經濟學家踢爆！普騰與吉利汽車交易幕後或涉及黑幕操作，馬來大亨賽莫達被指獲暴利 35 億！普騰私有化變成盜賊化！中國吉利與大馬人民再次被當冤大頭！
根據大馬財經評論家估算，馬來企業大亨賽莫達在與中國吉利汽車交易之前，已經先設下兩大坑錢陷阱。
第一個陷阱是沙亞南工業區250英畝地段的交易，合約規定一旦吉利汽車收購49.9%普騰股權之後，普騰將搬遷到丹絨馬林的汽車工業城，現有的沙亞南地段不包括在交易之內。簡單的說，一旦普騰搬走，沙亞南的250英畝工業地將悉數歸多元重工業DRB HICOM所有。
而這塊工業地皮按照目前的市價估值，超過44億令吉！
大家可還記得，上個世紀80年代當馬哈迪在這片工業地成立大馬重工業，創立普騰國產車的時候，這可是國庫的資產啊！是人民的財產啊！現在竟然成了賽莫達的私人財產，情何以堪啊！
第二個陷阱，則是在英國蓮花跑車公司的交易上。
普騰公司將100%脫售Lotus股權，其中51%賣給中國吉利公司，49%賣給大馬ETIKA公司。ETIKA正是由賽莫達成立不足一年的私有公司。
據悉，普騰是以一億英鎊，摺合馬幣5.5億令吉的代價將蓮花汽車公司100%股權轉讓給吉利與ETIKA。
吉利汽車獲得51%蓮花控制性股權後，雖然完全可以掌控蓮花工業技術，有足夠的人才、技術與市場讓蓮花跑車轉虧為盈；但是別忘了，蓮花日後每賺取一塊錢，其中49分都得進賽莫達口袋！
簡單地說，賽莫達根本不必流一滴汗，每年都能坐享其成，不勞而獲。別人辛苦賺錢給他揮霍。
這就是所謂的馬來精英本色了！大家看清楚了嗎？
隨著吉利入股普騰，資深財經評論人古納瑟卡蘭估算，巨賈賽莫達會在這筆交易大賺35億令吉。
古納瑟卡蘭（P Gunasegaram）今日在《當今大馬》英文版撰寫專欄，先是點出政府在2012年透過國庫控股，向賽莫達掌有的多元重工售出普騰的42.7%股份，總值12億9000萬令吉（公司估價則為30億令吉），緊接著，再抽絲剝繭，演算普騰現有資產。
1. 普騰汽車業務價值（不包括土地與其他資產價值）
吉利收購普騰49.9%股權，定價為7億7000萬令吉。以100%股份計算，普騰的汽車業務的總價值15億4300萬令吉。
2. 普騰旗下的蓮花汽車
以1億英鎊價格，向吉利與賽莫達掌有的公司出售。以上數額，摺合現有匯率約為5億5000萬令吉。
3. 普騰沙亞南工廠的土地
普騰工廠會搬遷至丹絨馬林，沙亞南土地則會歸賽莫達的多元重工所有。
工廠占地250英畝，沙亞南工業地段的地價，每平方尺約300令吉。若建造辦公樓或商場，可達每平方尺300令吉至500令吉。取中間值，為每平方尺400令吉。
故此，普騰沙亞南工廠的土地價值，計算方法為：250（英畝）X 43560（每英畝的平方尺）X 400（每平方尺/令吉），意即44億令吉。
他進而總結，賽莫達以30億令吉購入普騰，如今可從這宗交易中，至少獲利35億令吉。
「不過，須謹記的是，這些利潤不會立刻兌現。他須等待車廠從沙亞南搬遷到丹絨馬林，須要轉換土地用途，再獲取一切批准。這會需要一些時間。」
他也提醒，普騰全權出售蓮花股份，其中51%股權售給吉利，餘下49%股權則賣給Etika 汽車公司。後者是由賽莫達幕後掌控。
「這意味著，蓮花縱使轉虧為盈，利潤也直接歸賽莫達所有，而非屬於少數股東的普騰與多元重工。」
他語重心長寫道，普騰「私有化」（privatisation ），卻是典當公共利益，以謀取私人利益，成了「盜賊化」（piratisation）。
國產車不復再有
普騰在1983年創立，為前首相馬哈迪的政治遺產，一直享有「國產車」之譽。不過，普騰在2012年被賽莫達收購後，即經歷私有化。
直至上月下旬，中國浙江吉利控股集團是與多元重工達成協議，將會收購普騰的49.9%股權，以及蓮花的51%股權，進而掌控蓮花。
馬哈迪對此大表不滿，更哀嘆普騰落入外國人手中，猶如「喪子之痛」；首相納吉則捍衛普騰賣股，並指這將有利於大馬。
第二財長佐哈里也為普騰賣股辯護，指政府不想看到普騰步上柏華惹鋼鐵廠慘澹關門的結局。
The key to coming to that conclusion is to read carefully the agreement made between Proton Holdings Bhd’s 100 percent shareholder, listed DRB-HICOM which is in turn 56 percent-owned by Syed Mokhtar Albukhary, and China’s Zhejiang Geely Holding Group Co Ltd.
