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Thursday, June 30, 2011

Felda spends RM3.5bil from EPF loan

Felda spends RM3.5bil from EPF loan

KUALA LUMPUR - Felda has spent RM3.5 billion from a total of RM6.5 billion loan it received from the Employees Provident Fund (EPF), Deputy Minister at the Prime Minister's Department Datuk Ahmad Maslan said.

He said RM2 billion was used for the oil palm replanting project while another RM1.5 billion was used to buy shares from a sugar company, MSM Holdings Sdn Bhd.

"We will decide whether to take the balance of RM3 billion or not. The prices of palm oil and rubber are high now so there is a possibility that we may not take the balance of the loan," he told reporters at the Parliament lobby here, today.

Ahmad said the decision to buy shares from the sugar company was a profitable investment because Felda had collected RM1.1 billion fund in only two days after it was listed in Bursa Malaysia.

He said Felda settlers should not be worried of the loan because Felda had a good track record in settling it.

Ahmad said an EPF statement had also stated that the company regarded the loan as an investment that could contribute to a better dividend achievement for its contributors.

- Bernama

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