How High Can We Go?
Since the announcement in Budget 2011 that a 100 storey tower costing RM5 billion will be built using PNB's own money, PNB investors must be divided over this behemoth project.
Already there are several petitions against this proposal with one claiming breaching the 200k Tak Nak response to the Tower.
But do these protests matter to 1Malaysia at all or to PNB? PNB's manages a fund size of about RM150 billion and 9.9 million investors. They can hold a referendum with their investors on what they think of the tower and if 9.9 million supports the tower, the Tak Nak campaign is really meaningless right? After all, in BolehLand, the folks are often reminded majority wins and rule even if it's 50.1 percent support it!
"I think they won't give us good dividends now," said a colleague who always await the annual dividend. "They will reduce it to use it to build the tower!"
But then it's only for a few years, after that you may get more when the income comes in from the building! was the self convincing statement of another investor! After all, we have got so much dividend already and using RM5 billion is 'kacang' only given their huge money they have with them!
Though the argument for the tower is toward creating a high income society right, since it's part of the ETC agenda. If it's not about increasing high income why built it in the first place?
But then, won't foreign workers who will benefit since their labour will be the ones being used to construct it! Will PNB insist only local labour will be employed? After all, the proposal is to generate income for our local fellos and if you want the local fellos to receive every sen of the RM5 billion, surely you should not employ any foreign workers right?
Which brings to the point of the multi billions project supposed to create over 3 million new jobs. How many of these go to the local fellos and how many are generated temporarily for foreign labour!
If the huge billions is explained that they will be used ! to pay l ocal labour, that may explain the huge high costs of the mega construction projects such as the MRT. After all, local labour is supposed to get paid more and with minumum wages being proposed, labour cost will feature highly in the operating costs of the new projects, no?
If 1Malaysia wants to leave a physical heritage remember for a century after his rule, the 100 tower will see the day of light as its shadow will cast over streets and alleys where perhaps those at Jalan Alor and Bukit Bintang will get a bit more of shade while they go about their shady business! It will remind residents in the vicinity they have arrived at a high income society and customers shouldn't complain if they charge them first world prices for age old professions, no?
The 100 story tower isn't a test of 1Malaysia's legacy of listening to the voice of the people. It has cleverly been explained it is not a government's project but a private concern. That is if you accept PNB isn't a government agency or GLC but a private investment corporation. If it is the case, then surely the Anandas, Nazas, Tans and Yeohs will ask for their projects to be mentioned in the 2012 Budget too! Gives them ultra visibility and perhaps help to boost their share price where the extra income can help fund whatever mega projects they are going to build mentioned in the Budget.
Has the announcement rattled PNB's family of shares? Hardly for the moment so that can be a sign of endorsement by members and investors of the project. There is no mass selling off by investors, so PNB can really ignore all the noise and petitions being down, right?
Some think it will be a tourist draw. Ok for those who want to be photographed to probably the 10th tallest tower when it is completed! Has Kuala Lumpur and BolehLand run of out tourists spots and adventure that they need to build concrete jungle to attract tourists?
Is the abolishment of taxes on underclothings, curtains and hair colouring among others not attractive enough to brin! g in the hordes and millions of tourists, that we need a tower to entice them to come over?
There are tall buildings that have a history and serve its purpose. Right now, the 100 story tower hasn't given a convincing enough rationale for its construction. If it is supposed to be heritage worthy of the sacred ground it stands, the reason for its construction must be befit the place. After all it is the vicinity where history was made as the Declaration of Independence was proclaimed in the grounds.
Does towering tall structures reflect or synonomous to a high income society? Are we trying to compete with Hong Kong, Tokyo, Shanghai or even southern neighbour Singapore that the higher we go, the richer our society is. But these places have to build up because of the expensive property prizes!
So how many of us non PNB investors are even bothered by their proposal. After all, if PNB loses money as they said, it doesn't involve the government. But then 99.9% of the investors are bumiputras and that itself is enough reason for any taxpayers to be worried that PNB cannot be made to fail, right? And who would you think will come in to rescue them? Taxpayer's money of course! Doesn't matter which government is managing it!
This blog will have it's own poll just to get a very tiny snapshot of what we think of this private venture. But since it's mentioned in the Budget, it cannot but be tied to the overall grand scheme of things under this huge name ETP. A yes is an endorsement of 1Malaysia a no is as it implies. Do take the poll then.YAHMEH!!!
