7th May 2018 - Week of Malaysia 14th General Election, Pro-Prime Minister Dato' Sri Haji Mohammad Najib bin Tun Haji Abdul Razak political public-relation objective construction and road maintenance company Protasco Bhd (Bursa 5070) once again announced in the 3rd time within 6 months, making the same piece of news trying to tie their feet with Polis (as if to make MO1 "Managing Director No1" of Protasco feel less guilty?) using PPA1M affordable housing project as the excuse to win votes for Barisan National. The market felt tasteless and disgusting why Protasco did 3 times publicity on the same piece of the story and did it days before Election trying to make "personal publicity" using the sacred General Election.

Share price tank to all time low and close at RM0.75 today, reflecting the general public investors "vote of no confidence" on Protasco's MO1. (evidence: first PPA1M Polis-tied news appearance https://klse.i3investor.com/blogs/bursacannibal/142169.jsp)

Geared 200% of Protasco NTA & money to bet on Barisan National Political Campaign using PPA1M Project at Investor's Expense?

The once potentially "all mighty" and largest living dinosaur evidence of "cronyism" business model in old-Malaysia is today a rat on the street trying to justify the potential Protasco MO1's personal "ill-gotten money" taken from people of Malaysia being "alright" and "nothing wrong". The very existence of Protasco chairman Tan Sri Hadenan Abdul Jalil (holding the stitch in photo) is just to "rationalize" the billion Ringgit missing money from the people which potentially laundered "through" the Road Care (money) machines as if nothing happened, is synonyms of Malaysia GE14 conspiracies of old and new political pack struggles trying to defame each others' "Kleptocracy" history. 

In the era where Tan Sri Hadenan Abdul Jalil's "old bosses" had already ditched old-fashioned political-link dubious business model and practices and joined the new-era transparent business model, is a true betrayal to his old bosses when he covers up for Protasco MO1 in his personal wrongdoing involving fraud committed by MO1.

(Photo: Protasco's MO1 Dato Sri Ir Chong Ket Pen trying to "make good" to please Malaysia Prime Minister Dato' Sri Haji Mohammad Najib bin Tun Haji Abdul Razak by sacrificing all Protasco's money and resources on dubious political motivated PPA1M project, which market suspected Chong Ket Pen abused his power and placed entire Protasco to back Barisan National political campaign to work for Chong Ket Pen's personal publicity. Chong Ket Pen's face-gluing campaign with Prime Minister Najib Razak and PDRM "Police Retiree Cooperation" bundled with his "regular" newspaper such as The Edge Daily, The Malaysian Reserve, The Sun, New Straits Times etc, trying to cover up his potential wrongdoing and fraud involving his ill-gotten power and control of Protasco Bhd, as well as suspected self-gratification in series of money laundering scandal through personal salaries and dubious dividend paid to himself and cronies derived from illegally obtained Protasco shares, becomes the "symbol" of out-of-fashioned political-linked business model.)

Evidence of newspapers being used by Protasco's Chong Ket Pen "personal sin-cleaning" publicity campaign pathetically riding on sacred Malaysia General Election on 9th May 2018, Prime Minister Najib Razak, Tengku Adnan, and Ali Hamza during Barisan National election campaign:

4 May 2018: Protasco to commence building RM356m civil servants HQ in Putrajaya in 3Q - The Edge

http://www.theedgemarkets.com/article/protasco-commence-building-rm356m-civil-servants-hq-putrajaya-3q

Chong Ket Pen: "We are confident that this project will contribute positively to the Group’s future earnings,” Protasco managing director Datuk Seri Chong Ket Pen said in a statement, following a groundbreaking ceremony officiated by chief secretary to the government, Tan Sri Dr Ali Hamsa, today. To be known as PPA1M Kenanga, Protasco said the smaller residential PPA1M units, measuring 850 sq ft, will be priced from RM120,000, and the larger units of 1,000 sq ft, from RM220,000. Phase 4 is a joint-venture development project between Protasco's wholly-owned subsidiary Protasco Development Sdn Bhd, and Kop Mantap Bhd — a wholly-owned subsidiary of Koperasi Polis Diraja Malaysia Bhd. "

