24 April 2012
Felda IPO Update: FGVH’s listing slated for June would proceed
Felda chairman Tan Sri Mohamed Isa Abdul Samad said Felda’s management would meet with the SC to discuss the next plan of action now that KPF members had agreed to take part in FGVH’s initial public offering (IPO).
“We plan to meet SC officials in the next two to three days. I don’t want to jump the gun but we will call a press conference soon,” Mohamed Isa told Business Times yesterday.
KPF was initially slated to participate in the listing but the plan was derailed by three court injunctions, which prevented the settler investment cooperative from holding extraordinary
general meetings (EGMs).
The EGMs were aimed at seeking approval from its 220,000 members on either joining or not taking part in the IPO, said to be worth more than RM6 billion.
KPF owns 51 per cent of Felda Holdings but post listing, its assets will be injected into FGVH and ultimately, the cooperative will own a 37 per cent stake in the listed entity.
Mohamed Isa had said earlier this month regardless of KPF joining the IPO or not, FGVH’s listing slated for June would proceed.
But last Thurday, KPF members voted in favour of the listing of the state-linked palm oil firm, making it possible again for its direct involvement in the IPO.
Deputy minister in charge of Felda, Datuk Ahmad Maslan, said 88 per cent of 1,250 representatives from the KPF had voted for the IPO at the extraordinary general meeting.
National Association of Smallholders Malaysia president Datuk Aliasak Ambia said under cooperative rules, a simple majority was enough for the listing to go through.
“We have been keen all along to join the IPO. Only the injunctions prevented us from taking part in the IPO.
“Now that members have agreed, we just have to wait for the SC’s approval,” said a KPF source.
Aliasak said the meeting with the SC was to facilitate, expedite and hasten the listing so that there would not be any last-minute hurdles.