See What Barisan Nasional Gotta Say?
Already there are several petitions against this proposal with one claiming breaching the 200k Tak Nak response to the Tower.
But do these protests matter to 1Malaysia at all or to PNB? PNB's manages a fund size of about RM150 billion and 9.9 million investors. They can hold a referendum with their investors on what they think of the tower and if 9.9 million supports the tower, the Tak Nak campaign is really meaningless right? After all, in BolehLand, the folks are often reminded majority wins and rule even if it's 50.1 percent support it!
"I think they won't give us good dividends now," said a colleague who always await the annual dividend. "They will reduce it to use it to build the tower!"
But then it's only for a few years, after that you may get more when the income comes in from the building! was the self convincing statement of another investor! After all, we have got so much dividend already and using RM5 billion is 'kacang' only given their huge money they have with them!
Though the argument for the tower is toward creating a high income society right, since it's part of the ETC agenda. If it's not about increasing high income why built it in the first place?
But then, won't foreign workers who will benefit since their labour will be the ones being used to construct it! Will PNB insist only local labour will be employed? After all, the proposal is to generate income for our local fellos and if you want the local fellos to receive every sen of the RM5 billion, surely you should not employ any foreign workers right?
Which brings to the point of the multi billions project supposed to create over 3 million new jobs. How many of these go to the local fellos and how many are generated temporarily for foreign labour!
If the huge billions is explained that they will be used ! to pay l ocal labour, that may explain the huge high costs of the mega construction projects such as the MRT. After all, local labour is supposed to get paid more and with minumum wages being proposed, labour cost will feature highly in the operating costs of the new projects, no?
If 1Malaysia wants to leave a physical heritage remember for a century after his rule, the 100 tower will see the day of light as its shadow will cast over streets and alleys where perhaps those at Jalan Alor and Bukit Bintang will get a bit more of shade while they go about their shady business! It will remind residents in the vicinity they have arrived at a high income society and customers shouldn't complain if they charge them first world prices for age old professions, no?
The 100 story tower isn't a test of 1Malaysia's legacy of listening to the voice of the people. It has cleverly been explained it is not a government's project but a private concern. That is if you accept PNB isn't a government agency or GLC but a private investment corporation. If it is the case, then surely the Anandas, Nazas, Tans and Yeohs will ask for their projects to be mentioned in the 2012 Budget too! Gives them ultra visibility and perhaps help to boost their share price where the extra income can help fund whatever mega projects they are going to build mentioned in the Budget.
Has the announcement rattled PNB's family of shares? Hardly for the moment so that can be a sign of endorsement by members and investors of the project. There is no mass selling off by investors, so PNB can really ignore all the noise and petitions being down, right?
Some think it will be a tourist draw. Ok for those who want to be photographed to probably the 10th tallest tower when it is completed! Has Kuala Lumpur and BolehLand run of out tourists spots and adventure that they need to build concrete jungle to attract tourists?
Is the abolishment of taxes on underclothings, curtains and hair colouring among others not attractive enough to brin! g in the hordes and millions of tourists, that we need a tower to entice them to come over?
There are tall buildings that have a history and serve its purpose. Right now, the 100 story tower hasn't given a convincing enough rationale for its construction. If it is supposed to be heritage worthy of the sacred ground it stands, the reason for its construction must be befit the place. After all it is the vicinity where history was made as the Declaration of Independence was proclaimed in the grounds.
Does towering tall structures reflect or synonomous to a high income society? Are we trying to compete with Hong Kong, Tokyo, Shanghai or even southern neighbour Singapore that the higher we go, the richer our society is. But these places have to build up because of the expensive property prizes!
So how many of us non PNB investors are even bothered by their proposal. After all, if PNB loses money as they said, it doesn't involve the government. But then 99.9% of the investors are bumiputras and that itself is enough reason for any taxpayers to be worried that PNB cannot be made to fail, right? And who would you think will come in to rescue them? Taxpayer's money of course! Doesn't matter which government is managing it!
This blog will have it's own poll just to get a very tiny snapshot of what we think of this private venture. But since it's mentioned in the Budget, it cannot but be tied to the overall grand scheme of things under this huge name ETP. A yes is an endorsement of 1Malaysia a no is as it implies. Do take the poll then.YAHMEH!!!
See What Barisan Nasional Gotta Say?
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