4 May 2018: Cops to get half of Kenanga and Cempaka PPA1M houses: Ali Hamsa - New Straits Times

https://www.nst.com.my/news/politics/2018/05/365720/cops-get-half-kenanga-and-cempaka-ppa1m-houses-ali-hamsa

Ali Hamza: “The government appreciates the civil servants’ contribution and sacrifices, especially the police and army. Prime Minister Datuk Seri Najib Razak, during the tabling of the 2018 Budget, has agreed to offer 10,000 units of PPA1M homes to the police. “Therefore, 50 percent of 2,492 units – 1,681 units in PPA1M Kenanga and 811 units in Cempaka, will be for the police. “In fact, I have also discussed with the Inspector-General of Police and Home Ministry’s secretary-general to add more PPA1M homes should there are suitable lands to develop this project,” he said at the PPA1M Kenanga and Cempaka groundbreaking ceremony. Also present were Inspector-General of Police Tan Sri Mohamad Fuzi Harun, Public Services Department director-general Tan Sri Zainal Rahim Seman and Putrajaya Corporation (PPj) president Datuk Hasim Ismail. "

7 May 2018: Construction of PPA1M Kenanga project to start in 4Q - The Malaysian Reserve

https://themalaysianreserve.com/2018/05/07/construction-of-ppa1m-kenanga-project-to-start-in-4q/\

Chong Ket Pen: "The group was given a 10-year contraction extension in 2016 which covers an interim of a two-year period ending May 16, 2018, and an eight-year additional concession based on a performance-based contractual model to provide road maintenance in Terengganu, Kelantan, Selangor and Pahang, spanning 7,000km."

Prime Minister Najib Razak's PPA1M followed by Road Maintenance Contracts Renewal?

On 7 May 2018 political driven newspaper publicity, Chong Ket Pen said "The group was given a 10-year contraction extension in 2016 which covers an interim of a two-year period ending May 16, 2018, and an eight-year additional concession based on a performance-based contractual model to provide road maintenance in Terengganu, Kelantan, Selangor and Pahang, spanning 7,000km." The PPA1M idea was solely decided by Protasco's MO1 in order to get close to Prime Minister Najib Razak, by pleasing Najib's "power root" political ties such as Ali Hamza and Tengku Adnan, is clear evidence of the problematic old-fashioned business model in Malaysia.

These business opportunity costs suffered by Protasco Bhd are at the expense of public investors, and most disgusting is the "self-gratification" of Protasco's MO1 despite poor performance, suspected upon illegally obtained Protasco shares and power control involving potentially fraudulent scam, had increase 10 folds his personal salary to RM4 million personal benefits per year and over RM40 million ill-gotten share dividend derived from ill-gotten Protasco shares, are the reasons why Protasco Bhd shares drop tremendously after Chong Ket Pen mysteriously took control of Protasco Bhd in December 2012. (Chong Ket Pen was being power-stripped on June 2012, demoted by Protasco former owner). The lost of governance in November 2014 in order to make way for Chong Ket Pen to draw such personal salaries and fees is the reason how Protasco ended up with guilt cover-up campaigns, by betraying Chong's old bosses and getting closer to Barisan National politician and authorities such as PDRM.

Protasco a Living Dinosaur of Corruption? 

Malaysia market potentially perceives Protasco Bhd as one of the clear evidence of "Warisan Kleptokrasi (Kleptocracy Inheritance)" from the dinosaur years, born during the former head of state era of "privatization craze". Today, even the "former head of state" who gave birth to Protasco had abandoned the old practices and believes, but Protasco continues the same practice to glut the current government using same modus operandi, which is in Malaysian public eyes "taking profit from the people of Malaysia" through effortless road maintenance contracts, which only benefits a few. Such dubious practice is potentially the main reason investors felt guilty owning the stock, as evidence from the share performance since the No1 Managing Officer (MO1) of Protasco Bhd potentially fraudulently took control of the company in November 2014. 

