Monday, October 7, 2013
SP Setia - Tan Sri Liew likely to retire sooner than expected
With Tan Sri Liew likely to retire from SP Setia sooner rather than expected, PNB may need to go into hyperdrive to unlock the value of its current (Oct 2013) property assets. It will have to grapple with expertise issues, especially Liew takes several senior management personnel with him when he leaves.
PNB will most likely to inject its property assets current (Oct 2013) housed under I&P Group Sdn Bhd worth rm10 billion into SP Setia as a consolidation of the two companies will enhance the value of I&P’s property projects.
Industry observers are certain that such a substantial asset injection exercise if it materializes, will experience teething issues with integration and this may lead to further departures of talent.
While SP Setia has a sizeable outstanding GDV of rm69 billion, market observers opine that the vulnerability of the management team after Liew’s departure could be a threat to its operations.
And with the possibility of UOA Development Bhd being merged with Eco World Dev, along with Focal Aims and Salcon Bhd, the newly enlarged EcoWorld may well be a serious threat to SP Setia and UEM Sunrise.
Operationally, EcoWorld has accumulated 1214ha with potential GDV of rm30 billion in Penang, Klang Valley and Johor. That’s not counting the land bank from UOA Dev.
Another source close to PNB says SP Setia had announced a succession plan which has been approved by PNB. Should the worst case scenario occur and all the senior management move, PNB could consider absorbing SP Setia into its other companies.
Liew is good at playing stories, but he went too far by letting his staff proxies enters another businessman house uninvited. That is no manners and impolite way to do business.
ReplyDeleteWintoni, another small IT company which makes no sense to even consider hostile, made it the year 2015 mysterious case of the year. Liew's finger print everywhere, escalated from scammer CKP, another con man who stolen a public listed company from his owners.
Check out some journalist investigation about Liew involvements:
http://wintonisaga.blogspot.co.uk/
http://syndicatedscam.blogspot.co.uk
To know the true stories, give these editors some credit and courage, which they are so called warned by the money-oriented bosses not to write about Liew, which is their "pay master". That explains the not so independent business paper The Edge Daily have worked for Liew and his other pay masters in gang-rape style corporate crime doing. Those followed Wintoni shares would expect the management to sue Raymond Yap Kok Weng and Chang Khim Wah, both Tan Sri Liew Kee Sin's generals, for illegal manipulate share price and breaking law not doing general offer while parties working in concert, with over 30 people from Liew's X and current darling, SP Setia and Eco World, have past 40% shareholding while manipulating share price. It would be a simple ask-and-buy corporate deal if Liew would have did it properly, but his generals choose to break the law. Law broken, it's matter of time all involved would be reprimand and prosecuted.
Arrogant could win and loose a battle. Do it properly, else pay the price. Salute the journalist who willing to tell the truth beyond The Edge Daily conspiracy.