Azmin: Sale of Felda assets won’t be very profitable

The government’s plans to sell several of Felda’s assets have hit a snag as the sale is not expected to generate a profitable return on investment.

This was because several properties were purchased at inflated prices, revealed Economic Affairs Minister Azmin Ali today.

“Certainly the properties were bought at higher premiums, they were (bought) not at the market price (but at rates) much higher than the market price.

“[...] Even if you decide to monetise the assets, we will not be able to get back the full value of the assets. So these are our concerns now,” he told the media when asked at the Parliament lobby.

“But anyway, let us present the white paper (on Felda) and then we will make some recommendations on how to move forward,” he added.

Azmin, whose ministry oversees Felda, previously said that a white paper on the troubled national palm oil plantation agency would be presented in the current Dewan Rakyat sitting.

The report is meant to detail Felda’s present financial situation as well as the Pakatan Harapan government’s plan to turn around its finances and administration.

[More to follow] - Mkini