Bumiputera Malaysia

Bumiputera Malaysia

By a Malaysian for his country

Monday, October 23, 2006

"Most developed" problems in "most developed" state

In 2006 alone, the so-called most developed state in Malaysia suffered various nightmares like the "most developed flood" in Shah Alam (the state capital) on February 26 and the "most developed smelly water" incident.

The 2 state-owned companies, Kumpulan Perangsang Selangor Bhd (KPS) and Kumpulan Hartanah Selangor Bhd (KHSB), recorded a pre-tax loss of RM97,904,000.00 and RM188,780,000.00 respectively for the year 2005, totaling RM286,684,000.00. The financial results of both the companies were provided to the Bursa Malaysia on 28.2.2006.

Selangor had recorded an economic growth of 5.2% in 2005 and it is ironic that in such a conducive economic environment, the state investment arm itself had stumbled. The state reserves had constantly decreased from 1997 to 2004 for a total of 75%, and the further losses suffered by the state investment arm had certainly raised the alarm to the incapability of the state government. Thanks to Khir Yoyo's "most developed" administration of the state.