Thesun 2009-02-25 Page14 Bnm Cuts Opr By 50bps To 2pct

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theSun

| WEDNESDAY FEBRUARY 25 2009

business

Naza Italia gets Maserati dealership in Malaysia KUALA LUMPUR: The Naza Group Of Companies, via its subsidiary, Naza Italia Sdn Bhd, will soon be launching the highly desirable and respected Italian luxury marque, Maserati, in the Malaysian market. Naza Italia has been appointed the sole importer and distributor by Maserati Italy for its complete range of Quattroporte and GranTurismo super luxury cars in Malaysia. The company will make an official announcement tomorrow. This development marks another milestone for the company, less than a year after the company was appointed the Ferrari dealership in April 2008. “We are so proud that as a young company, Naza Italia has secured two impressive brands, Ferrari and Maserati, within the group,” its group chief executive officer SM Faisal SM Nasimuddin told Bernama in an interview. ‘“The appointment shows the trust and commitment that Italian companies have in our capability to marketing such luxury cars in the Malaysian market,” he said. Faisal said the overwhelming response received by Naza Italia since its appointment as Ferrari distributor has prompted

the company to set up one of Asia-Pacific’s largest showrooms and 4S centres (four service centres) dedicated to serve Ferrari and Maserati car owners. The RM10 million centre, located next to the Naza Automall Petaling Jaya, is expected to commence operations by end of March. “The new centre will be one of the largest facilities outside Italy because what we are delivering to Malaysia and is something different from other importers, a true brand ownership experience.” Describing 2009 as an exciting year for the company, he said the enthusiast luxury car market in Malaysia could expect a lot of interesting products and whole brand experience for Maserati and Ferrari soon. Faisal pointed out that sales of Ferrari have shown an encouraging sign despite the global economic slowdown. To date, there are about 400 units of Ferrari sold in the Malaysian market priced more than one million ringgit each. “Our luxury car segment is not very much affected for the time being as the product that we are dealing with are very much of the upper group of clientele and

the production is very limited,” he said. He said it was timely for buyers to purchase imported cars, especially used cars, during the economic slowdown as prices are coming down. “Buyers should also take advantage of the depreciation of the pound sterling,” said the eldest son of the late Tan Sri SM Nasimuddin, the founder of Naza Group of Companies. Asked who now manages the group, Faisal said he was responsible for the growth of 24 multi-companies under Naza Group which are spread over eight sectors. The companies under him are Naza Motor Trading, Naza Italia, Naza-Brabus Motor, NZ Wheels, Naza Premier Auto, Naza Mekar, Naza Wheels, Naza Ventures, Naza Prestige Bikes, Next Bike and Naza Bikers Dream. His younger brother, SM Nasarudin, has been given the task of helming three automotive companies namely, Nasim (Peugeot), Naza Kia, Naza brand of cars, hotel and food and beverage. The youngest brother, SM Faliq, heads the group’s leading property development firm, Naza TTDI.

BNM cuts OPR by 50bps to 2% KUALA LUMPUR: Bank Negara Malaysia (BNM) yesterday decided to cut the Overnight Policy Rate (OPR) by 50 basis points (bps) to 2% due to rising concern about the country’s economic growth. The bank also cut its statutory reserve requirement by 100bps to 1% and said measures would be introduced to ensure continuous access to credit.

“The domestic economic conditions are expected to continue to remain challenging in the coming quarters with the continued deterioration in the global economy,” BNM said in a statement after its Monetary Policy Committee meeting. This was the third straight rate cut in as many meetings and came after a 75bps cut in January.

Govt can act as banker, says Mahaleel Nestle lowers price of beverages pg 17

KUALA LUMPUR: The government can act as a banker by giving out loans to the public to address the issue of banks limiting their lending, said Tengku Tan Sri Dr Mahaleel Tengku Ariff, the independent, non-executive director of Nestle (M) Bhd. Mahaleel, who is also a visiting professor of the School of Management, Universiti Sains Malaysia, said the government could set a fund. “There is no law to say that the government cannot be a banker,” he told reporters after presenting his paper at the seminar on “Riding the Global Economic Storm: Tips for Malaysian Businesses” here yesterday. Mahaleel said the lending issue needed to be dealt with first so as to spur economic activities, particularly in motor vehicle and construction industries. He said the proposal to allow owners of cars that were 15 years or older to claim a RM5,000 discount for the purchase of a new car was “a step” but it did not address the core issue. “The root problem is that banks are not lending and the people’s buying power or the ability to repay, has been reduced,” said Mahaleel, who was former group chief executive officer of Proton Holdings Bhd. – Bernama