FGV Holdings Berhad refers to a statement issued on June 29 by ANAK, an NGO representing Felda settlers.
Subject: FGV Holdings Berhad refers to a statement issued on June 29 by ANAK, an NGO representing Felda settlers. There are several points in the statement which are incorrect and have caused much confusion and concern
In the video which was posted on YouTube social media channel, it was stated that FGV Holdings Berhad acquired a 51% stake in Felda Holdings Berhad (FHB) from Koperasi Permodalan Felda (KPF) for RM2.2 billion. It was further alleged that the RM2.2 billion was far below the market value of the 51% block in Felda Holdings and also, that it was far less than the RM6 billion paid to FELDA for a 49% stake in the same company. This is incorrect.
It is apparent that there is some misunderstanding and confusion involving different transactions that occurred at different times.
- Prior to its listing in 2012, FGV was a wholly-owned subsidiary of FELDA. However, FHB was jointly-owned by FELDA and KPF, with the former holding 49% and the latter, 51%.
- In 2009, as part of an internal restructuring exercise, FGV acquired FELDA’s 49% stake in FHB for RM1.57 billion cash, and not RM6 billion as reported.
- In 2013, after its listing, FGV acquired the remaining 51% stake in FHB from KPF for RM2.2 billion cash.
- Following FGV’s listing in 2012, Felda raised RM5.5 billion as part of its offer for sale of shares in FGV.
All the transactions described above were guided by independent advisors and approved by the Boards and shareholders of FGV, KPF and FELDA. Furthermore, all the transactions described above were appropriately and publicly disclosed.
FGV respects and supports the free expression of views that are based on facts. As such, please contact us for any further clarifications.
Group Corporate Communications
FGV Holdings Berhad
(Formerly known as Felda Global Ventures Holdings Berhad)