Felda Global to submit prospectus to Securities Commission

BANGI, Selangor: Felda Global Ventures Holding Bhd (FGVH), en route to listing on Bursa Malaysia, will soon submit its prospectus to the Securities Commission (SC).

“It will all be finalised in three weeks,” said FGVH group president Datuk Sabri Ahmad. He said this when presenting a paper titled “Felda Listing on Bursa: A Strategic Way Forward to Champion Oils and Fats Market” before an audience of 200 people here yesterday.

“The listing of FGVH and the creation of one of the world’s largest plantation groups is a crucial national goal with the objective of delivering solid long-term returns for our staff, settlers and their dependants,” he said.

Sabri reiterated that Felda settlers would continue to retain full ownership of their lands and still benefit directly from any potential revenues realised from going public.

Separately, in a statement yesterday, Federal Land Development Authority (Felda) chairman Tan Sri Isa Samad said the board welcomes the Kuantan High Court’s decision in dismissing an interim injunction barring Koperasi Permodalan Felda (KPF) from transferring its shares in Felda Holdings Bhd and 10 of its subsidiaries to FGVH.

“We respect the Kuantan High Court’s decision, which clearly states that matters related to cooperatives should be brought before Malaysia’s Cooperative Societies Commission,” he said.

The Kuantan High Court had ruled on April 2 that the injunction against the equity disposal was premature as KPF delegates had only planned to discuss the matter and no decision had been taken yet. Furthermore, allegations that KPF owned 51 per cent stake in Felda Holdings worth RM3.13 billion were not based on solid evidence but only on hearsay and estimation.

FGVH is the commercial arm of Felda. It manages oil palm and rubber estates across 850,000ha in Malaysia and Indonesia.

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