Malaysia

Only state land to be listed under FGVH, says Muhyiddin

By Anisah Shukry
April 01, 2012

KUALA LUMPUR, April 1 — The FELDA Global Ventures Holdings (FGVH) initial public offering (IPO) will only involve state land, and not land owned by over 200,000 settlers as alleged by the opposition, Tan Sri Muhyiddin Yassin said today. 

The deputy prime minister (picture) urged FELDA settlers to take no heed of the opposition, whom he accused of spreading misinformation and slander to confuse them. 

“These parties are claiming that the listing of FELDA Global will result in the loss of settlers’ lands. I repeat again: not even an inch of the lands owned by settlers will be involved in the listing. 

“The listing will only involve state government land which have received rights to develop it from the federal government, as is stated in the 1960 GSA Act managed by the FELDA plantations,” he said when opening the “Ikatan Hati Warga FELDA” carnival today. 

Datuk Seri Najib Razak yesterday promised FELDA settlers an “unimaginable windfall” once FGVH goes public in May, but was coy on the exact amount that should be expected. 

“The settlers will also receive a windfall, (they) will never imagine the quantum of the windfall,” the prime minister was quoted as saying by Bernama Online today. 

“How much? I will not announce it today. Just wait, we will make the announcement later,” the prime minister had said. 

In February, a group of eight settlers won a temporary court order blocking the transfer of shares from their FELDA Investment Co-operative (KPF) to FGVH, a crucial step in the plan to list the plantation firm. 

This prompted Putrajaya to say on March 14 that it would proceed to list FGVH regardless of whether the move received the backing of FELDA settlers. 

The government previously insisted it has the support of “the majority of settlers”, despite reports of widespread opposition. 

Critics contend that the proposed listing, which will see loss-making FGVH assume control of KPF, will short-change smallholders and saddle FELDA with up to RM1.5 billion in yearly deficits.