Najib says politics behind fight against Felda listing

January 15, 2012

Najib gave his guarantee to Felda settlers that they would not lose out in the FGVH listing. — File pic

PEKAN, Jan 15 — Datuk Seri Najib Razak today continued to push for an initial public offering by Felda Global Ventures Holdings (FGVH), telling settlers here today that resistance towards the listing was political rather than economic.

“Have no fear because it (the listing) will bring a windfall for the people of Felda,” the prime minister was quoted as saying in a Bernama Online report today.

The prime minister’s assurance today echoed a speech to hundreds of settlers from Felda Gedangsa, Felda Soeharto, Felda Sungai Tengi and Felda Sungai Tengi Selatan last week, when he told the colonists they would continue to reap long-term benefits and high dividend payouts from the move while promising he would “never betray the legacy of Felda”.

“As I said when tabling Budget 2012, Felda settlers will enjoy a windfall. I will announce the quantum to be received by each individual following the listing at an appropriate time, and it may be more than RM500,” he was further quoted in the report today.

The plan to list FGVH was announced by Najib in his Budget 2012 speech last year.

But the proposal has met with opposition from the PAS-aligned National Association of Settlers (Anak), which claims the listing will shortchange some 200,000 settlers tilling the land in Felda schemes across the nation.

Under the listing proposal, settlers will swap their 51 per cent stake in Felda Holdings — which made RM760 million last year — for a 61 per cent stake in FGVH, whose international subsidiaries lost some RM500 million up to 2010.

Today, Pakatan Rakyat (PR) said it would stop the controversial FGVH public listing if it wins federal power in the next general election.