Friday, October 7, 2011

#Updated* FELDA Global Ventures to be listed by mid-2012

KUALA LUMPUR: The government plans to list Felda Global Ventures Holdings Bhd (FGV) by mid-2012 to raise funds for the company to be a global conglomerate, as well to attract international investors to Bursa Malaysia.

Prime Minister Datuk Seri Najib Tun Razak in his Budget 2012 speech on Friday, Oct 7 announced the plan, and said the listing would create another blue chip PLANTATION [] company in the country.

He also said that the rights and interests of FELDA settlers would continue to be protected by Koperasi Permodalan FELDA as the majority shareholder.

'FELDA settlers are expected to receive a windfall, with the amount to be announced before listing.'

When listed, FGV would rank as the country's biggest plantation owner, and dethrone SIME DARBY BHD [] as the world's largest listed plantation company by landbank. ''

The Felda group manages some 860,000ha in Malaysia, of which 520,000ha belongs to settlers and 320,000ha to the Federal Land Development Authority (Felda), the government agency overseeing the group. FGV has 50,000ha of its own.

It is also the largest miller of fresh fruit bunches for crude palm oil (CPO) and palm kernel in the country with 70 mills nationwide.

By comparison, Sime Darby has total planted land of more than 630,000ha in Malaysia and Indonesia.

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