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Tuesday, March 7, 2017

Malaysian start-up CO3 plans to set up Google-like offices in the region



KUALA LUMPUR: Taking a cue from the trendy, cool office spaces of Google and the like, a Malaysian start-up aspires to offer a one-of-its-kind co-working space in the region.

Dubbed CO3 Social Office, the venture was launched yesterday and will roll out by June.

Co-founder and CEO Yong Chen Hui said CO3 stood for connectivity, collaboration and community that offered a platform for people from different establishments to work together.

“Cool workplaces like Google make people envy,” he said in his presentation during a media conference here yesterday.

“Such places will inspire people to give their best to the corporation everyday,” Yong said.

The first CO3 Social Office, with a space of 21,000 sq ft for 300 people, will be housed at the shoplots next to IOI Mall in Puchong.

The second, covering 40,000 sq ft for 500 people, will be located at Jalan University in Petaling Jaya, next to Sin Chew Media Corporation Bhd, which is one of CO3’s eight founders.

Three more are planned. These will be situated at the Kuala Lumpur city centre, Sentral and Damansara.

The ambitious expansion plan is to include 40 locations in the Asean region. The spaces will be equipped with meeting rooms, private booths, sleeping pods, mini library, fast wi-fi, etc.

Yong said the company’s target audience was the 90s – “the future” – who value freedom, cool and charming trends, etc.

CO3 aims to respond to the flexibility and fluidity of today’s work environments by transforming offices into hip communal living spaces.

CO3 will also strive to provide entrepreneurs, SMEs and non-pro­fit organisations a unique co-office environment to help grow their businesses.

“We hope to be the next US$2bil ‘unicorn’ by 2022,” Yong said during the presentation.

A “unicorn” is a company with a billion-dollar valuation. The mythical animal is used to emphasis how rare it is to reach that status.

Bruneian artiste Goh Kiat Chun, better known as Wu Zun, is one of the eight founders of CO3 Social Office.

Source: The Star by tho xin yi

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SINGAPORE: One of Rachel Lau’s strongest childhood memories is the smell of newspaper. Her father, driving her to school each day in Kuala Lumpur, would make his sleepy daughter open the paper, go through stock quotes and do mental math.

“He would be, like, How did KLK do today? OK, if it’s up four sen and I’ve got 89,000 shares, how much did I make?” Lau recalled. The daily ritual continued through her teenage years. Her father Lau Boon Ann built his fortune in real estate and by investing in companies like Top Glove Corp Bhd, which became the world’s biggest rubber-glove maker.

Some days, he would stand in front of an empty lot with his young daughter and challenge her to imagine a building there rather than watching the chickens running around.

Lau, now 31, is one of the three millennial co-founders of RHL Ventures, along with Raja Hamzah Abidin, 29, son of prominent Malaysian politician and businessman Datuk Seri Utama Raja Nong Chik Raja Zainal Abidin and Lionel Leong, also 29, the son of property tycoon Tan Sri Leong Hoy Kum.

They set up RHL using the wealth of their families with a plan to attract outside capital and build the firm into South-East Asia’s leading independent investment group.

“We look at South-East Asia and there is no brand that stands out – there is no KKR, there is no Fidelity,” Lau said. “Eventually we want to be a fund house with multiple products. Venture capital is going to be our first step.”

RHL has backed two startups since its debut last year. One is Singapore-based Perx, which has morphed from a retail rewards app to provide corporate clients with data and analysis on consumer behaviour. Lau is a member of Perx’s board, whose chairman is Facebook Inc co-founder Eduardo Saverin.

In January, the firm invested an undisclosed amount in Sidestep, a Los Angeles-based startup that’s also backed by pop-music artists Beyonce and Adele. Sidestep is an app that allows fans to buy concert memorabilia online and either have it shipped to their home or collect it at the show without having to wait in line.

“RHL guys are really smart investors who are taking their family offices to a new play,” said Trevor Thomas who co-founded Cross Culture Ventures – a backer of Sidestep, together with former Lady Gaga manager Troy Carter. “What attracted the founders of Sidestep to RHL was their deep network in South-East Asia.”

A lot of startup founders in the United States want to access the Asian market, said Thomas, but they often overlook the huge South-East Asian markets and only focus on China. “Rachel and the team did a great job of explaining the value of that vision and providing really great access to early-stage US companies,” he said.

