Lim Guan Eng , dont talk rubbish lah . Where is your promise to abolish the Sungai Nyior Toll in Butterworth if DAP capture Penang in 2008 General Election ?.
Lim Guan Eng keeps asking for the North South Highway tolls to be abolished claiming it only benefits cronys despite being told numerous times that 51% of PLUS belongs to Govt and 49% belongs to EPF.
This means that abolishing PLUS tolls would result in an estimated RM30billion in EPF assets held via PLUS bonds and billions in yearly dividends and share of profits foregone every year by EPF holders.
On top of that, Lim Guan Eng is being very unfair to those living in the east coast states of peninsular Malaysia, Sabah and Sarawak as they do not benefit from the NS Highway being toll-free while they stand to lose money as they have EPF accounts too.
Lim Guan Eng also used the reason that PLUS highways have collected about 5 times the investments since 30 years ago and that all the original investments have been recouped even though billions are still spent yearly to maintain and upgrade the highways.
Obviously he is just playing populist politics and have no regard for economics or long-term sustainability.
Okay then, using the exact same reasons given by Lim Guan Eng, I now challenge him to buy back Penang Bekalan Air Holdings Bhd (PBAH) and make water completely free in Penang.
PBAH is currently listed on Bursa Malaysia. It has a total market value of RM403.8 million.
It's original investment is just RM165 million but over the years, it has made billions in profits - many fold the original investment - which they have paid out to the Penang Govt and other private shareholders.
For the last financial year 2016, PBAH reported RM327 million in revenues - up from RM261 million before you raised water rates in 2015 and burdened the Penang people by an additional RM66 million per year.
The Penang Govt currently owns 65% of PBAH while 35% is in private hands.
Therefore to fully buy back PBAH, it just needs to pay RM141 million at the current valuation.
After this, you can completely abolish all water rates and give 100% free water to all Penang people and relieve the burden for Penang people by RM320 million every year.
RM141 million is less than the RM639 million special allocation to the CM's office that you gave yourself under Penang Budget 2017 - therefore you can afford it.
BTW, don't give me the excuses that you cannot abolish water rates as PBAH need to pay for maintenance and upgrades, PBAH has existing loans to pay off, that it is unfair for poor people who use less water or that it is not sustainable for the long-term.
Because those are the same reasons that were told to you about PLUS highway which you refused to listen to.
So, cut the crap and show us how it is done.
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