Most Felda managers 'believe FGVH listing will fail'

A study has established that 65 percent of the senior managers in the Federal Land Development Authority (Felda) believe that the  Felda Global Ventures Holdings Bhd (FGVH) listing exercise will fail as the organisation is not prepared.

An independent consultant appointed by Felda - Boston Consulting Group - also found that 55 percent of the senior management were not prepared for the proposed listing, and that only 20 percent supported the exercise.

The study took into account the views of the top 30 managers in Felda.

The findings were presented last November to the FGVH steering committee for listing, headed by Felda chairperson Isa Samad (left).

Meanwhile, a check of the prospectus for the Initial Public Offering shows that 53 percent of the oil palm trees in Felda plantations are old, 31 percent are young  and 16 percent are prime or mature plantings.

This contrasts with another Malaysian public listed company which has 78 percent prime trees, 15 percent young and seven percent old trees.

Based on these revelations, PKR has once again questioned the BN-led federal government's true intention for the listing exercise, saying this should not be politically motivated.

Some settlers have protested the exercise and have filed legal challenges.

[More to follow]