Geely is taking a 49.9 percent stake in Proton Holdings via the issue of new shares. The remaining 50.1 percent will be held by DRB-HICOM. The price for this was not disclosed in the announcement on May 24 but was to be satisfied in cash, and with the grant of a licence to manufacture and sell Geely’s Boyue model (NL3) under the “Proton” brand in the right-hand drive markets in 「certain Southeast Asian countries for the life cycle of the model」.
That’s basically re-badging – nothing more. DRB-HICOM is currently in the process of estimating the true value of this in-kind injection of the “Boyue” model, DRB-HICOM said.
A day later, DRB-HICOM disclosed to analysts that the 49.9 percent stake in Proton is valued at RM770 million (minus the value of lands and other assets). Geely will inject RM170 million in cash and give Proton the rights to the Boyue model, valued at RM600 million.
Pointedly the deal includes only Proton’s automotive assets and others related to the production of vehicles. Proton has other valuable assets, including land, which is not included in the transaction. The most valuable of this is land of some 250 acres in Shah Alam on which part of its production facilities are located.
DRB-HICOM’s announcement to the stock exchange said: 「Real estate held by the companies within the Proton Group, other than the land located at Tanjung Malim are excluded from the scope of the Proposed Joint Venture provided that such real properties presently used by the Proton Group for the manufacturing and assembly activities of present Proton car models shall be rented or leased back to the Proton Group at nominal consideration for the duration required to continue the Existing Automotive Activities.
「The manufacturing, engineering, testing, related research and development and administrative activities currently based at the Shah Alam manufacturing plant shall be relocated to the Proton Group’s manufacturing plant located at Tanjung Malim.」
That means the Shah Alam facilities will be relocated to the Tanjong Malim where Proton has excess capacity within five years and the valuable Shah Alam land will be returned to DRB-HICOM.
Based on the deal price as reported of RM770 million, the whole of Proton’s automotive business is currently valued at RM1,543 million, excluding the other assets and especially the valuable Shah Alam land. But that excludes Lotus too, 100 percent of which is being sold simultaneously to Geely and Syed Mokhtar for 100 million pounds, about RM550 million at current exchange rates. That values Proton’s own automotive business together with Lotus at RM2,093 million (1,543 + 550 – let’s round it off to RM2.1 billion).
The government, through Khazanah Nasional sold its 42.7 percent stake in Proton for RM1.29 billion in 2012 to DRB-HICOM which subsequently made a general offer and took Proton private, spending in all some RM3 billion for Proton. That means all assets of Proton.
Let’s take that 250 acres of land in Shah Alam now and establish a value for it to get an approximate value of Proton now, including land. Listings for industrial land currently quote prices of around RM300 per sq ft in Shah Alam. As 250 acres is large, this can be used to build a mammoth office and commercial complex with the average price of land anywhere between RM300 psf to 500 psf. If we take an average figure, the land price could be RM400 psf.
That 250 acres in Shah Alam would be worth RM4.4 billion (400 X 250 X 43,560), rounded off to one decimal point, at today’s prices, a huge amount. Add this to Proton’s estimated worth for its automotive business of RM2.1 billion and the whole of Proton is worth at least RM6.5 billion.
Recall that Syed Mokhtar’s DRB-HICOM paid RM3 billion for Proton and therefore stands to make at least RM3.5 billion from his purchase of Proton. But do remember, this won』t come in immediately – he has to wait for the relocation of car-manufacturing facilities to Tanjong Malim from Shah Alam, he has to convert the land use, and obtain all necessary approvals. That can be done given time.
Proton’s 『piratisation』
All that benefit would have come to Proton in 2007 if the deal for Volkswagen to purchase a meaningful stake in Proton had gone through but this was aborted at the very last minute due to objections from Proton’s 「father」 former prime minister Dr Mahathir Mohamad and former trade and industry minister Rafidah Aziz. Proton was then controlled by the government through Khazanah Nasional.
Now all that gain goes to Syed Mokhtar’s DRB-Hicom instead.
On top of that, to rub salt into an open wound, Proton will now sell rebadged Geely cars with continued tariff protection from the government as well as occasional research grants. Because it will be selling cars which are reasonably reliable instead of its previous unreliable own models, Proton will become profitable again but at the expense of car buyers who will continue to pay high prices for cars, including rebadged Protons, with Syed Mokhtar, through DRB-HICOM, and Geely eventually benefiting.
One hopes with this kind of clearly demonstrable private gains coming from the break-up of Proton’s assets, the government (read: the people) will once and for all stop subsidising the domestic car and vehicle industry in any form whatsoever, and implement a graduated roll-back of all car and other vehicle duties, say within five years, allowing Malaysians who have spent trillions of ringgit on vehicle purchases since the production of the Proton in 1985 some badly needed relief.
Indeed such a move will put back more disposable income in the hands of people which will boost consumer demand, alleviate poverty and prop up the economy.
There’s more. Recall that Proton is selling 100 percent of Lotus – but only 51percent goes to Geely, the other 49 percent goes to a Syed Mokhtar company, Etika Automotive Sdn Bhd. Which means even the upside from a turnaround of Lotus goes directly to Syed Mokhtar and not to Proton and DRB-HICOM which is listed and has minority shareholders.
Proton’s privatisation has indeed become 「piratisation」 with huge private sector gains at the expense of the general public, unless the government makes a real U-turn.