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Friday, August 31, 2012

800 Felda Global shares to every settler NOT FREE after all



800 Felda Global shares to every settler NOT FREE after all
There is no free lunch, and this is also true in the case of Felda Global Venture Holding's listing.
The 800 units of shares of FGVH allocated to each Felda settler are not free, but are loans from the bank.
The revelation came after prime minister Najib Razak told settlers that Felda would take over the loans to purchase the 800 shares to save the settlers from paying interest to the banks.
RM360 million has been allocated for this purpose.
“So, instead of paying to the bank at five percent annual interest, settlers will repay Felda without interest for next five years at RM50 a month,” said deputy minister in the Prime Minister’s Department Ahmad Maslan.
Maslan said the transfer would be transparent to settlers, and they could opt to repay Felda with monthly salary deduction.
Najib said yesterday the move was to lessen the burden of settlers, who now seemed ‘forced’ to buy the 800 shares under loan without their knowledge.
Maslan meanwhile added that the move would prevent settlers from being forced to sell their FGVH shares when banks demand repayments for the loans taken.
Felda shares had been on a steady decline since reaching a peak of RM5.50. The share price closed at RM5.00 today.
Prior to the listing of FGVH in June, National Felda Settlers’ Children Association (ANAK) revealed that loan forms were signed by settlers without the presence of any bank officer and many had been in the dark over details of loans they were made to apply.
Two banks, namely CIMB and AmBank, had withdrawn the forms following an application for injunction filed by 125 settlers from Bera in Pahang and Raja Alias in Seremban over the matter.
-Harakahdaily

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