Selling on Taib Mahmud-linked companies continues

by **Cals** Fri 07 Feb 2014, 10:34

Business & Markets 2014

Written by Levina Lim of theedgemalaysia.com

Friday, 07 February 2014 10:16

KUALA LUMPUR: Stock prices of Cahya Mata Sarawak Bhd (CMSB) and Naim Holdings Bhd, companies linked to Sarawak Chief Minister Tan Sri Abdul Taib Mahmud and his family, continued to take a beating yesterday amidst

concerns that his retirement may affect the prospects of these companies.

CMSB’s share price fell 3.04% or 22 sen to RM7.02 yesterday while Naim Holdings dipped 2.3% or eight sen to RM3.42. Naim has fallen 9.65% or 33 sen since Jan 24.

CMSB, Naim Holdings and Dayang Enterprise Holdings Bhd were perceived to be the beneficiaries of Sarawak government contracts in the past, and their share prices doubled in 2013.

Other public-listed companies said to be linked to the chief minister are Ta Ann Holdings Bhd and Sarawak Plantation Bhd.

However, oil and gas related Dayang, which fell to RM3.60 on Wednesday, recouped some gains to close 15 sen higher at RM3.75 yesterday. Meanwhile, Ta Ann gained one sen to RM4 yesterday. Sarawak Plantation lost 1.18% to RM2.52 yesterday.

Taib, 77, has held the post of Sarawak chief minister for 33 years and media reports have speculated that he is planning to retire and making preparations for a new leader to succeed him.

In April 2011, Taib had announced that he will retire in “two or three” years time, and that there was also a possibility of him leaving “mid-term”.

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Taib is scheduled to meet the supreme council members of his party, Parti Pesaka Bumiputera Bersatu, tomorrow and all elected Barisan Nasional MPs and state assemblymen on Sunday.

According to Bernama, Taib is expected to announce his retirement at the meetings.

This article first appeared in The Edge Financial Daily, on February 07, 2014.