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Who's Behind Synergy Drive ?



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Nov 24 2006
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I guess the super-merger of Kumpulan Guthrie Berhad (GUTHRIE : stock-code 3131), Sime Darby Berhad (SIME : stock-code 4197) and Golden Hope Plantations Berhad (GHOPE : stock-code 1953) announcement is going to hog the main business page for the next coming weeks simply because of the size and the people behind it.

But what everyone is waiting for is to know who the real “BOSS” who’s behind this merger. Definitely can’t be the top executive of any of the three companies itself as they are just the persons entrusted to run the daily operation. So the next couple of days when the new formed “Synergy Drive” Sdn Bhd makes official announcement will be the the day everyone knows who’s the man pulling the strings.

It was reported investment bank CIMB Bhd has sent letters to the three companies about a “change in business direction“.

The Malaysian government (UMNO being the major party) which owns stakes in all three companies through state-run asset manager Permodalan Nasional Bhd (a.k.a PNB) is creating the world’s biggest oil palm company. The three companies didn’t identify Synergy Drive, or elaborate about the expected proposal. It seems CIMB Chief Executive Officer Nazir Razak is the man who met the heads of the three companies.

Malaysia Deputy Prime Minister Najib Razak, a trustee at Permodalan Nasional and brother of CIMB Chief Executive Nazir, said he supports a merger.

Synergy Drive was registered on Nov. 7, according to a filing at the Companies Commission of Malaysia, which named Rossaya Mohd Nashir and Wan Razly Abdullah Wan Ali as directors. Rossaya is an assistant general manager at CIMB Investment Bank and Wan Razly is a director of investment banking at CIMB, according to source from Bloomberg.


Hence it looks obvious there’re political influences in this merger. Question remains if the merger will indeed synergize the new entity or will it create more unforeseen issues such as management and operation integration. Will there be any assets disposal due to duplication and over-lapping of the combined three ginat companies ? The puzzle will be answered in the next couple of days, so stay tune.

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Comments

visit http://synergydrive.forumup.com to discuss your opinion on the merger. Its an unofficial forum created to have an independent unbias forum to air view of those involved in the merger of Sime Darby, Golden Hope and Guthrie.

visit http://synergydrive.forumup.com to discuss your opinion on the merger. Its an unofficial forum created to have an independent unbias forum to air view of those involved in the merger of Sime Darby, Golden Hope and Guthrie.

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