 BUSINESS 15 theSun ON FRIDAY | DECEMBER 31, 2010

OACM to take over Tahan’s general New initiative to stem insurance ops : Overseas Assurance Corp (M) Bhd (OACM), a wholly-owned unit of Great Eastern Holdings Ltd brain drain (GEH), will take over the general insurance business of Tahan Insurance > Many who’ve left cite a sense of marginalisation, says analyst (M) Bhd from tomorrow. In a statement yesterday, GEH said KUALA LUMPUR: When computer engineer Tahan’s entire general insurance Wan Jon Yew left in 2005 for a job in business portfolio would be transferred Singapore, all he wanted was to work in the AFP and managed by OACM. city-state for a few years before going home. As at end-2009, OACM’s paid-up Now, he says, he will never return. capital was RM100 million. It has 12 With a family, a home and a car, he now branches and six servicing offices, with plans to settle in Singapore for good — just more than 2,700 agents. — one of the many Malaysians stampeding Wan Jon Yew abroad every year in a worrying “brain drain” with his wife, the government is trying to reverse. Tan Hsiou Dialog wins RM64m “I wouldn’t consider going back to Ling and their Malaysia, I won’t look back. If I were ever baby girl, cooling tower job going to leave Singapore, I would migrate to Vee Ann in PETALING JAYA: Dialog Group Bhd said Australia,” said the 28-year-old, who now has front of their yesterday it has won a RM64.6 million permanent resident status. apartment in contract to build a new cooling tower for “It’s not about the money. I could have a Singapore. Asean Bintulu Fertilizer Sdn Bhd, a unit better quality of life in Malaysia with my pay. I They plan to of Petronas Chemicals Group Bhd. could have a semi-detached bungalow and stay in the “The scope of work involves the have a maid there, but I would rather live in a city-state for engineering, procurement, construction, government flat in Singapore.” good. commissioning and associated works of Wan is one of some 700,000 Malaysians — ABF new cooling tower at Bintulu, most of them highly educated — who are Sarawak,’’ Dialog said in a statement. currently working abroad in an exodus that In one example, he said academics are The initiatives include a “resident pass” which Prime Minister Datuk Seri ’s reluctant to work in local universities as they will give foreign skilled workers, and Malaysians government is struggling to reverse. must sign a “loyalty pledge” barring them who have given up their citizenship, the long-term Two genome projects The “brain drain” has a number of causes. from, among other things, criticising right to live and work in the country. KUALA LUMPUR: Malaysian Genomics Some have been lured by higher salaries, but government policies. But Tan Sri Dr Fong Chan Onn, former human Resource Centre Bhd (MGRC) has others blame political and social gripes “In such an environment, obviously those resources minister who was instrumental in previous signed agreements with the Ministry of including preferential policies. with talents will find opportunity elsewhere,” “brain gain” efforts, said the government must tackle Science, Technology and Innovation on Many feel constrained by life in a country said the chief executive of think-tank the the issue holistically. two projects. where the ruling coalition has been in power Institute for Democracy and Economic Affairs “The government needs to rectify this sense of A grant of RM14 million has been for half a century, and where progress on (IDEAS). marginalisation. We also have to improve the allocated by the ministry for the Malaysian freedom of expression, the right to assembly, Wan Saiful, who himself returned to mechanism so it can be more effective to ask these Human Genome Diversity Project and the and tackling corruption has been slow. Malaysia last year after living in Britain for 17 talents to come back,” he said. “We have a long way Proboscis Genome Project, the company Early this month Najib launched a “Talent years, said the newly launched Talent to go. It is better late than never.” — AFP said in a statement. — Bernama Corporation” with incentives to woo back Corporation will be “another expensive these highly skilled workers, as well as foreign failure” if it does not tackle these structural professionals, to live and work in the country. problems. Malaysia, Southeast Asia’s third-largest “When I apply for a job, buy a house, economy with a population of 28 million, has register my children for school, etcetera, why ambitions to transform itself into a developed does it matter what my race or religion is? This nation by 2020, but a lack of human capital is a should stop,” said the analyst. barrier to reaching that goal. Ethnic Chinese and Indian professionals World Bank data cited by the Malaysian who have left the country commonly say they press shows that while globally the number of felt a sense of marginalisation in Malaysia. migrants rose 2.4 times between 1960 and 2005, “When I went back to Malaysia, it was a Malaysia’s diaspora registered a staggering 155- culture shock in terms of politically how they fold increase over the 45-year period. promote the rights of the Malays over everyone Wan said his wife, an IT analyst, renounced else,” said Chee Yeoh, 35, a stock analyst who her citizenship in July this year, joining a migrated to Australia three years ago. queue of about 30 Malaysians lining up to do Yeoh was educated overseas from the age so on that day alone at the Malaysian embassy of 10 and returned in 1998 to take up a position in Singapore. with a bank, but felt like leaving again “almost Commentators are sceptical over whether immediately”. the government’s latest effort to reverse the “I just didn’t feel at home in Malaysia. I can’t “brain drain” will be successful, warning it will speak the Malay language — essentially I felt be tough to persuade those in self-exile. like an outsider even more,” said the analyst, “Money does have a significant role but the who took a pay cut to move to Australia. most important factor, I think, is opportunity. Najib has admitted the talent issues are Malaysia is too politicised and opportunities “broad and complex”, and will not set a target are not evenly available to everyone,” political on how many Malaysians he hopes to lure analyst Wan Saiful Wan Jan told AFP. back under the new programme. KSSC to raise RM11m from IPO KUALA LUMPUR: K. Seng Seng Corporation products and the processing of secondary Bhd (KSSC) aims to raise RM11.47 million from stainless steel flat and long products as well as its initial public offering (IPO) of 20.12 million its strategy to be a one-stop supply centre. shares of 50 sen each at an issue price of 57 sen KSSC’s manufacturing and processing apiece. business complemented by its trading It has alloted RM6.26 million of the operations currently trades around 10,000 proceeds raised for working capital, RM3.31 active stock keeping units (SKU) of industrial million to purchase machinery for the products. development and production of secondary In the financial year ended Dec 31, 2009, stainless steel products, and the balance of KSSC recorded a revenue of RM80.08 million RM1.9 million for listing expenses, it said in a and an after-tax profit of RM7.15 million. press release yesterday. The local market accounted for 73% of the Six million of the public issue shares will be revenue with exports to the United Kingdom, for the public, 5.12 million shares for directors Singapore, Indonesia, Brunei, and Papua New and employees, and nine million shares for Guinea making up the balance. private placement. For the financial period ended Aug 31, 2010, Under its listing exercise, the one-stop the audited revenue was RM48.18 million and secondary stainless steel products supplier is the after-tax profit, RM3.76 million. also making an offer for sale of 22.2 million Going forward, KSSC plans to export to shares to identified investors. Thailand, Vietnam and the Philippines, and to KSSC group chairman and managing produce a new line of products. director Kor Seng Kar said the group’s The IPO shares are open for subscription strength lies in its technical know-how in the until Jan 6, with the listing expected next manufacturing of secondary stainless steel month.