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'Kedah's FGVH shares sale will not affect any quarter'
KUALA LUMPUR -- Felda Global Ventures Holdings (FGVH) says the instruction by the Kedah state government to the State Development Corporation (PKNK) to sell off its 500,000 FGVH shares will not affect FGVH, the state government or Felda settlers.
FGVH President Datuk Sabri Ahmad said FGVH has a plantation in Kedah which has been operating as a joint venture with the state government for quite some time.
"The decision by the Kedah Mentri Besar to sell back the shares will not affect us in any way, in fact we stand to gain by RM500,000," he told Bernama.
Sabri said it is up to the shareholders to sell the shares at any time they see fit.
On the cool reception to the recent 'Save Felda Orange Assembly', he said very few of the 3,000 particpants were Felda settlers, showing the settlers understood the assembly would not benefit them.
"It's clear from this that FGVH's listing benefits all quarters especially the settlers," he said, adding the problem is caused by several small groups still being used for certain purposes.
"If we look at the initial public offering (IPO), the settlers' land is not involved, in fact the settlers will continue to get the same income as they are getting now.
"When we listed FGVH, Felda had set up a special fund for settlers, with 20 per cent of FGVH shares reserved for the fund.
"This 20 per cent, valued at nearly RM4 billion, is far higher than the government's RM500 milion contribution when PNB was launched," Sabri said.
FGVH's listing could also strengthen Bursa Malaysia, he added.
"Bursa Malaysia, with FGVH and the soon-to-be-listed IHH, is now the world's biggest stock exchange, and our capital market will remain vibrant and benefit the country," he said. -- Bernama