Fixing the LTAT muddle

Why not put LTAT or other troubled GLICs under the EPF? After all, if LTAT’s main purpose is to ensure healthy dividends for its members, isn’t that what the EPF does very well for its own members?There is a lacuna at its top management after the resignation of top officials while debt obligations at wholly-owned Boustead Holdings Bhd need to be addressed.

What is not to be forgotten is the raison d’etre of LTAT, which is to look after the welfare of the country’s soldiers. Boustead, which uses most of its cash flows to service debt, could have potentially restructured its debt to have lower interest payments, according to bankers familiar with the group.This time, the sale process should be more open and transparent. Let the world know that this asset is for sale and why it is in the interest of LTAT and its soldier members that the sale needs to proceed to the highest bidder.

LTAT holds a 28.79% equity stake, while Boustead holds a 20.02% stake. Those stakes or part of it, if sold to the Sarawak state, will fetch a pretty price. Should LTAT be involved in these businesses in the first place? It is evident that the group is not able to run these businesses successfully and efficiently. As such, it should get rid of these companies.Pharmaniaga could be sold to the highest bidder, again in via open tender for the world at large to participate. Buyers ought to be aware of the conditions attached to government concessions that Pharmaniaga has and price that in.

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