Malaysian Business issue 1-15 May 2005 has Datuk Mohd Nadzmi Mohd Salleh, Executive Chairman Nadicorp Holdings Sdn Bhd, on its front cover. “Nadzmi’s New Route – Giving Park May a New Lease of Life“, it says and goes on to have the following 3 cover stories …
- On The Express Route – “With 2,000 buses plying the nation’s highways as well as those in Singapore, former Proton/EON chief Datuk Mohd Nadzmi Mohd Salleh seems to be firmly entrenched in the public-transport business. His KTB [Konsortium Transnasional Bhd] group takes over rickety bus operator Park May, which had been plagued by a host of financial and operating problems. Since the takeover was initiated in late 2003, Park May has made a U-turn in its losses and is officially off the PN4 list. Come July, the move will be complete as Park May is expected to hand over its listing status to KTB, which will then move on to other destinations, including overseas expansion.”
- Bring On The Challenges – “Taking risks that others steer away from has been the hallmark of Datuk Mohd Nadzmi Mohd Salleh. Malaysian Business takes a closer look.“
- All In The Company – “To boost the cost-effectiveness as well as safety and quality of its transport operation, Nadicorp makes its own buses.“
… Interesting read, regarding said Konsortium Transnasional Bhd reverse take over of Park May Bhd listing.
Unfortunately, the stories are not online on MB website. What its front page says, “this site is under construction”, is certainly true. I’ll excerpt some of the interesting portions of the above later. In meantime, some links regarding KTB and Park May …
- Park May Berhad – corporate website. No mention of KTB or Prasarana on the site.
- Nadicorp Holdings Sdn Bhd – corporate website.
- Injection of 8 units: New firm to take over listing status – Park May takeover by year-end – Nadi’s archive of NST 10 February 2004 article regarding their earlier plan for Park May. “Nadicorp Holdings Sdn Bhd, controlled by Datuk Mohd Nadzmi Mohd Salleh, expects to complete its acquisition of troubled Park May Bhd by the year-end [Dec 2004] … Nadicorp is in the midst of injecting eight bus operating subsidiaries valued at RM125 million into Park May, whose listing status will be assumed by newly-incorporated company Konsortium Transnasional Bhd … Asked whether Nadicorp is interested in taking over Intrakota Consolidated Bhd, Mohd Nadzmi said: ‘The Government (via Syarikat Prasarana Negara Bhd (SPNB) has decided to buy the buses from the bus company, with Nadicorp managing those buses. That was the original plan.’“
- Rating downgrade for Park May’s CP/MTN, from BB3 to C1 – Rating Agency Malaysia Berhad announcement on 12 December 2003 reports, “RAM has downgraded the long-term rating of Park May’s RM120.0 million CP/MTN, from BB3 to C1, while reaffirming its short-term rating at NP … The Group is also in the midst of finalising the sale of 364 buses owned by Cityliner Sdn Bhd and Len Chee Sdn Bhd (indirect wholly owned subsidiaries of Park May) to Syarikat Prasarana Negara Berhad (“SPNB”) for RM14.84 million cash.“