Trendline Technique | Elliott Wave International

Elliott Wave International analyst Jeffrey Kennedy just completed his second year of teaching the technical analysis portion of Options Strategies, Techniques and Nuances for the Individual Investor and Floor Trader -- a graduate-level course at the Georgia Institute of Technology.
Kennedy says that "the class was made up of more than 40 of the most brilliant graduate students I have ever met!" Even so, at the start of the semester, he was surprised to learn that less than 20 percent of them knew what a price chart was.
Some of his students even challenged technical analysis in favor of the Random Walk Theory and the Efficient Market Hypothesis.
Yet Kennedy believes technical analysis has earned its place in the study of finance: he wanted his students to grasp all that the method offers. He believes he met that objective by semester's end.
Jeff Kennedy's commitment to teaching goes beyond the physical classroom; he devotes a great deal of time to educating others as a seminar instructor, and via his writings. One eBook he authored is The Ultimate Technical Analysis Handbook. This work offers a wealth of useful technical analysis insights.

Read More: Technical Analysis Insight: The "Triple Fan" Trendline Technique | Elliott Wave International

Gold Price Monitor Chart (KFH) 16.06.2011


Friday 10 June 2011

Petronas net profit surges

Kuala Lumpur: Higher crude prices and robust demand for major products have led to Petroliam Nasional Bhd (Petronas) posting better revenue and profit for its financial year ended March 31 2011.

Read more: Petronas net profit surges http://www.btimes.com.my/articles/ronasf/Article/#ixzz1Opx8M5TK



Despite the strengthening of the ringgit against the US dollar and rising costs, the national oil company saw its revenue increase by 14.4 per cent to RM241.2 billion from RM210.8 billion and net profit rise 38.5 per cent to RM63 billion. Petronas president and chief executive officer Datuk Shamsul Azhar Abbas said gross profit was higher by 18.7 per cent at RM97.8 billion compared with RM82.4 billion previously. Speaking at a press conference here yesterday, he said earnings before interest, taxes, depreciation, and amortisation (Ebitda) improved by 29.5 per cent to RM107.9 billion. The Ebitda included proceeds of RM9.2 billion from the listing of its two units - Petronas Chemicals Group Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd. Dividend payment to the government was maintained at RM30 billion, an amount that has been earlier been agreed by the government, he said. The dividend policy, however, is expected to be capped at 30 per cent of Petronas' net profit, most likely beginning from the financial year ending December 31 2013. "This may not mean that it would be lower than RM30 billion, especially if we perform well, but (the new policy) will give us some certainty in planning our business," said Shamsul. Petronas has been paying the government RM30 billion since 2009, up from RM24 billion in 2008. In 2005 it paid only RM9.1 billion and this was increased to RM13.0 billion in 2006 and RM20 billion in 2007. Petronas executive vice-president for finance Datuk George Ratilal said cash from operations was higher at RM70.8 billion compared with RM56.1 billion previously, due to higher earnings. Cash balance by end-March 2011 was also higher at RM155.3 billion compared with RM140 billion in the year before - this after deducting RM34.9 billion for capital expenditure, RM30 billion for dividend payment, RM6.5 billion in dividend payment to minority interests and about RM900 million on other investments. Ratilal said return on revenue for the year just ended was 37.5 per cent, from 32 per cent previously despite rising costs. The strengthening of the ringgit, he said, was quite a setback, resulting in the group's US dollar revenue to come down by 10 per cent, but "lucky for us, oil prices went up by more than 10 per cent". He said Petronas' performance was in line with its competitors, "indicating another year of resilient performance by the group". Shamsul, when asked for his forecast on Petronas earnings in the current financial year, said: "Last year I predicted we would make a pre-tax profit of RM80 billion and I was wrong. So I will not make it a habit to forecast." Petronas made a pre-tax profit of RM90.5 billion in 2011. For the current financial year ending December 2011 (nine-month period), Petronas will be planning its business at a basis oil price of between US$75 and US$80 (RM225.8 and RM240.8) per barrel.

Bank Muamalat still in merger mood

Kuala Lumpur: Bank Muamalat Malaysia Bhd is still keen to merge with a rival to build a mega Islamic bank, despite its failed attempt at courting Bank Islam Malaysia Bhd.



Its chief executive officer Datuk Mohd Redza Shah Abdul Wahid said the bank's pursuit of Bank Islam was driven by its largest shareholders' need to pare its stake in the bank and the desire by both its shareholders to create a bigger entity that is more relevant in the market.

Late May, Bank Islam's parent, BIMB Holdings Bhd, said it was no longer interested in a union with smaller rival Bank Muamalat.

DRB-HICOM Bhd owns a 70 per cent stake in Bank Muamalat, while Khazanah Nasional Bhd owns the other 30 per cent.

"That was the idea (behind it) and that idea is still with them (DRB-HICOM and Khazanah Nasional), that perhaps being a bigger and more relevant bank in this market will bring about faster growth.

"As to whom they go with and what they are going to do I am not privy, and I have no answers to that," Mohd Redza told the NSTP group newspapers on Wednesday.

The bank, however, is not in talks with any party currently.

Mohd Redza ruled out looking for a partner abroad, expressing his wish to build a "little more" expertise in the local market before venturing abroad.

On the qualities Bank Muamalat would look for in a partner, he said it would be partial to one with interest overseas, and that is strong in the area of corporate or investment banking.

Mohd Redza, who is also Association of Islamic Banking Institution of Malaysia president, is a proponent of a local mega Islamic bank himself.

"Size is important. It's important to go abroad too, and secondly, to fund large Economic Transformation Plan projects, which runs in the billions of ringgit. If you are a small bank you can't lend your balance sheet to do big sukuk issuance like that and this is why I feel there is a need for it," he said.

Mohd Redza believes that rather than issuing mega Islamic banking licences and crowding the market further, existing players should get together and form a bigger and more relevant mega Islamic bank.

There are 22 foreign and local Islamic banks operating in Malaysia currently.

Read more: Bank Muamalat still in merger mood http://www.btimes.com.my/articles/pmua1-2/Article/#ixzz1OpwC86gC

Wednesday 1 June 2011

A merger of either bank with RHBCap would create one of the largest banking groups in Southeast Asia.






Kuala Lumpur: The country's two largest banks, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd, will face-off against each other in pursuing a merger with smaller rival RHB Capital Bhd (RHBCap).

A merger of either bank with RHBCap would create one of the largest banking groups in Southeast Asia.

The two banks, in separate filings to the stock exchange late yesterday, said Bank Negara Malaysia had "no objection in principle" to them starting preliminary negotiations with RHBCap and its substantial shareholders for a possible merger.

The central bank's approval for them to start talks is valid for three months, from yesterday.


Read more: Maybank-CIMB face-off over RHBCap http://www.btimes.com.my/articles/maycim-2/Article/#ixzz1NzmxzmPX

Gold Price Monitor Chart (KFH) 01.06.2011