Three steps to Felda Global listing

This is written by my colleague Maizatul Ranai stationed in Negeri Sembilan.

SEREMBAN: Three steps will be carried out to ensure the listing of Felda Global Ventures Holdings Bhd on Bursa Malaysia scheduled in May or June this year will proceed as planned.

Deputy Minister in the Prime Minister's Department Datuk Ahmad Maslan said the first step is to persuade eight members of Koperasi Permodalan Felda (KPF) to withdraw their action. These eight settlers had, for the second time, obtained a temporary order at Kuantan High Court to prevent the cooperative from making any decision at its extraordinary general meeting (EGM) on February 22, 2012.

The court order had forced the cancellation of the EGM and hindered KPF from participating in the proposed listing of Felda Global.

Ahmad Maslan said efforts to persuade the Felda settlers involved to withdraw their action was tough. He said their action was unfair to about 240,000 KPF members who mostly supported the listing.

"(As a second step) we will try to set aside the application of the injunction. This will enable the EGM to be held and allowing about 1,300 KPF representatives to cast their votes regarding the listing exercise. I believe the majority will support the listing of Felda Global. So far, the explanation on the benefits of the listing was well received," he said after launching SB Fight Back Academy at Karnival Seni Beladiri Kolej Negeri here yesterday.

Ahmad Maslan said the government is looking forward to implement the two steps, before going to the third step, which is the listing of Felda Global -- without KPF's participation.

Maslan, who is also Umno information chief, said the injunction is backed by the Opposition, who did not mind destroying the future of the settlers and Felda's staff for the sake of their own political expedient. "We know the eight settlers support the Opposition. Even PKR director of strategy Mohd Rafizi Ramli admitted that the Opposition wants to prevent the listing of Felda Global," he said.

Ahmad Maslan also responded to the opposition's claims that KPF only owns 37 per cent shares in Felda Global, compared to 51 per cent in Felda Holdings Bhd. "The Opposition is willing to see KPF own 51 per cent in an entity which only has market value of RM3 billion compared to a 37 per cent stake in Felda Global which analysts had estimated to be valued at RM20 billion upon listing on the stock market," he said.

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