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Tuesday, January 19, 2021

1MDB: 10 facts (and more) Zombies Don’t want you to Know.

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(1) Even if 1MDB had gone completely bellied up like what the Zombies and Mahathir claimed it did, the maximum liability that Malaysians have to bear was never more than the RM5.8 billion, in the form of a guarantee provided by the MOF plus RM1 million in paid up capital. Not even close to RM42 billion.
(2) 1MDB’s current debt is RM38 billion and not RM42 billion after a loan of US$975 million has been repaid to a consortium of banks led by Deutsche Bank ahead of maturity
(3) This would be pared down by a further RM12 billion once 1MDB has monetized their financial assets within the next 4 to 6 months, leaving 1MDB with a total debt of RM26 to RM27 billion.
(4) 1MDB’s energy subsidiary EDRA has received offers in excess of RM20 billion from foreign interested parties from China, Saudi Arabia, Thailand and Qatar for its IPP assets and offers of between RM14 to M16 billion from local parties.
(5) Apart from TNB, all the local parties which have submitted below market bids are known cronies of Mahathir and Anwar who are looking to take advantage of the furore surrounding 1MDB to acquire its assets on the cheap. (Does Mahathir has any role in this?) But of course, they will lead calls to shout SELLOUT if EDRA is ever sold to foreign parties who are prepared to pay fair value and they will shout BAILOUT if EDRA is sold to TNB.
(6) If EDRA’s IPP assets are sold to foreign parties, 1MDB would be able to pare down its debts to RM5 to RM6 billion, leaving it as principally a property development company owning TRX, Bandar Malaysia & its landbank in Penang.
(7) TRX has an estimated GDV of between RM20 to RM25 billion. Using standards applicable to property developers, this could easily net 1MDB net returns of between RM4 to RM7.5 billion, enabling 1MDB to repay all its outstanding debts.
(8) 1MDB’s landbank in Penang is estimated to have a market value of between RM1.5 billion to RM2 billion or more if the Penang State government does not put unnecessary obstacles to any interested buyer, local or foreign.
(9) 1MDB’s landbank in Bandar Malaysia is estimated to have a market value of between RM12 to RM15 billion if sold on a gross basis i.e. without 1MDB having to put in any amenities and much more if sold on a net basis, depending on the kind of amenities 1MDB puts in. Minus its obligations to build 8 military bases for the Ministry of Defence, this could easily net 1MDB another RM4 to RM5 billions.
(10) List of corporate social responsibility projects undertaken by 1MDB

(i) 1MDB fully funded the redevelopment of Masjid Jamek in Kampong Baru

(ii) 1MDB provided new canteens for 48 primary schools in Sarawak

(iii) 1MDB provided scholarships and academic grants to Sarawakian students to study Medicine, Dentistry and Pharmacy

(iv) 1MDB collaborated with Dong Jiao Zhong and Huaren Education Foundation to provide academic grants to holders of UEC from Chinese independent schools to help with their tertiary studies.

(v) 1MDB partnered with Sri Murugan Centre to provide academic grants to Indian students who excel in their SPM and STPM exams to help further their studies.

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