Siapa sebenar Bumiputera yang pemegang saham YTL Power?


“To get an IPP licence, 30% of it must be owned by a Bumiputera company,” he said.

However it is unclear who exactly the Bumiputera parties were in YTL Power’s case and how that information fits into the overall picture.

According to The Star in 1994, when awarded the first IPP licence YTL Power was 50% owned by YTL Corporation while TNB held a 20% stake. The Employees Provident Fund (EPF) held a 10% stake.

The remaining 20% equity was split between British-based construction outfit John Laing Plc, Mayban Ventures Sdn Bhd and Bumiputera-owned company Bara Aktif Sdn Bhd.

TNB’s stake is not unusual as the national utility had stakes in all but one of the first generation IPPs, holding either a 20% or 10% equity. In turn Mayban Ventures is a private equity management company owned by Malayan Banking Bhd and Aseambankers Malaysia Bhd on a 70:30 basis.

According to its website, Mayban Ventures “pool(s) capital from institutional and high networth investors to fund and manage portfolios of privately held investments”.

On the other hand, Bara Aktif, incorporated in April 1993, only has two shareholders — Raja Wahid Raja Kamaral Zaman and Mohamed Zainal Abidin Abdul Kadir — and is an investment holding company.

Both men are also directors in Bumiputera construction company Seri Yakin Sdn Bhd. Mohd Zainal Abidin is also a 56% shareholder in investment holding company MZK Realty Sdn Bhd, with the remaining 44% are apparently held by his children. Notably MZK Realty’s registered address is the same as Quarry Ventures Holdings Sdn Bhd — formerly known as Achieve Goals Sdn Bhd — a YTL company.

Interestingly Mohd Zainal Abidin is also among Quarry Ventures Holdings’ directors.

According to YTL Land & Development Bhd’s 2013 annual report, both Mohd Zainal Abidin and Raja Wahid are substantial shareholders through both direct and indirect shareholdings. Mohd Zainal Abidin holds 13.71% through direct shareholding and those of Bara Aktif and MZK Realty while Raja Wahid holds 7.84% equity through direct ownership and that of Bara Aktif.

When posed the question by KiniBiz, Ani declined to comment on the identity of YTL’s 30% Bumiputera partners.

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