PETALING JAYA (Sept 4, 2012): Parti Keadilan Rakyat (PKR) wants the federal government to freeze plans to privatise Keretapi Tanah Melayu Bhd (KTMB) as this could lead to land assets worth RM50 billion falling into the hands of a private conglomerate.
PKR strategic director Rafizi Ramli said the takeover proposal of KTMB by Malaysia Mining Corporation (MMC), owned by logistic tycoon Tan Sri Syed Mokhtar Al-Bukhary, was done through direct negotiations and would only benefit the company and not the public.
He expressed concern that the proposed takeover was an attempt to increase the corporation's land bank and said it is important for details of any KTMB privatisation contract to be revealed.
"Syed Mokhtar is shopping for land banks. He has done this by taking over a state utility like Pos Malaysia via DRB Hicom. What are the government's conditions to ensure that KTMB's assets and land, estimated to worth RM50 billion, do not fall into private hands?" Rafizi asked at a press conference at the party's headquarters today.
PKR vice-president Nurul Izzah Anwar urged the government to consider the previously failed takeover of KTMB by Merak Unggul consortium in 1997. KTMB is now running at an annual loss of between RM150 and RM200 million, she said.
Railwaymen's Union of Malaya (RUM) president Abdul Razak Md Hassan on Aug 29 said a picket would be held in front of the KTMB headquarters to protest the takeover.
The union, which represents about 5,500 KTMB workers fears that a takeover by MMC Corporation Bhd would not only put KTMB's 5,500 workers at risk, but also affect the company's services.
In August, MMC confirmed that they have sent a proposal to takeover KTMB to the finance ministry, but said Prime Minister Datuk Seri Najib Abdul Razak has not made any decision.
On May 10, the Business Times reported that MMC has begun due diligence on the proposed KTMB privatisation and expects to complete it between July and August.
The publication reported that MMC Corp Bhd is currently raising RM1 billion in funds for its planned takeover of KTMB through the listing of its subsidiaries including Malakoff.
MMC group managing director Datuk Hasni Harun had said earlier the proposed initial public offering for Malakoff, MMC's flagship power utility company, was going to be "very big".
This is based on expectations that the MMC-Gamuda Klang Valley Mass Rapid Transit (KVMRT) joint venture will win more MY Rapid Transit (MRT) tunnelling jobs from MRT 2 and MRT 3, which are expected to be tendered out in 2013 for around RM12 billion.
Last month, MMC-Gamuda KVMRT won the RM8.28 billion tunnelling job for MRT 1 and expects to commence work by January next year.
LA: macam-macam la PKR ni
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