KUALA LUMPUR: Perkasa president Datuk Ibrahim Ali has called for the resignation of Petroliam Nasional Bhd president and group chief executive officer Tan Sri Shamsul Azhar Abbas, over his comments in a recent interview published in The Edge weekly on Monday.

In the interview, Shamsul said that under the Petroleum Development Act, the nation’s oil and gas reserves belong to all Malaysians, and not just bumiputeras. He also asserted that there had been pressure from certain groups over the award of contracts by Petronas.

“He is trying to say in the interview that he is disturbed by certain groups and people — short of saying the Prime Minister — and that he has problems running Petronas as a professional organisation,” said Ibrahim yesterday.

“He [Shamsul] doesn’t have to say this... as if the bumiputera claims that Petronas belongs to bumiputera. We know that Petronas belongs to the country.

“But even if he was right to say that Petronas belongs to all Malaysians under the Petroleum Development Act, he must remember that it was overwritten by the New Economic Policy which was emphasised again by Prime Minister Datuk Seri Najib Razak last year, in the Bumiputera Economic Empowerment Agenda,” said Ibrahim, who alleged that Shamsul’s behaviour “is very unbecoming” and that he should resign.

Ibrahim has challenged Shamsul to a live debate with Perkasa so that “he can come out in the open to reveal the names of individuals and companies that he has allegedly been forced into backing”.

This article first appeared in The Edge Financial Daily, on June 27, 2014.

KUALA LUMPUR: Salcon Bhd will continue to broaden its revenue base, said executive director Datuk Eddy Leong Kok Wah. He said the  group is prepared to venture into new businesses outside of its current three core divisions of water and wastewater engineering, property development and its new joint venture with fibre optic cable layer Volksbahn Technologies Sdn Bhd (VBT).

CHINA’s real-estate sector has been a source of serious concern for several years, with soaring property prices raising fears of overheating in the housing market. But, with price growth easing, it seems that the government’s campaign to rein in property risk is finally taking hold. The danger now is that the housing market will collapse — bringing China’s economic prospects down with it.

KUALA LUMPUR: Australia-based Lend Lease and 1MDB Real Estate Sdn Bhd (1MDB RE) — a unit of 1Malaysia Development Bhd — have signed a binding agreement to work exclusively together to finalise the joint-venture documentation and commence work on the Tun Razak Exchange (TRX) Lifestyle Quarter.

SEPANG: Tune Hotels Group plans to invest about US$25 million in its new hotel in Kenya, said group chief executive officer Mark Lankester.

KUALA LUMPUR: Berjaya Land Bhd’s pre-tax profit for the financial year ended April 30, 2014 rose to RM518.02 million compared with RM461.39 million in the same period last year.

The performance was driven by higher profit contribution from the hotels and resorts as well as property development and investment businesses.

KUALA LUMPUR: Shareholders of Benalec Holdings Bhd have approved of a framework to settle all legal suits, grievances, disputes and claims between the company and its three former directors — Datuk Leaw Tua Choon, Datuk Leaw Ah Chye and Tua Choon’s son, Leaw Yongene.

Titijaya Land Bhd
(June , RM2.43)

KUALA LUMPUR: Grand-Flo Bhd plans to expand its property portfolio via Vortex Business Park, a mixed development in Batu Kawan, Penang with a gross development value (GDV) of RM220 million.

KUALA LUMPUR: Aeon Co (M) Bhd, the Malaysian unit of Japan’s largest retailer, is diversifying into furniture and electronics stores as competition from new shopping malls intensifies. The stock rose to a one-year high yesterday.