A s head of finance for the country's largest listed company, Haji Hamis bin Hasan enjoys a regal position in corporate Malaysia. But his kingdom is under siege. Because the ruler of the local telecommunications market has been facing real competition following Malaysia's privatization of the sector in 1996. Indeed, a small army of pretenders to the throne are making claims on Hasan's crown. All of a sudden, Hasan has to worry about cash.
Few companies grind to a halt if debt levels start to soar.
A good CFO can normally rally his bankers for a fresh round of financing if his business is sound. But bankers will run for cover if a company becomes illiquid. At the same time, a healthy company that neglects working capital management is neglecting its potential for growth. In TM's case, time is now of the essence. While it still holds a commanding portion of the fixed-line market, that share is slipping.