Evidence from Bursa Malaysia shows that the MO1 of Protasco Bhd questionable potential self-gratification was proven when he recklessly drew himself 400% salary rise and taken RM4million salary per year, bundled with over RM40 million cash taken from dubious dividend scheme. Such potential fraud becomes a public anger. The public investors are disappointed with relevant authorities to allow potential fraudster such as MO1 to continue taking personal benefits stealing from the public listed company. "Cheaters walk" business environment is exactly the clear evidence of Kleptocracy problem the nation need to pay attention.

(Money trail evidence from Bursa Malaysia report: https://klse.i3investor.com/blogs/truebackground/131967.jsp). 

Fraud Whitening Motive Fooling Who?

"If the origin of MO1 power and shares in Protasco were indeed ill-gotten, these salaries and dividends which further turns into Protasco shares are all indeed ill-gotten, and that is alarming when evidence shows MO1 can continue to loot and use the proceeds to enrich himself at the expense of the country. Getting "closer and make news" with Polis or Politician doesn't clean up his name nor get away from what he did. Polis will do what they need to do when the time comes", comments senior officer.

Disappointed Public Share-owners voted "No Confidence"

Protasco Bhd prides themselves as the "largest road maintenance company" in Malaysia and had recent years saw the sharp rise of senior management salaries and personal-benefits, especially MO1, in turn, spooked investors especially fund managers of its governance issues. While the likelihood of potential self-gratification probe by relevant authorities is on the rise, Protasco Bhd share price already reflected the "popularity" of MO1 and its board and management when it touches 6 years low since the year 2012 to close at RM0.75 on Friday 4 May 2018. Protasco Bhd was once traded at RM2.10 (pre-split) before MO1 took full control.

The numbers speak:

Pre-Election Campaign : Economic Driven or Self Interest Driven PPA1M-Polis (PPA1M-Kenanga) Showbiz?

The dubious operation method and people involved in Protasco business especially the mysterious rise of power and money by MO1 which resulted in his 4 years tenure as "MO1" from the year 2014-2018 becomes the main focus of relevant authorities.

The PPA1M story which does not make economic sense to conventional property developer why "exceptional number of Polis Officers would want to cramp in one-place (Putrajaya) as if their hard earned money would be tied to a house away from their job post?", which is more like just to please Protasco. The motive and rationale remain unanswered. The decision was obviously not in the best interest of Protasco Bhd, but rather "personal agenda drove" as if to cover up MO1 fraud and wrongdoing, which angered the public investors. No wonder the facial expression of Chief Polis looks rather awkward (in photo) as if being used by a potential criminal for a selfie.

It would be premature to assume that the 3 times repeated PPA1M-Polis story is more like politically driven to protect MO1 of Protasco from potential probe going on as if getting "closer to politician and Polis" would legitimize MO1 and his encumbrance board of directors from being prosecuted.

Obviously such self-benefit driven initiative does not impress investors. EPF has been selling down shares in Protasco despite 3 times Protasco cooked up this piece of news the last 6 months. 

(Designed comments on Protasco Bhd PPA1M-POLIS name tie publicity show. KETUA Setiausaha Negara, Tan Sri Ali Hamsa bergambar bersama Ketua Polis Negara, Tan Sri Mohamad Fuzi Harun, Presiden Perbadanan Putrajaya, Datuk Seri Hasim Ismail (tiga kiri), Pengerusi Protasco Development, Tan Sri Hadenan A. Jalil (tiga kanan) dan Pengarah Urusan GN Homeland Sdn Bhd, Datuk Radin Mokhtar Md Yusof (kiri) selepas majlis Pecah Tanah Pembangunan Perumahan Penjawat Awam 1Malaysia (PPA1M) Kenanga dan PPA1M Cempaka di Presint 19, Putrajaya. BH)

Protasco Bhd potential "Kleptocracy" business model survives post Election?

The market is not worried about the potential probe on Protasco MO1 and its potential cronies of Kleptocracy, which are redundant and dispensable since nothing fruitful out of their creation in Protasco Bhd except the inherited road maintenance concessions; but is worry about Protasco Bhd business model which relied solely on government contracts. Road maintenance would be more precisely the top priority for the government, either current ruling party or next ruling party, to take back control of what belongs to the welfare of people of Malaysia. In other words, 2 scenarios may happen on Protasco future post-election.

