Tuesday, March 27, 2007

West Coast Highway?

My Dearest Moo Moo Cow,

It simply amazes what they publish in our financial business news. It really does. Have a look at today's so-called financial news (really Moo, how about they calling it the Daily Coffe-Shop Talk?): 'West Coast Highway on track'

  • 'West Coast Highway on track'
    By Francis Fernandez

    March 27 2007

    THE Cabinet is likely to discuss this week the implementation of the RM3.12 billion West Coast Highway project,
    sources said.

    The project was mooted 11 years ago, approved by the Works Ministry, but put on hold in 1997 after the Asian financial crisis.

    Sources said under the terms agreed by the Economic Planning Unit (EPU), the Government will pay the contractor some 18.9 sen per meter to build the country's third-largest highway which spans 216km.

    This will give the contractor, Konsortium LPB Sdn Bhd, an internal rate of return of about 15 per cent per year.

    The highway, which aims to link Banting and Taiping, was supposed to cost some RM6 billion, but under the revised plan, the project will cost just over RM3 billion.

    The project was awarded in 2002 to joint venture firm Konsortium LPB.

    Talam Corp Bhd, once the country's biggest builder of low-cost houses, owns 40 per cent of the joint venture company that will build the highway, while its associate Kumpulan Europlus Bhd, formerly Larut Consolidated Bhd, owns a 20 per cent stake.

    The finalisation of the revised terms of the West Coast Highway project has been stalling the planned purchase of a 25 per cent stake in Kumpulan Europlus by IJM Corp Bhd, the country's second largest builder.

    IJM is proposing to acquire a 25 per cent stake in the loss-making Kumpulan Europlus, with an option for another 5 per cent for 28 sen a share.

    The emergence of IJM will likely help stabilise Kumpulan Europlus, which suffered a net loss of RM323.4 million for the financial year ended January 2006, as well as help in the restructuring of Talam.

Everything is simply based on SOURCES SAID.

Aren't you really sicked and fed-up with such news reporting??

And worse still, how many times have we not see the companies mentioned in such articles where these so-called un-named sources are quoted to be saying this, this, this and that and that are denied by these companies?

Look at the very line... the sources even had the guts to tell the press what our cabinet will discuss this week.


Exactly my dearest Moo Moo Cow.

It never does end, does it?