In South-East Asia, RHL has positioned itself between early-stage venture capitalists and large institutional investors such as Temasek Holdings Pte. Hamzah said they want to fill a gap in the region for the subsequent rounds of funding – series B, C and D. “We want to play in that space because you get to cherry pick,” he said.

RHL’s strategy is to take a chunk of equity and a board seat in a startup that has earned its stripes operationally for at least a year, and see the company through to an initial public offering.

Summer camp

RHL’s partners represent a new generation of wealthy Asians who are breaking away from the traditional family business to make their own mark. They include billionaire palm-oil tycoon Kuok Khoon Hong’s son Kuok Meng Ru, whose BandLab Technologies is building a music business.

RHL’s story begins in 2003 at a summer camp in Melbourne. During a month of activities such as horse riding and playing the stock market, Lau struck up a friendship with Hamzah, unaware that their parents knew each other well.

Their paths crossed again in London, Sydney, New York and Hong Kong as they went to college and forged careers in finance – Lau at NN Investment Partners and Heitman Investment Management, where she currently helps manage a US$4bil equity fund; and Hamzah at Goldman Sachs Asset Management and Guoco Management Co. Together with their mutual childhood friend Leong, the trio would joke about all returning to Malaysia one day to start a business together.

That day came in 2015 when Hamzah called up Lau in Hong Kong and said: “Yo! I’ve moved back. When are you coming back? You haven’t lied to me for 15 years, have you?”

They decided their common trait was investing.

Hamzah shares Lau’s passion for spotting mispriced assets by analysing valuations. Lau says she trawls through 100-page prospectuses for fun and values strong free cash flow – the cash a company generates from its operations after capital expenditures. Leong helped structure debt products at Hong Leong Investment Bank before joining his family’s real-estate business to learn about allocating capital to strategic projects.

In February 2016, they started RHL Ventures – an acronym for Rachel, Hamzah, Lionel – with their own money. When their families found out about the plan, they were eager to jump in, said Lau. Now they aim to raise US$100mil more from outside investors.

The partners have roped in their family and hedge-fund experts as advisers. “We recognise that we are young and still learning,” Lau said. “There is no point pretending otherwise.”

Leong’s father runs Mah Sing Group, Malaysia’s largest non-government-linked property developer. Hamzah’s father, chairman of mechanical and electrical business Rasma Corp, is a former Federal Territories and Urban Wellbeing Minister. Top Glove chairman Tan Sri Lim Wee Chai is also an adviser, in place of Lau’s father, who died in 2008.

The other two advisers are Marlon Sanchez, Deutsche Bank’s head of global prime finance distribution in Asia-Pacific, and Francesco Barrai, senior vice-president at DE Shaw, a hedge fund with more than US$40bil in investment capital.

RHL added a fourth partner last month, John Ng Pangilinan, a grandson of billionaire property tycoon Ng Teng Fong, who built Far East Organisation Pte and Sino Group.

Ng, 37, has founded some 10 ventures, including Makan Bus, a service that allows tourists to explore off-the-beaten-track eateries in Singapore.

As well as their family fortunes, the four partners bring experience of upbringings in dynasties that valued hard work, tradition and dedication.

Ng recalls his grandfather, Singapore’s richest man when he died in 2010, would always visit a property he was interested in buying with his wife.

After driving around the area, they would sit on a bench and observe it from a distance. Then they would return to the same spot after dark.

“He said to us, ‘What you see during the day can look very different at night,’” Ng said.

Hamzah, whose great-grandfather Mustapha Albakri was the first chairman of Malaysia’s Election Commission, remembers his father’s lessons in frugality – one time in London he refused to buy a £2 (US$2.50) umbrella when it started raining as they had plenty of umbrellas at home.

Leong, scion of Mah Sing Group, grew up listening to tales of how his family business overcame tough times by consolidating and reinventing itself from its roots as a plastic trader. “It made me realise that we have to be focused,” he said.

“So with every deal we do, we have to put in that same energy and tenacity.”

Lau was a competitive gymnast as a child but quit the sport when she failed to win gold at a championship event.

“It’s one thing I regret. In hindsight, I don’t think I should have given up,” said Lau. “The ultimate champion is the person who doesn’t give up.”

One old habit however remains. When Lau picks up a newspaper, she goes straight to the business section. “It’s still the only thing I read,” she said. – Bloomberg/The Star by Yoolim Yee

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Sunday, March 5, 2017

N Korean envoy declared as 'persona non grata' in Malaysia

Kang Chol



KUALA LUMPUR: North Korean Ambassador Kang Chol, who has accused Malaysia of colluding with foreign powers in the murder of Kim Jong-nam, must leave the country within 48 hours.

