Koperasi Permodalan Felda Malaysia Bhd (KPF) has cancelled its extraordinary general meeting (EGM) scheduled for tomorrow after being served with an injunction barring it from discussing the listing of Felda Global Ventures Holdings Bhd (FGVH).
The 1,200 KPF delegates were initially slated to vote on a proposal to divest the co-op's 51 percent stake in Felda Holdings Bhd and its 10 subsidiaries, which includes FGVH.
Had the proposal gone through, KPF would have to transfer its business assets to FGVH.
In return, KPF would be given exclusive rights as a 37 percent shareholder in the FGHV once it is listed on Bursa Malaysia’s main board in May.
Five KPF members had applied for the injunction at the Kuantan High Court on Feb 17. The document was served on KPF yesterday.
The 1,200 KPF delegates were initially slated to vote on a proposal to divest the co-op's 51 percent stake in Felda Holdings Bhd and its 10 subsidiaries, which includes FGVH.Had the proposal gone through, KPF would have to transfer its business assets to FGVH.
In return, KPF would be given exclusive rights as a 37 percent shareholder in the FGHV once it is listed on Bursa Malaysia’s main board in May.
Five KPF members had applied for the injunction at the Kuantan High Court on Feb 17. The document was served on KPF yesterday.
They expressed concern that transferring the KPF assets to loss-making FGVH would shortchange the smallholders.
National Felda Settlers’ Children's Association (Anak) chairperson Mazlan Aliman said he was grateful that the KPF board had conformed with the injunction.
“This is happy news because Anak has stopped the EGM from discussing FGVH’s listing,” Harakahdaily quotes Mazlan as saying today.
National Felda Settlers’ Children's Association (Anak) chairperson Mazlan Aliman said he was grateful that the KPF board had conformed with the injunction.“This is happy news because Anak has stopped the EGM from discussing FGVH’s listing,” Harakahdaily quotes Mazlan as saying today.
Second injunction
This is the second court injunction issued to KPF. An earlier injunction in December had also forced the cancellation of the crucial EGM.
The injunction has thrown a spanner into the government's efforts to float Felda Global Ventures Holdings' shares in the stock market.
Felda settlers make up the members of KPF. The cooperative was formed in 1980 with the objective of providing settlers with a share of the equities in Felda, the Federal Land Development Authority, and its subsidiaries.
Last week, 120 settlers submitted a memorandum to KPF's board of directors seeking a separate EGM on the matter.
[More to follow]
Last week, 120 settlers submitted a memorandum to KPF's board of directors seeking a separate EGM on the matter.
[More to follow]
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