‘Felda will be listed one way or another’

KUALA LUMPUR- Felda has put in place measures to ensure the proposed listing of Felda Global Ventures Bhd (FGVH) proceeds as planned, with or without the involvement of Felda Investment Cooperative (KPF).

Felda chairman Tan Sri Mohd Isa Abdul Samad said, however, the measures would only come into play depending on the Kuantan

High Court’s decision, expected on April 2, on whether to grant an injunction filed by eight settlers to block the transfer of shares from KPF to FGVH.

He said the measures would not require the establishment of a special-purpose vehicle (SPV) but gave his assurance that the interests of settlers would be protected.

“We had initially planned to set up an SPV based on the assumption that KPF would not participate in the listing.

“But we have other ways.

“I cannot divulge the details of how it will be carried out but our priority is to make sure settlers are taken care of,” said Isa after launching Felda’s nationwide health awareness programme, near here, yesterday.

Felda had originally proposed the setting up of the SPV to ensure settlers would benefit directly from FGVH’s listing, replacing KPF’s role.

KPF has about 220,000 members, of whom 112,635 are Felda settlers and the rest employees and children of settlers.

On another matter, Isa said the government’s decision to halt imports of crude oil from Iran would not affect exports of Felda palm oil overseas.

He said Iran was not a main buyer, purchasing less than RM1 million worth of palm oil products annually.

“Our largest customers are China and India but many other countries have expressed an interest in buying palm oil, including the United States, where the market for palm oil is growing.”

-nst.com