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Tuesday, 9 June 2015

Here's an idea: Why not you offer to buy TNB for RM47b?

Tenaga's share price at this very moment is RM13.28.

Based on the 5.6B shares that TNB has, the market value (finance people call it market capitalization) is RM75B.

Which means that to buy over the entire Tenaga, you will need to spend at least RM75b, and probably more since such take-over will require a premium on top of their current market value in order to interest all the current shareholders sellers sell to you.

Based on Tenaga's latest balance sheet ( ), Tenaga has total assets of about RM114b but also has total debt of RM67b- hence a NET asset of RM47b.

Based on the twisted logic of goons like Matthias Chang in their merajuk posting recently, anyone who pays more than the net asset value of RM47b for TNB is simply bailing out TNB.

I'd like to see Matthias Chang offer RM47b to buy the entire TNB when the current market value is at least RM75b.

They would laugh at your face and ask you to FECK OFF!

Similarly, these people are saying 1MDB overpaid for the IPPs because 1MDB paid a total of RM12.5b for all the IPPs but it came with RM6b inherited project debt.

They are reasoning that 1MDB should only pay RM6.5b and must deduct the RM6b of inherited debt.

Sorry folks.. this is simply not how the real world works. This is not how companies are valuated. Please stop confusing the people.

Also, the folks such as Jebat Must Die and Matthias Chang is saying that the all IPPs that 1MDB bought in the year 2012 are old and concession about to expire.

Again.. this is simply not true.

All in all, 1MDB got more than a dozen power plants for their RM12.5b and only ONE power plant expired, one had a 10 year extension and the rest all have 10 years or 20 years to run.

Please ask these people to list down which plant is about to expire and when?

Telok Gong Power Station 1
Telok Gong Power Station 2
Tanjong Kling Power Station
Port Said East Power Station
Suez Gulf Power Station
Sidi Krir Power Station
Taweelah B Power and Water Complex
Meghnaghat Power Station
Haripur Power Station
NEPC Power Station
Fauji Kabirwala Power Station
Genting Sanyen Kuala Langat power station
Jimah Power Station 1
Jimah Power Station 1

Ask them to back up their accusations instead of continually spreading the often-repeated lies of "1MDB overpaid for aging power plants with lots of debt that are about to expire".

If these plants owned by 1MDB are about to expire, do you really expect companies such as TEMASEK, San Miguel, Acwa Energy, TNB, Malakaoff etc to all indicate their interest to buy Edra Energy with the valuation of up to RM18b?

Seems like these people are fast running out of ideas to attack 1MDB now that the most pressing RM3.6b loan has been paid off, the RM42b lesap clearly explained, the BSI "units" suddenly have value and the asset-debt swap with Abu Dhabi now announced.

In fact, instead of attacking Najib, they have now shifted focus to attack a manager (Arul) with a good track record and reputation who is just doing his job.

They are now calling him a liar.

How more low and sadder can you all get?

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