Kang Chol, who was summoned to Wisma Putra at 6pm yesterday, failed to turn up.

And in a turn of events, the ministry sent a diplomatic note to the embassy at about 9.30pm to inform the North Korean government that Kang Chol had been declared persona non grata.

Kang Chol has to leave by tomorrow.

In a statement, Foreign Minister Datuk Seri Anifah Aman said the Malaysian Government had demanded a written apology from North Korea for the ambassador’s recent accusations against the country over Jong-nam’s assassination at KLIA2.

That demand, he said, had been made du­ring a meeting between Wisma Putra officials and the North Korean high-level delegation on Tuesday.

“The officials, led by deputy secretary-general for bilateral affairs Raja Nurshirwan Zainal Abidin, met the delegation headed by Kim Song on Tuesday.

“The delegation was informed that should there be no response by 10pm that day, the Malaysian Government would take measures to best protect its interest.

Here you go: A North Korean embassy official (left) accepting a letter from Muhammad Haidas Muhammad Sharif Song, an assistant secretary of the Malaysian Foreign Ministry’s East Asia Division, at the North Korean Embassy in Bukit Damansara. 

“Almost four days have passed.

“No apology has been made and neither has there been any indication that one is forthcoming.

“For this reason, the Ambassador has been declared persona non grata,” said Anifah.

Persona non grata, in Latin, means one who has been declared so by the receiving state and barred from entering or remaining in the country.

It is the most serious form of disapproval that the country can apply to foreign diplomats and is often used to express displeasure at the conduct or policies of the sending state.

In his statement, Anifah also gave details leading to the move.

He said he had instructed his officers to summon Kang Chol, but neither the ambassador nor the embassy’s senior officials came to Wisma Putra.

“For this reason, the ministry – via a diplomatic note sent to the embassy this evening – informed the North Korea government that His Excellency Mr Kang Chol is declared persona non grata by the Malaysian Government.

“He is expected to leave Malaysia within 48 hours from the scheduled time of the meeting, which is 6pm on March 4 (yesterday).”

Malaysia, vowed the minister, would strongly act against any insult made against it or any attempt to tarnish its reputation.

“It should be recalled that the ambassador has alleged that the conduct of the investigation into the death of a North Korean citizen on Feb 13 indicates that the Malaysian Government had something to hide and that it colluded with outside powers to defame his country,” he said.

However, recent events, including the release of North Korean Ri Jong-chol due to the lack of evidence, was proof that the investigation was carried out in an impartial, fair and transparent manner, said Anifah.

This, he added, as “befits a country that practises the rule of law”.

Kang Chol, 64, began his diplomatic career as an assistant officer in the Middle East Department of North Korea’s Foreign Ministry.

His previous postings were in Somalia and Ethiopia and he had also served as the ministry’s director-general of administrative affairs.

Kang Chol, an alumnus of the Pyongyang University of Foreign Language (1972-73) and Somalia National University (1973-76), has two children.

Source: The Star by mergawati zulfakar, farik zolkepli, qishin tariq, jo timbuong, neville spykerman, royce tan


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Saturday, March 4, 2017

No dog until neighbours agree

 

IPOH: The Batu Gajah District Council (MDBG) has become the first in Perak to require dog owners to seek consent from their neighbours if they want a dog licence.

It is now running a trial on this, covering residents who want to get a pet dog for the first time.

“This is to ensure better management of the pets and to ensure there are fewer complaints from the people,” said council president Nurdiana Puaadi, adding that the Ampang Jaya Municipal Council had a similar requirement which had been proven to be successful.

Nurdiana cited cases of a household keeping three dogs but only one was licensed, adding that the MDBG had received numerous complaints about dogs that barked non-stop.

“Once the neighbours give their approval, they cannot complain to us,” said Nurdiana, adding existing dog owners should also get their neighbours’ approval.

“This will also help keep stray dog problems in check,” she said.

The application form states that residents staying at terrace lots need the consent from neighbours from both sides.

Those staying in bungalows, semi-detached and cluster homes need the agreement from neighbours on both sides and at the back. Owners also need to put up a sign to show that they have a dog.

