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Saturday, March 17, 2012

'Deputy minister lied in parliament over Felda listing'

Sulaiman Kamal | 4:09 AM | | Best Blogger Tips

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Mar 16: Deputy minister in the Prime Minister’s Department Ahmad Maslan(right) has been accused of lying in parliament for saying “not an inch of settlers’ lands” will be affected once Felda Global Ventures Holdings concludes its controversial listing at Bursa Malaysia.

Taking him to task, National Felda Settlers’ Children Association chairman Mazlan Aliman cited documents detailing transfer of shares from Felda's cooperative Koperasi Permodalan Felda through various entities to allow for FGVH's listing, as well as surrender of Felda commercial assets to the company.

Mazlan reminded that KPF was the majority shareholder in Felda Holding Berhad (FHB) with 51 percent share, while FGVH held the remaining 49 percent.

“So KPF is also the owner of the many subsidiaries under FHB. And at present, KPF has no shares in FGVH,” he added.

After the failure to convene the KPF’s extraordinary meeting to facilitate the listing of FGVH, Mazlan claimed that the listing advisors CIMB and Maybank had offered an alternative solution.

“According to very reliable information, the number of FGVH shares will be expanded to 3,420 million units. The initial public offering will be at RM5.85 a share, which will generate RM20 billion for FGVH,” he said.

Felda, he said would be taking over 51 percent in KPF’s equity in FHB and other shares in the companies under FHB and exchange it with 1,265 million of normal unit vote-able shares in FGVH, or 37 percent from all the FGVH expanded shares.

“However, the shares will be given to investment holding company (IHC), and as a return, KPF is given priority shares but not vote-able in IHC, which will scuttle KPF’s control and decision making power on its own assets,” added Mazlan (left).

The PAS central committee member said while on the surface KPF would own FGVH’s shares, it would be controlled by IHC.

“It is expected that the dividend from FGVH to KPF will be reduced because it has to cover the managing cost of IHC. 

"In short, KPF will be a dead shell, with assets but powerless after the listing,” stressed Mazlan, who repeated his willingness to meet Ahmad to discuss the listing plan.

However, Mazlan said Ahmad had so far shied from a dialogue.

“Ahmad should stop being a hypocrite, he only dares to talk in the parliament," he said.

Ahmad had said the proposed listing of FGVH would go ahead with or without KPF, saying it had received backing from majority of settlers.



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