1. PNB had announced that it will develop its landed property of 7.2 hectares around Stadium Negara / Merdeka. It will build posh residential buildings and business plaza with development value of RM3 billion.
2. The objective is to generate sustainable income and give reasonable returns to its unit holders, myself included. TQVM.
3. However, PNB should also be promptly and politely reminded of its raison d’etre .
4. The proposed property sounds very expensive and would be beyond the reach of many Bumiputeras. Hence, who will be the major beneficiaries?
5. Nonetheless, PNB has the solemn responsibility to increase the ownership of Bumiputeras’ property which, presently, only stood at 15%. As such, PNB has to creatively balance the need for good returns and increased the Bumiputeras’ ownership.
6. On 6 October 2009, I had an opportunity to bring up this issue with a very senior PNB officer. He gave the assurance that 50% of the property will be owned by the Bumis. I softly asked him two questions:
(a) the property collectively belongs to Bumis; if PNB sells half of it to Non-Bumis, isn’t PNB reduces further the asset ownership of Bumis?, [Please be reminded that Bumis are normally given the opportunity to buy only 30% of the properties developed by non-Bumis], and
(b) Bumis make up 67% of the Malaysian population; why they are given only 50%?
7. His simple and polite answer was the questions need to be re-directed to the political master. Who will answer?
8. Concurrently, the same strong reminder ought to be sent to UDA Holdings Bhd. which is developing a 9.6 ha site in Tanjung Tokong, Penang. It too must not forget its raison d’etre.
9. PNB and UDA Holdings Bhd. have to do it and can do it.
10. The two organizations cannot afford to fail in their sacred respective missions.
11. PNB O PNB! UDA O UDA!