GLC payouts, not living costs, will go down, says Najib

Looi Sue-Chern Looi Sue-Chern Updated 7 years ago · Published on 19 Nov 2018 9:34PM · 7 Comments

Najib Razak says KLSE index fell 200 points since the election. – Gambar The Malaysian Insight file pic, November 19, 2018.

FORMER prime minister Najib Razak predicts that government-linked companies will give out lower payouts this year because of the fall in share prices.

He blamed this on unwise measures by the present government, which had caused foreign investors to lose confidence in Malaysia and pull out their investments.

He said the Bursa Malaysia index has been on the decline, falling 200 points compared to the month before the May 9 general election, and among the shares most affected are those of GLCs.

“This is worrying because the largest shareholders of these GLCs are funds and statutory bodies like Khazanah Nasional, EPF (Employees’ Provident Fund), Armed Forces Fund Board (LTAT), Permodalan Nasional Bhd and Tabung Haji,” he said in a Facebook post tonight.

Najib, who also held the finance portfolio while in power, cited the fall in Telekom Malaysia’s share prices as an example. TM shares were at RM6.17 on January 2. The price plunged 63% to RM2.26 today.

He said the drop in TM share prices alone had caused Khazanah to lose RM3.9 billion, EPF RM2.5 billion and Amanah Saham Bumiputera RM1.8 billion compared to before the 14th general election.

“I also observed that the prices of many unit trusts managed by government and private financial institutions have dropped. Some by 5% or even 25% compared to earlier this year.

“One example is ASN (Amanah Saham Nasional) under PNB. The price fell 13% from 0.785 sen to 0.68 sen today.”

Najib said this was a sign that ASB, EPF, LTAT and Tabung Haji dividends this year “might be much lower than last year”.

“Surely the EPF dividend this year will be much lower than the 6.9% given last year, which was the highest in 20 years.”

Accompanying his post is a list showing the share prices of GLCs where Khazanah, EPF, LTAT, PNB and Tabung Haji have invested in.

He also posted a chart showing the drop in foreign investments in shares listed in Bursa Malaysia due to the pullout by investors every month since GE14.

“Investments were coming but the trend suddenly changed to an outflow of investments.

“As much as RM14.2 billion in foreign funds have left Bursa Malaysia since May.

“Petrol and cost of living is not going down, but the share prices and the people’s saving are?” he said. – November 19, 2018.

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Comments

  • Now with a lot of ideas. Hehehe

    Posted 7 years ago by Astann astann · Reply

  • Now got balls to talk huh, Najib? Look at the stock market around the world. Bursa Malaysia is no exception. Not because we lost investors' confidence.

    But your raping of the country's wealth is one factor that has adversely this beloved country. No doubt about it.

    Posted 7 years ago by Malaysia Baru 09052018 · Reply

  • You have no economic and financial sense, you moron. Just get your ass ready for Sg. Buloh. Enough of your nonsense. You and your team of plunderers have done so much damage that we are all trying to salvage and will take a generation to recover.

    Posted 7 years ago by ALAN THAM · Reply

  • He should ask himself who created this problem

    Posted 7 years ago by FM CHEN · Reply

  • Jibby I strongly suggest for you to write all these in your memoir title - arm chair managing - you can't get billions like you did while in office but it would certainly give you some dignity back if you can get it back

    Posted 7 years ago by Teruna Kelana · Reply

  • Drop in Bursa prices is expected as we expose more and more scandals. Time will become extremely good once we are clean of all the scandals.

    Posted 7 years ago by Tanahair Ku · Reply

  • No integrity x leader talking

    Posted 7 years ago by Zaini Nordin · Reply