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Since light travels faster than sound, some people appear bright - until you hear them speak.

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Corruption so prevalent it affects English language?

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Thursday, June 06, 2013

A bit more on Mirzan and Petron

As is usual in Malaysia now, public statements are unlikely to be taken at face value and accepted as indisputable facts.

Since the statement by Ramos S. Ang, Chairman and CEO of Petron, Anil Netto did some investigations on the shareholdings of some of the related companies. As is typical of companies with politicians' interests, it was a maze, with a company registered in Mauritius, some nominees and a bit of cross-holdings. We are informed of Mirzan Mahathir's official shareholdings in his personal name because of legal requirement to be a director, but none the wiser as to who some nominees act for.

From the detailed information in Anil Netto's website http://anilnetto.com/governance/accountability/who-owns-petron-malaysia/  ...

What the Malaysian public would like to know at a glance:

San Miguel Corp (Philippines) controls (through Sea Refinery Corp 50.1% plus its own 18.16%):
\/
Petron Corp (Philippines) owns 100% of:
\/
Petron Mauritius owns 99.97% and Petron Corp own 0.03% of:
\/
Petron Oil & Gas International Sdn Bhd (Maybank Nominees) owns 73% of:
\/
Petron Malaysia (formerly Esso Malaysia)

Excerpt:

'Much speculation has been going around about who owns Petron Malaysia. Let’s take a look at the official records.

You can see that Petron International Oil and Gas Ltd (Sdn Bhd?) owns 73 per cent of Petron Malaysia. And there are quite a few nominee shareholders...'

'So who owns Petron International?

A company search reveals the following:

PETRON OIL & GAS MAURITIUS LTD 1,851,988,543 (99.97%)
PETRON CORPORATION 499,998 (0.03%)

Petron Oil and Gas Mauritius Ltd is an indirect wholly owned subsidiary of Petron Corp in the Philippines.

Now these are the shareholders of Petron Corp. Note there is one non-Filipino nominee:
...

You can see Sea Refinery Corporation owns half the shares of Petron Corp. '

JUNE 5, 2013
MEDIA RELEASE FOR IMMEDIATE RELEASE
EN. MIRZAN MAHATHIR DOES NOT OWN SHARES IN PETRON MALAYSIA (PMRMB)

'Petron Malaysia Refining & Marketing Berhad (“Petron Malaysia”), part of Petron Corporation of the Philippines, today disclosed to Bursa Malaysia that En. Mirzan Mahathir does not own any shares in Petron Malaysia nor does he have any role in the company.

Petron Malaysia made the statement in response to a question of a stockholder during its recent Annual General Meeting pertaining to the shareholdings of En Mirzan Mahathir in Petron Malaysia and its parent company, Petron Corporation and the ultimate holding company, San Miguel Corporation...
Director of Petron Corporation on August 13, 2010 and holds 1,000 shares. 
Petron Corporation has a total of 9.4 billion shares listed on the Philippine Stock Exchange;
was a Director of San Miguel Corporation for a brief period from September 1, 2009 until April 15, 2010;
He currently holds 5,000 San Miguel shares. 
San Miguel Corporation has a total of 3.3 billion shares listed on the Philippines Stock Exchange.
About Petron in Malaysia...
Petron in Malaysia is comprised of :
Petron Malaysia Refining & Marketing Bhd (formerly known as Esso Malaysia Berhad), a publicly listed company, and its wholly-owned subsidiaries, 
Petron Fuel International Sdn Bhd (formerly known as ExxonMobil Malaysia Sdn Bhd) and Petron Oil (M) Sdn Bhd (formerly known as ExxonMobil Borneo Sdn Bhd). These companies are subsidiaries of Petron Corporation, the largest integrated oil refining and marketing company in the Philippines.'

Link

2 comments:

Anonymous said...

Looks like there is NO bumi shareholder in the top 30 list of shareholders in Petron Malaysia. How can this happen? Is there something we do not know?

KoSong Cafe said...

With big or strategic corporations, there are many things we do not know. At a guess, any exception to rules could be because of our eagerness for FDI; involvement of local VVIPs known to regulators but not to us (use of nominees); and so on.

That Mirzan owns only 1,000 and 5,000 shares of companies in which he is a director is unimportant. His father being the longest serving ex-PM of Malaysia and who is still very powerful, would have made things possible, if not at least easier, especially in the major change in ownership of former Esso Malaysia.

For example, there were many cases of relisting of public companies which involved appointment of directors related to political leaders or even judges to ensure success. It is not only knowhow, but knowwho which is very important in Malaysia.