Protecting NSTP'S Brand Name and Goodwill
A Kadir Jasin

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ANOTHER attempt is believed being plotted to flog the New Straits Times Press Malaysia Berhad’s brand name, which may see the venerable company being taken private.

I hope this not true!

But if it is, the premise is clear -- to use the goodwill and the stronger financial position of the NSTP to shore up the private terrestrial broadcaster, Media Prima Berhad.

This is reminiscent of failed attempt a few years back to merge Media Prima Berhad and Utusan Melayu Berhad. It’s not clear if the Utusan is in this corporate play. The chances are it is not.

The current plot, which may be on the agenda of tomorrow’s sitting of Umno’s Political Bureau, is bound to raise another hackle, especially among the minority shareholders of the NSTP.

They do not cherish seeing their company being taken over by the weaker Media Prime and eventually be de-listed from Bursa Malaysia.

Since Media Prime and the NSTP have a common controlling shareholder, only the minority shareholders and the well-wishers can save the NSTP brand name from being shuttle to the backwater in the name of corporate restructuring.

The Media Prima corporate dealmakers and their independent advisers will almost certainly offer sweeteners to buy the support of the minority shareholders.

Money aside, it’s an insult all the same. Those who are familiar with the history of the two companies know that it was the NSTP that “funded” the establishment of Sistem Televisyen Malaysia Berhad – better known as TV3. STMB was later renamed Media Prima when it acquired its competitors, namely TV7, TV8 and TV9.

Since then, despite the economic crises and changes in ownership and managements, the NSTP remains a strong brand with improving financials.

Today it’s nearly debt-free with gearing ratio of less than 0.04 against Media Prima’s 0.7. Its net tangible assets per share stands at RM4.53 against Media Prima’s RM0.42. Earning wise, NSTP recorded EPS of 22 sen against 10 sen by Media Prima.

It’s clear that Media Prima, in attempting to swallow its larger and stronger sibling, is setting its sight on the latter’s superior financials. Even if Media Prima may attempt to sell the idea of creating a mega media company via the takeover and merger, its financials is too inferior to justify a takeover of the NSTP.

Logically, the opposite should be the case. The NSTP should make a reversed takeover of Media Prima not only because it is stronger financially, but also because it has stronger branding and enjoys a higher level of goodwill.

Having been in the media for 40 years and being associated with the NSPT and, by extension TV3, since 1976 and having battled Halim Saad and his raiders in the later part of 1980s, I think I know enough about how the minds of corporate boys work.

(Halim briefly controlled the NSTP and TV3 in late 1980s and early 1990s via his then corporate vehicle, Renong Berhad. Outside the corporate world, however, we remain friends. I am happy that he’s doing well abroad.)

The corporate dealmakers will tell you that they respect history. They will tell you that treasure good brand names and value shareholders’ goodwill. But these are means to achieving the end, which is bottom line and their key performance indicators (KPI).

Whatever is their objective, the NSPT brand name – created by the visionary move of the late Tun Abdul Razak Hussein and executed by Tengku Razaleigh Hamzah – must never be allowed to be destroyed or undermined.

If the NSTP was used to create STMB/TV3, it should not now be used to prop up the entertainment company. If there is a necessity, the NSTP should be the one taking over Media Prima.
Posted by A KADIR JASIN at 3:32 PM 16 comments
Friday, September 18, 2009
Hari Raya Sekarang dan Dalam Kenangan
A Kadir Jasin

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SALAM EID MUBARAK kepada Muslimin dan Muslimat. Selamat bercuti kepada yang bukan Muslim.

Bermaaf-maafanlah kita. Selamat menjamu selera. Tetapi jangan berlebihan. Selamat memandu. Kelajuan berbahaya. Tetapi ketidaksopananlah yang sering meragut nyawa.

Khabarnya Seri Perdana akan dibuka semula kepada pengunjung pada Hari Raya tahun ini. Ia ditutup selepas Tun Dr Mahathir Mohamad meninggalkannya.

