“To get an IPP licence, 30% of it must be owned by a Bumiputera company,” he said.
However it is unclear who exactly the Bumiputera parties were in YTL
Power’s case and how that information fits into the overall picture.
According to The Star in 1994, when awarded the first IPP licence YTL
Power was 50% owned by YTL Corporation while TNB held a 20% stake. The
Employees Provident Fund (EPF) held a 10% stake.
The remaining 20% equity was split between British-based construction
outfit John Laing Plc, Mayban Ventures Sdn Bhd and Bumiputera-owned
company Bara Aktif Sdn Bhd.
TNB’s stake is not unusual as the national utility had stakes in all but
one of the first generation IPPs, holding either a 20% or 10% equity.
In turn Mayban Ventures is a private equity management company owned by
Malayan Banking Bhd and Aseambankers Malaysia Bhd on a 70:30 basis.
According to its website, Mayban Ventures “pool(s) capital from
institutional and high networth investors to fund and manage portfolios
of privately held investments”.
On the other hand, Bara Aktif, incorporated in April 1993, only has two
shareholders — Raja Wahid Raja Kamaral Zaman and Mohamed Zainal Abidin
Abdul Kadir — and is an investment holding company.
Both men are also directors in Bumiputera construction company Seri
Yakin Sdn Bhd. Mohd Zainal Abidin is also a 56% shareholder in
investment holding company MZK Realty Sdn Bhd, with the remaining 44%
are apparently held by his children. Notably MZK Realty’s registered
address is the same as Quarry Ventures Holdings Sdn Bhd — formerly known
as Achieve Goals Sdn Bhd — a YTL company.
Interestingly Mohd Zainal Abidin is also among Quarry Ventures Holdings’ directors.
According to YTL Land & Development Bhd’s 2013 annual report, both
Mohd Zainal Abidin and Raja Wahid are substantial shareholders through
both direct and indirect shareholdings. Mohd Zainal Abidin holds 13.71%
through direct shareholding and those of Bara Aktif and MZK Realty while
Raja Wahid holds 7.84% equity through direct ownership and that of Bara
Aktif.
When posed the question by KiniBiz, Ani declined to comment on the identity of YTL’s 30% Bumiputera partners.
Disediakan oleh : PeneranganPemudaSEREMBAN
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