Saturday July 21, 2012
Sabri: PKNK’s sale of FGVH shares won’t affect any quarter
KUALA LUMPUR: Felda Global Ventures Holdings (FGVH) says the instruction by the Kedah state government to the State Development Corp (PKNK) to sell off its 500,000 FGVH shares will not affect FGVH, the state government or Felda settlers.
FGVH president Datuk Sabri Ahmad said FGVH had a plantation in Kedah which had been operating as a joint venture with the state government for quite some time.
“The decision by the Kedah Mentri Besar to sell back the shares will not affect us in any way. In fact we stand to gain by RM500,000,” he said.
Sabri said it was up to the shareholders to sell the shares at any time they saw fit.
On the cool reception to the recent “Save Felda Orange Assembly,” he said very few of the 3,000 particpants were Felda settlers, showing that the settlers understood the assembly would not benefit them.
“It’s clear from this that FGVH’s listing benefits all quarters, especially the settlers,” he said, adding the problem was caused by several small groups still being used for certain purposes.
“If we look at the initial public offering (IPO), the settlers’ land is not involved. In fact the settlers will continue to get the same income as they are getting now.
“When we listed FGVH, Felda had set up a special fund for settlers, with 20% of FGVH shares reserved for the fund.
“This 20%, valued at nearly RM4bil, is far higher than the Government’s RM500mil contribution when PNB was launched,” Sabri said.
FGVH’s listing could also strengthen Bursa Malaysia, he added.
“Bursa Malaysia, with FGVH and the soon-to-be-listed IHH, is now the world’s biggest stock exchange, and our capital market will remain vibrant and benefit the country,” he said. – Bernama