PNB to sell FEC Cables
PERMODALAN
Nasional Bhd (PNB) has announced plans to divest its first non-core business
company, FEC Cables (M) Sdn Bhd (FEC), to qualified Bumiputera entrepreneurs.
On Februari 9, Prime Minister Datuk Seri Najib Razak, at the Bumiputera Agenda Action Council, announced that PNB would divest a total of five assets to qualified Bumiputera companies.
This divestment programme is part of the plan by the Unit Peneraju Agenda Bumiputera, a unit under the Prime Minister's Department, to spearhead the economic transformation of Bumiputeras in the country by growing and enhancing Bumiputera entrepreneurship.
"The proposed divestment of FEC, via open tender, is the first in a series of divestments under the above programme," it said in a statement yesterday.
On Februari 9, Prime Minister Datuk Seri Najib Razak, at the Bumiputera Agenda Action Council, announced that PNB would divest a total of five assets to qualified Bumiputera companies.
This divestment programme is part of the plan by the Unit Peneraju Agenda Bumiputera, a unit under the Prime Minister's Department, to spearhead the economic transformation of Bumiputeras in the country by growing and enhancing Bumiputera entrepreneurship.
"The proposed divestment of FEC, via open tender, is the first in a series of divestments under the above programme," it said in a statement yesterday.
|
|
PNB is expected to make subsequent announcements on the rest of the
companies and businesses in due course.
FEC, in which PNB owns a 71.14 per cent stake, was incorporated in 1967, and its principal activities are manufacturing of electrical and telecommunication cables.
PNB's wholly-owned subsidiary, PNB Capital Holdings Sdn Bhd, also owns 20 million redeemable cumulative preference shares in FEC.
FEC currently has two manufacturing facilities in Klang and Shah Alam. Its major customers include local power and telecommunication players and it supplies its products to both local and export markets.
"We have invited interested parties via a tender advertisement in selected newspapers yesterday to submit a bid for FEC," PNB said.
Potential buyersmust fulfil several pre-qualifying criteria, which include being either Bumiputera individuals and companies, with a good track record and solid financial standing, PNB said.
Other selection criteria that will be considered in evaluating potential bidders include strong entrepreneurship and business acumen, viable business plan, and the best bid for value creation.
In addition, PNB said, bidders will be requested to provide assurances that they will develop the respective companies while maintaining their equity stake and commitment to retain employees over a pre-determined period of time. Bernama
FEC, in which PNB owns a 71.14 per cent stake, was incorporated in 1967, and its principal activities are manufacturing of electrical and telecommunication cables.
PNB's wholly-owned subsidiary, PNB Capital Holdings Sdn Bhd, also owns 20 million redeemable cumulative preference shares in FEC.
FEC currently has two manufacturing facilities in Klang and Shah Alam. Its major customers include local power and telecommunication players and it supplies its products to both local and export markets.
"We have invited interested parties via a tender advertisement in selected newspapers yesterday to submit a bid for FEC," PNB said.
Potential buyersmust fulfil several pre-qualifying criteria, which include being either Bumiputera individuals and companies, with a good track record and solid financial standing, PNB said.
Other selection criteria that will be considered in evaluating potential bidders include strong entrepreneurship and business acumen, viable business plan, and the best bid for value creation.
In addition, PNB said, bidders will be requested to provide assurances that they will develop the respective companies while maintaining their equity stake and commitment to retain employees over a pre-determined period of time. Bernama
Source : New Straits Times
Date : 1 June 2012
afternoon highlight (01/06/12/096/533)
No comments:
Post a Comment