The types of dogs not allowed to be kept include Akita, American Bulldog, Dogo Argentino, Fila Brasileiro, Japanese Tosa, Neapolitan Mastiff, Pit Bull Terrier, American Pit Bull and Staffordshire Bull Terrier.

Rottweilers are allowed but owners need to produce health reports from the Veterinary Services Department for new applications. Those who have been keeping Rottweilers can renew the licence until the pet dies.

It also states that those living in bungalows, semi-detached or terrace corner lots can keep a maximum of two dogs, while residents in terrace end lots and terrace intermediate lots can only keep one.

Other stipulations include urging owners to keep their dogs clean and healthy and to ensure pets do not disturb neighbours with incessant barking.

Owners must also ensure their dogs do not roam unsupervised and must be muzzled and leashed when they are out. Dogs three years or older found without a licence can be impounded and put down.

Owners can also be fined a maximum of RM2,000 or jailed not more than a year or both if found guilty under any provisions of the Dog Licensing and Dog Breeding House By-laws.

By Ivan Loh The Star

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Thursday, March 2, 2017

Protecting house buyers' interest


I REFER to the reports “Court: No power to grant extension” and “A fair and right judgment, says housing developer” ( The Star, Feb 28 - Developer has to compensate buyers for delays of projects, Court says).

The High Court decision declaring as ultra vires (beyond one’s legal power or authority) the Housing and Local Government Minister’s granting of a one-year extension of time (EOT) to developers to complete a delayed housing project and thus denying house buyers liquidated and ascertained damages (LAD) provided for under the sale and purchase agreement is timely, sound and indeed meritorious. It is hoped that the decision would be maintained should the minister decide to appeal it.

The Housing Development (Control and Licensing) Act 1966 was enacted for the protection of home buyers.

The long title of the Act (paragraph stating Parliament’s intent for the Act) says: “An Act to provide for the control and licensing of the business of housing development in Peninsular Malaysia, the protection of the interest of purchasers...” This makes clear that the housing development business is regulated to ensure that the protection of home buyers’ interest is paramount.

Two eminent judges, the late Tun Mohamed Suffian, former Lord President of Malaysia, and the late Tan Sri Lee Hun Hoe, the longest serving Chief Justice of Borneo, stated this in two landmark cases respectively.

Suffian LP (Sea Housing Corporation v Lee Poh Chee): “To protect home buyers, most of whom are people of modest means, from rich and powerful developers, Parliament found it necessary to regulate the sale of houses and protect buyers by enacting the Act.”

Lee Hun Hoe CJ (Borneo) (Beca (Malaysia) Sdn Bhd v Tan Choong Kuang & Anor): “The duty of observing the law is firmly placed on the housing developers for the protection of house buyers. Hence, any infringement of the law would render the housing developer liable to penalty on conviction.”

Respectfully, it is submitted that the decision to grant the developer of a housing project extension of time and thus deny the home buyers’ statutory rights to LAD ought to be exercised with diffidence. The decision, if any, ought to be made with the Act’s long title in mind, namely, “for the protection of interest of purchasers”.

In doing so, some aspects to consider are:

> In granting EOT, how will home buyers’ interest be protected?

> LAD is agreed monetary payment for home buyers’ losses for delay in completion of a housing project. Is denying home buyers’ the LAD by the EOT tantamount to protecting their interest?

Although Section 11(3) of the Act states that the developer under “special circumstances” may apply to the Controller of Housing for EOT, it is submitted that Parliament and the long title of the Act surely did not intend LAD to be wiped out by “a stroke of a pen”.

To avoid doubt, “special circumstances” would mean act of God or natural disaster, for example earth quake or tsunami, and not business or economic related challenges or hardship.

The above view would make legal sense of Section 11(3).

Again, the High Court decision is lauded.

Home buyers’ interest is of paramount importance under the Housing Development (Control and Licensing) Act 1966. The Controller of Housing’s or Minister’s decision, although seemingly made “by a stroke of a pen”, must materialise or recognise this intent. Failing to do so would be ultra vires the Act.

May the redeeming light of the Housing Development Act (Control and Licensing) 1966 continue to shine effervescently and protect effectively home buyer’s interest for many years to come.

This letter is dedicated to the National Housebuyers Association, its great team of lawyers, professionals and volunteers for their sterling and pro-bono efforts to speak up for and preserve home buyers’ interest.

Source: ROBERT TAN,  Home buyer and author of Buying Property From Developer: What You Need To Know And Do, Petaling Jaya

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