 Oct 7: Prime Minister Najib Razak will announce Felda Holding's listing at the Kuala Lumpur Stock Exchange during the 2012 Budget speech today, according to a source.
The source added that the decision was seen as climax in the ongoing clash between politicians and the management of Felda opposed to the move. “It will have big implication on Felda in the future,” the source told Harakahdaily, adding that the decision had not been discussed in detail with settlers and Felda management.
It also said that listing Felda Holding at the KLSE showed that the body was in serious financial problem despite statements on the contrary by Barisan Nasional leaders.
“Felda does not need the funds from the listing. The party which will make huge profit is CIMB, which has reaped millions in profit from the listing of the sugar company Malayan Sugar Manufacturing Co Bhd (listed in July) prior to this, as well as Isa (Samad, Felda chairman) and Najib’s companies trying to own Felda’s businesses which are very profitable although not listed on KLSE,” he added.
According to the source, anxiety has gripped Felda members over the listing, worried that their fate now was in the hands of the investors.
“This means that everything from now on is about money, no longer about Felda’s social responsibility, like contributing to Koperasi Permodalan Felda Berhad (KPF), Felda and other social programmes.
"The listing also means that some employees can be expelled based on human resource utilisation, KPF’s fund and Felda will become less involved in social programmes," added the source. | |
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