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Tuesday, January 10, 2017

FGV delisting will result in RM7.8b losses, claims Rafizi

Plans to delist Felda Global Ventures Berhad (FGV) will costs RM7.8 billion in losses, claimed PKR vice-president Rafizi Ramli.
He said the losses stem from RM2.9 billion FGV will have to pay out in order to buy back stocks from shareholders; RM2 billion that public funds would have lost from the fall in FGV stock prices; and RM2.9 billion FGV has to spend for payoffs, loan repayments and other expenses.
"So Felda is in a situation where delisting is bad, and not delisting is also bad," Rafizi said at a press conference in Kuala Lumpur today.
Newly appointed Felda chairperson Shahrir Samad had said that the possibility of FGV being taken off Bursa Malaysia is being studied.
FGV was put on the stock market in 2012 with an initial public offering (IPO) of RM4.55, widely touted at the time as the second biggest in the world.
Among the major share buyers besides Felda were public funds Tabung Haji and the Employees Provident Fund (EPF).
FGV share prices however tanked over the next several years, and was going for RM1.79 as of 3pm today.
In order to ease Felda's financial woes Rafizi has advised Shahrir not to draw any salary from his post in the firm.
The Pandan MP is currently the midst of carrying out weekly ceramah at Felda settlements as part of the Felda Digadaikan (Felda Sold) roadshow.

Pakatan Harapan chief secretary Saifuddin Abdullah said the pact together with Parti Pribumi Bersatu Malaysia (Bersatu) will discuss Felda matters in their next presidential council meeting.
Saifuddin also said that Harapan and Bersatu will take part in the Felda Tergadai roadshow.
Meanwhile, Felda Settlers’ Children’s Association (Anak) president Mazlan Aliman said that Bersatu chairperson Dr Mahathir Mohamad has agreed to join in a seperate Felda roadshow dubbed Jejak Kasih Felda.
He said there will be discussions to synchronise his roadshow with Rafizi's.- Mkini

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