1) Existing Ruling party wins. Bearish?

First, the current ruling party would want to make good and show performance by taking control of Protasco Bhd to please angry citizens. The government will not buy expensive and might take the RM30mil profit compounded Net Present Value (NPV) using Discounted Cash Flow (DCF) on existing concessions (based on FYE 2017 Protasco net profit attributed to shareholders). Assume RM240mil value divided by 490mil shares, might fetch RM0.489 per share. The valuation might fetch just RM0.45 per share considering all other businesses are redundant, especially taking into consideration the PPA1M publicity showbiz, and the "extra fats" potentially taken by MO1 and the cronies, most obviously the high salaries paid to MO1, which would not survive basic reality test. The assumption did not take the "make-good" by current ruling parties to the citizen of Malaysia into account, by making "ratification" on Protasco dubious business model and its incumbrance officers. Having the "former share-owner" loyalist Tan Sri Hadenan Abdul Jalil made the matter worst and is exactly what the new government need to ease public tension. The prosecution on MO1 and his potential wrongdoers would be a nightmare beyond imagination when the sky falls.

2) New ruling party. Collapse?

The transition of Malaysia political landscape lead once again by the potential rival of the current ruling party, was exactly the potential "Tsunami on Kleptocracy" Protasco needs. The interesting part is the potentially "beneficial founder of Protasco Bhd" had discharged themselves from "current ruling party" to form a new (so-called better) party going against the old institution. Protasco Bhd in other words, not only did not learn and evolve to survive itself from potential "kleptocracy" and "cronyism", but poisoned current innocent ruling party covering up their shameful legacies. if the new ruling party took control, Protasco Bhd and its MO1 would be on the top of the list to "clean up". If there is a need to clean up just the 4 years from the year 2014 - 2018, the billion Ringgit concession money especially tens of millions paid to MO1 whereabout might be the main focus. Taken away the potential stolen national interest, the actual Net Tangible Asset (NTA) of Protasco Bhd might just be left with a piece of land (100 acres, 70% encumbrance), which might worth less than RM200mil value divided by 490mil shares, might fetch RM0.408 per share.

Either side wins, Protasco faith glut under MO1 of Protasco is posed for a perish ending. Of cause, the ill-gotten proceeds by Protasco's MO1 and the cronies, most obviously the potential ill-gotten power which resulted in self-given outrageously high salaries paid to MO1, would not survive basic reality test. This has not taken the "betrayal" of Protasco Bhd MO1 to his former share-owner of Protasco Bhd into consideration. MO1 by potentially committed cheating and fraud might happen to be the last nail in the coffin for Protasco he brought together to its end. The impact would be disastrous.

Days Counting: The Begining of The End?

The assumption was merely based on Protasco Bhd's outdated business model being busted. When the business model is out of majority investors flavor, as well as teasing younger and educated angry citizens of Malaysia when they knew the truth about Protasco Bhd main income nature, Protasco MO1 keeping his name close to "POLIS" or "POLITICIAN" doesn't make his name or what he did cleaner or legal. How would Protasco Bhd and the followers of MO1 buy time staying relevant and longer in power would be very interest after GE14. 

How long can such (potential "Kleptocracy") business model survive in Malaysia? What would be Protasco Bhd share price if either party won? What do you think?

 = Twisted Business Study =

(Disclaimer: Information were obtained from public information, Bursa Malaysia, and news, and for discussion purposes only. Nothing was implied, expressed being real nor for any investment purposes. Beware of "fake news" and misrepresentation comments.)

Reported from:

https://www.bharian.com.my/berita/nasional/2018/05/421102/ppa1m-untuk-anggota-polis

PUTRAJAYA: Lima puluh peratus daripada pembinaan 2,492 unit kediaman Perumahan Penjawat Awam 1Malaysia (PPA1M) Kenanga dan PPA1M Cempaka di Presint 19 di sini, akan diperuntukkan kepada anggota Polis Diraja Malaysia (PDRM) terutama yang belum memiliki kediaman.

Ketua Setiausaha Negara, Tan Sri Dr Ali Hamsa, berkata ia bagi menghargai sumbangan dan jasa penjawat awam dalam menjalankan tugas terutama anggota keselamatan khususnya PDRM.