Eloklah begitu. Setidak-tidaknya bolehlah rakyat jelata merasa, walaupun buat seketika, berada di rumah paling berkuasa di bumi Malaysia.

Bila kita sudah dewasa, apatah lagi sudah tua, raya tidak lagi sama. Tidak semeriah seperti ketika kanak-kanak dan remaja.

Yang tinggal hanya kenangan mengenai kegembiraan mendapat sepasang kasut kulit pertama menggantikan kasut Foong Kiong dan Bata. Melecur tumit dimakannya.

Menjelang tengah hari, kasut tidak lagi di kaki. Terpaksa dijinjing atau disangkut atas bahu. Habis kotor seluar dan baju.

Di kampung-kampung di Kedah pada tahun 1950an dan 1960an, jarang sangat orang berbaju Melayu. Orang dewasa lelaki berkain pelekat dan baju teluk belanga manakala wanita berbaju kurung, kebaya atau baju Kedah.

Kanak-kanak berseluar dan baju biasa. Itu pun bagi yang mampu. Kalau tidak, pakaian sekolahlah. Bezanya pakaian seragam itu akan dikanji keras dan diseterika dengan “side” yang tajam.

Duit raya kalau 10 sen sudah cukup hormat. Dua puluh atau 30 sen sudah macan kena loteri. Maklumlah penanam padi dan penoreh getah manalah ada duit.

Kalau boleh kumpul dua atau tiga ringgit dalam masa dua atau tiga hari sudah cukup hebat. Boleh joli.

(Joli ni kalau tak silap saya daripada perkataan Inggeris “jolly” yang bermaksud bergembira, tapi kita tukar jadi berbelanja besar atau boros. Memang kita pandai pinjam bahasa asing kemudian bagi maksud sendiri!)

Kita pun pergi pekan. Makan mi rebus di kedai Mamak 30 sen. Tambah sotong jadi 35 sen. Air sirap 10 sen, ais kacang 15 sen. Ais kepai 10 sen meleleh hingga ke siku.

Nak tengok wayang kena ke Pendang. Naik basikal lima kilometer atas batas ban. Panggung lama jenis terbuka jadi boleh tayang waktu malam saja. Hanya bilik tayangan (projection room) dan layar ada bumbung.

Dinding diperbuat daripada zing. Di keliling panggung banyak pokok. Ramai tengok percuma dengan panjat pokok.

Bila dibina panggung baru di dalam kebun getah, baru ada tayangan siang hari. Bila tayangan hendak dimulakan, lagu tema filem The Bridge Over River Kwai oleh David Lean dimainkan.

Dulu, hari-hari akhir Ramadanlah yang paling mencabar. Alang-alang iman pecah puasa sebab emak buat kuih buah hulu dan ketupat. Ayah bakar lemang.

Budak-budak sekarang dah jinak. Ramai yang dari kindergarten lagi sudah belajar berpuasa. Kita dulu kuat curi tulang dan puasa yang yuk, pagi-pagi buka periuk.

Balasannya budak-budak sekarang mewah, duit raya sampai berpuluh ringgit dan pakaian dua tiga pasang. Tetapi kita kena ingat masih ramai lagi orang kita yang miskin, melarat dan menderita.

Beberapa malam lalu saya pergi minum teh di Bangsar. Malu jadi orang Melayu dan Islam. Ramainya orang Melayu/Islam mengemis, meminta sedekah daripada orang Islam dan bukan Islam.

Apa dah jadi dengan Kementerian Kebajikan. Adakah lagi kementerian macam itu? Apa dah jadi dengan duit zakat dan Baitulmal?

Di Damansara pula, tak senang duduk diganggu pengemis dari Negeri Cina. Apa dah jadi dengan kita?

Menteri sibuk cakap fasal KPI. Tapi nampak sangat negara kita dah balik jadi negara Dunia Ketiga. Malu.

Akhir kalam, saya ucapkan salam Aid ul-fitr khas kepada pembahas, “followers” dan pembaca blog ini. Maaf zahir batin.
Posted by A KADIR JASIN at 2:34 PM 49 comments