Felda Global Ventures listing 'an evil scheme'

The proposed listing of Felda Global Ventures Holding (FGVH) is a "evil scheme" aimed at reducing the settlers' stake in '"cash cow" Felda Holdings, says the PKR.

This is because the assets will be transferred to FGVH, which is wholly government-owned, and the settlers "will not have a say in Felda's business and operational activities", especially since other investors have been invited to purchase shares in FGVH.

"We estimate that when this happens, the lucrative Felda Holdings equity held by settlers and Felda staff will be reduced from the present 51 percent to 42.7 percent at the most after the listing, making them minority shareholders," PKR chief of strategy Rafizi Ramli told a press conference at Tropicana in Petaling Jaya today.

[More to follow]