Katanya, dalam bajet 2018, kerajaan bersetuju menawarkan 10,000 unit PPA1M kepada anggota PDRM.

"Jadi, 50 peratus daripada unit kediaman projek Kenanga dan Cempaka ditawarkan kepada mereka.

"Malah, saya sudah berbincang dengan Ketua Polis Negara dan Ketua Setiausaha Kementerian Dalam Negeri (KDN), jika ada tanah sesuai di bawah PDRM atau KDN, kita boleh membina lebih banyak rumah PPA1M untuk anggota PDRM," katanya.

Beliau bercakap kepada pemberita selepas majlis pecah tanah PPA1M Kenanga dan Cempaka di sini, hari ini.

KETUA Setiausaha Negara, Tan Sri Ali Hamsa bergambar bersama Ketua Polis Negara, Tan Sri Mohamad Fuzi Harun, Presiden Perbadanan Putrajaya, Datuk Seri Hasim Ismail (tiga kiri), Pengerusi Protasco Development, Tan Sri Hadenan A. Jalil (tiga kanan) dan Pengarah Urusan GN Homeland Sdn Bhd, Datuk Radin Mokhtar Md Yusof (kiri) selepas majlis Pecah Tanah Pembangunan Perumahan Penjawat Awam 1Malaysia (PPA1M) Kenanga dan PPA1M Cempaka di Presint 19, Putrajaya. - Foto Mohd Fadli Hamzah

Turut hadir, Ketua Pengarah Perkhidmatan Awam, Tan Sri Zainal Rahim Seman; Ketua Polis Negara, Tan Sri Mohamad Fuzi Harun; Presiden Perbadanan Putrajaya, Datuk Seri Hasim Ismail dan Presiden Kongres Kesatuan Pekerja dalam Perkhidmatan Awam (CUEPACS), Datuk Azih Muda.

Pada majlis itu turut diadakan upacara menandatangani perjanjian dua skim iaitu PPA1M Kenanga yang dibangunkan oleh Kop Mantap dengan usaha Protasco Development Sdn Bhd manakala PPA1M Cempaka dibangunkan GN Homeland Sdn Bhd.

Rumah bersaiz 850 kaki persegi, 1,000 kaki persegi dan 1,200 kaki persegi, yang dijual dengan harga RM120,000, RM220,000 dan RM260,000, dijangka siap sepenuhnya pada 2021.

Dalam pada itu, Ali berkata kerajaan menyasarkan membina 200,000 unit rumah di bawah Skim PPA1M dan sehingga kini, sebanyak 141,774 unit diluluskan untuk pembinaan.

Sebanyak 7,180 unit sudah siap manakala sebanyak 81,503 unit lagi dalam pelbagai peringkat pembinaan.

"Bagi kawasan Putrajaya, sebanyak 2,943 unit PPA1M sudah didiami di Presint 6, 11 dan 17, malah kunci juga akan mula diserahkan untuk 2,671 unit dalam tempoh Mei ini hingga Ogos membabitkan projek Melinjau di Presint 11, projek Jintan di Presint 16 dan projek Pudina di Presint 17.

"Selain itu, sebanyak 5,216 unit sedang dalam pembinaan di Presint 5, 15, 17 dan 18, manakala sebanyak 9,872 unit termasuk 2,492 unit pada hari ini dalam peringkat perancangan untuk dimulakan pembinaan," katanya.

Sementara itu, Ali mengumumkan kadar caj penyenggaraan bagi semua unit PPA1M di Putrajaya diturunkan daripada 20 sen sekaki persegi kepada 15.8 sen sekaki persegi.

"Kerajaan juga mengecualikan pemilik petak daripada menjelaskan caj penyenggaraan dan wang penjelasan untuk tempoh enam bulan dari 1 Mac hingga 31 Ogos bagi tiga projek yang sudah didiami iaitu Larai di Presint 6, Palma di Presint 11 dan Selasih di Presint 17.

"Justeru, kos penyenggaraan ini yang berjumlah hampir RM3.7 juta ditanggung oleh kerajaan," katanya.