Sunday, January 15, 2012

Felda Global Ventures will be listed either in April or May

PASIR GUDANG: Felda Global Ventures Holdings Sdn Bhd (FGVH) will be listed either in April or May this year upon advice by the merchant bankers appointed in the initial public offering (IPO) exercise.
Deputy Minister in the Prime Minister's Department Datuk Ahmad Maslan said three foreign and two local merchant bankers were currently undertaking studies to determine “the appropriate” time for the listing.
He said upon the completion of the studies, they would forward their findings and recommendations to the Felda board of directors to decide on the listing date.
Ahmad says bankers are currently undertaking studies.
“No outside elements or interferences by other third parties could thwart the proposed listing of FGVH as planned by the Government,'' Ahmad told a press conference at the launch of the joint “Eyes and Sea” maritime community project by the Malaysian Maritime Enforcement Agency (APMM) and the Johor Bunkering Services Association (J-Bunker) at the Tanjung Langsat Port.
Also present at the event were APMM director-general Datuk Mohd Amdan Kurishand J-Bunker president Hairul Ezuan Abu Bakar.
Ahmad said the current sovereign debt crisis affecting the eurozone and the slowdown in the US economy would not stop FGVH from going public on Bursa Malaysia this year.
“Right now, many of the settlers are not really aware of how the IPO will take place and it is the duty of the Felda management to explain to them,'' he added.
Ahmad said the listing would not undermine the rights of the Felda settlers and staff as a whole because it only involved the leasing of Felda-owned land to FGVH.
He hoped that settlers did not easily believe the claims made by certain quarters opposing to the listing that they (the settlers) would lose everything in the exercise.
Ahmad said 224,000 settlers, who were also the main shareholders of Koperasi Permodalan Felda, should see the listing of FGVH as a windfall for them.
Meanwhile, Bernama reported that Felda chairman Tan Sri Mohd Isa Abd Samad said the proposed listing of FGVH seemed to have gained more support from Felda settlers after they realised the move would bring many benefits.
He said initially, most settlers were confused following agitation by parties who wanted to derail the listing effort.
“After listening to explanation and a series of dialogue nationwide, they're satisfied when the Government gives assurances that all benefits and rights that they have received before will be retained.
“They need not worry because the listing will be beneficial to the settlers through Koperasi Permodalan Felda that will be the biggest shareholder in FGVH.
“FGVH can help the settlers much better particularly in the event of a fall in oil palm and rubber prices in the world market,” he told reporters after a dialogue session with Felda employees and settlers in Mempaga near Temerloh in Pahang.
He said the settlers could not rely too much on oil palm and rubber alone because the market would not guarantee high prices all the time.
Mohd Isa said it was Prime Minister Datuk Seri Najib Tun Razak's wish that FGVH become among 10 best companies in Malaysia alongside Petronas.
“Certain parties and the opposition deliberately create confusion among settlers because they want to give a picture that the government is not doing anything to increase the social status of settlers,” he said.

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