Dato' Ismail and I rushed from our 9-holes at SIGC, finishing at 10.30, for the emergency meeting at 11.
I beat Ismail to it.
This was about selling-off half of the Bahau property Mubarak NS owns, thanks to Mat Hassan. We lost the rights to the oil palm produce because of lack of documentation after the GE 14 change of government. We had a lengthy meeting about the same topic 19 days earlier, but it was decided that more study should be done. Not much study has been done, but Yazid Baba must have second thoughts and asked for today's emergency meeting.
At the last meeting, Chong had explained the market situation in Bahau, and supported the serious offer of RM 1.2 million for 2 of the 4 shoplots that worked out to RM 600 k each. Ah Tham didn't agree, suggesting we hold for improved market. There was an offer last time for these lots for RM 200 k more. Both Chong and Ah Tham have personal experiences in the property market in Bahau.
Mokhtar Yassin had suggested a thorough study be made first.
The others gave their different opinions.
I had said that, after listening to Chong, maybe it's opportune that the one serious offer (earnest money had been submitted) be considered, and the cash could be deposited in alternative investment.
The decision of that earlier meeting was to study the situation first.
Yazid gave his usual bi-lingual, long-winded commentry. As usual he asked for comments. As usual he never listen to the comments. Yazid is not a listener. He spoke of his long experience with real-estate, locally and internationally. Obviously he was making a pitch for selling. As usual with him, he spoke of his "lawyer" background, (again), of his honest and "principled" stand, (again), and of the legal requirements in these sort of things. He even quoted Aziz Rahman's mistake of ignoring his advice about changing Mubarak Malaysia's constitution causing that rejection by R.o.S., and emphatically added that while around, he'll not allow abuse of Mubarak's money. Bravo !
Derma asked Chong about "open tenders". Her school teacher's experience probably limits her sight to such things. Foo, Ismail, Ah Tham, Oh and Chong all spoke of market situation. Foo, Oh and Mokhtar all have previous business experiences.
Yazid asked for my opinion. I was the last to speak before Yazid made the final decision.
I repeated what I said in the last meeting. "Take a vote. Sell or don't sell."
Continuing, I said the market is a function of time and location. The price will change according to these 2 factors. Based on Chong's briefing, it seems that the best action is to accept this single but serious offer before the deadline in one day's time, take the cash and put it into better investment in Seremban or elsewhere, since Bahau's immediate future looks uncertain.
Yazid then said "those who don't agree to sell, raise your hands".
I quickly turned and pointed to Ah Tham "Ah Pek, Ah Pek ?"
"I don't disgree, but ......" he protested, seeing that he was alone.
"All that you have been saying was you don't agree to sell !" I interrupted.
So, the sale is now agreed. I told Chong as I was leaving "you have only one more day to respond." "I'll call today" he replied.
The expected nett cash RM 1 million would make Mubarak NS cash rich.
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