Dr M: Take over troubled but viable companies in Europe, US

Former prime minister Tun Dr Mahathir Mohamad says with the current economic uncertainties, there are opportunities to be seized if Malaysian businessmen are shrewd enough.


SERI KEMBANGAN: Local companies should consider taking over some troubled but good businesses in the US and Europe and bring them to Malaysia, said former prime minister Tun Dr Mahathir Mohamad.

He said with the current economic uncertainties, there are opportunities to be seized if businessmen are shrewd enough.

"It is during these uncertain times that the management skills of those running the companies are tested and the success or failure of their businesses really depends on them," he said.

Dr Mahathir said Malaysian corporate should not be afraid to take over some of the viable and technologically-advanced small- and medium-sized companies in Europe, Britain and the US which are facing trouble due to their currently weak economies.

"Some are quite worthwhile to be taken over by us. Then bring the business here where cost is lower, and supply whatever is being manufactured to the world. Like maybe components for the automotive industry," he said.

In his speech at the launch of the fifth edition of the Malaysia 1,000 Top Corporate Directory here on Wednesday night, Dr Mahathir said three major markets are now facing economic difficulties and this has impacted emerging economies like Malaysia.

He pointed out that the US is cutting back on their imports, some European countries are facing massive borrowings due to their past indulgences and Japan, despite its strong currency and money supply, the economy is still not in good shape.

Also present at the event was International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

Later, Dr Mahathir presented the Malaysia 1,000 Awards to 27 companies, which were chosen based on their returns on capital employed, return of shareholders funds, percentage increase in turnover and profit.

The winner for the return of capital employed award went to Celcom Mobile Sdn Bhd. QSR Brands Bhd won in the percentage increase in turnover category while WRP Asia Pacific Sdn Bhd was awarded for its percentage increase in profit performance.

The winners of the industry excellence awards were Puncak Niaga Holdings Bhd, Kurnia Asia Bhd, Leader Steel Holdings Bhd, Kulim (M) Bhd, National Seminar Sdn Bhd, Genting Malaysia Bhd, Scomi Engineering, Nestle Products Sdn Bhd, Maxis Bhd and Bank Muamalat Malaysia Bhd.

The other winners were Tan Chong Motor Assemblies Sdn Bhd, Singer (Malaysia) Sdn Bhd, Vads Bhd, ExxonMobil Exploration and Production Malaysia Inc, MTD Capital Bhd, Rubberflex Sdn Bhd, APM Automotive Holdings Bhd, APM Automotive Holdings Bhd, Shin Yang Plywood Sdn Bhd, IJM Land Bhd Motorola Solutions Malaysia Sdn Bhd, Hitachi Electronic Sdn Bhd and Bredero Shaw Sdn Bhd.

In the promising company sector, the awards went to Chareon Pokphand Foods Sdn Bhd and Hai-O Marketing Sdn Bhd.