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Monday, March 20, 2017

Felda records RM1.2b unrealised losses due to FGV

Federal Land Authority (Felda) and its subsidiaries have recorded a RM1.21 billion unrealised loss from its stake in Felda Global Ventures Bhd.
According to Deputy Minister in the Prime Minister's Department Razali Ibrahim, Felda and its subsidiaries hold a 33.8 percent stake in FGV.
"However, the unrealised losses were not recorded in Felda's financial statements because FGV is categorised as an associate company owned by Felda.
"Therefore, Felda's stake in FGV was recorded as an investment in an associate company where FGV was listed as cost, amounting to RM3.371 billion in Felda's financial statements," he said.
He added that this accounting method was necessary to comply with legal requirements.
Razali said this is a parliamentary written reply to Sungai Petani MP Johari Abdul who wanted to know Felda's losses due to FGV and what remedial steps are being taken by Felda.
Felda can't interfere
The deputy minister said that Felda fully supports FGV's efforts to stabilise its share price and cash flow.
"Similar to other countries which Felda has an interest in, Felda does not have the right to interfere with the management of the company.

"Moreover, the company is a public-listed company regulated by Bursa Malaysia and the Securities Commission," he added.
FGV was listed on the KLSE in 2012, raising RM10 billion in what was touted as one of the biggest IPO in the world for that year, second only to Facebook Inc.
The company made its debut at RM4.55 a share, but prices have been on a steady downtrend since. FGV's share price hit a record low of RM1.19 in August 2015.
At the time of writing, FGV shares were last traded at RM2.11.- Mkini

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