FGV’s board of director should quit gracefully for failing Felda settlers

By Ashraf Aris


I AM writing this piece following reports of the Federal Land Development Authority (Felda) planning to acquire Felda Global Ventures Plantations (M) Sdn Bhd (FGV).

From something that started with rumours of the FGV land lease agreements (LLA) being cancelled, that ended with a decision by Felda to acquire majority stake in the former, which was buying off stakes previously held by the Retirement Fund Incorporated (KWAP) and Urusharta Jamaah Sdn Bhd (UJSB).

By becoming FGV’s majority shareholder, Felda then announced that it would be purchasing all remaining shares to delist FGV.

I believe Felda made the right call!

According to reports, as at end Feb 18, 2021, Felda owns 75.25% of FGV’s shares, which is not far from its target of 90%. This puts Felda in a solid position to have full ownership of FGV.

Being a descendant of a Felda settler, this is good news to me and I believe it will bring much joy to other settlers as this new deal will benefit them a lot.

Prior to this, we saw FGV board of directors putting Felda’s land assets at risk when they agreed to study proposals by Perspective Lane Sdn Bhd, a company helmed by tycoon Tan Sri Syed Mokhtar, to become FGV’s largest shareholder.

This shows the directors were oblivious on the purpose of Felda’s establishment and their failure to protect the latter’s interest, putting 350,000 hectares of its land at risk.

Given what has transpired, I am of the view that the entire FGV board of directors should quit their posts and replaced with better professionals.

From now on, Felda should be firm to ensure FGV will improve and work on showing sustainable results. – Feb 25, 2021.


Ashraf Aris is of contributor to FocusM.

The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.

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