How can you determine to a thought of allowing a smaller commercial operation unit which has been creation waste for 5 years in a quarrel to take over Felda Holdings? That can usually mean it has made serious errors in judgment, careless, wrong businesses to go in to as well as incompetent. Any other obtuse well known bumiputera would have his ass kicked by a lending institution.
We have been treating FGV with a bend it doesn't deserve. That's what FGV is asking to be allowed to do. Transfer a 51% equity belonging to KPF in Felda Holdings, to FGV as well as afterwards FGV puts up a inventory proposal.
FGV has been creation waste during 5 uninterrupted ! years. W e don't know how many it mislaid since Felda has not been stirring as well as candid to a PM. The PM doesn't ask penetrating questions since as he admits, he will speak as well as debate with responsible only. So, a responsible people have been those who discuss it him what pleases his ears. The felda CEO will discuss it him you mislaid a docile RM 500 million. Felda people discuss it me, a waste have been near RM 2 billion.
How come it made losses? Maybe they chose a wrong commercial operation fields. Maybe since they have been incompetent. Whatever a reasons have been for a amassed losses, these placed FGV in a diseased position to propose a inventory with it as leader.
The settlers by their mild KPF own 51% of Felda Holding, a arm which essentially creates income by a far-reaching variety of businesses.Through a subsidiary, Felda Plantations, it manages an! d operat es a 360,000 hectares of oil palm estates. They substantially earn RM 300 million a year in management fees. Some will go to Felda Plantations; a bulk goes to Felda Holdings.
Felda Holding is a pot of gold. It has ! more tha n 70 mills which process a FFB yielding around RM 2 billion a year for Felda Holdings. It has refineries. It has a Felda agricultural services which do investigate as well as furnish a little of a most appropriate palm seedlings as well as plants. FAS substantially contribute an additional RM 500 million to Felda Holdings. Felda Holdings is a conglomerate in itself. Felda Palm Industries own as well as operate a palm oil mills as well as refineries you referred to above. It has commercial operation in engineering which is responsible for a building a whole of facilities; it has commercial operation units dealing in rubber, in computers etc.
How many income do these generate? Maybe 4 billion a year.
So this mom lode, a main source of income earner is what Felda settlers have been surrendering. If they participate in FGV, this 51% will be exchanged for shares in FGV, as well as which 51% will translate to about 38% in a lengthened FGV. So you afterwards need to ask, will income from holding this 38% surpass a stream 51% in Felda Holdings?
The answer is which it's doubtful since FGV is starting to have use of income raised from a IPO as well as future retained earnings from plantations to go downstream in to oleo chemicals like IOI Corporation, Wilmar International as well as KLK, a companies which FGV is trying to emulate. But if you demeanour in to a published accounts of these companies you can see which they all get far aloft earnings from plantations (upstream) than in downstream manufacturing. This means which Felda settlers will get reduction dividends in a future.
Will settlers remove control? Yes, they will remove lift out of Felda Holdings, a main income cow, as well as their 38% in FGV won't give them outright control. Besides, if they additionally throw in their land land by granting 99-year leases, which land is additionally gone for 4 generations, a very long time.
That ! will add itionally mean which Felda will be deprived of a little RM 2.5 billion supports thus curtailing it from carrying out gratification work in Felda settlements. Who will recompense for a funds? FGV which is starting to run upon pristine commercial operation merits will never set aside income for felda to lift out a amicable as well as gratification obligations. FGV thinks a stream spending upon these sterile though socially desirable as wasteful.
What it doesn't think as wasteful are
Eksekutif2 baru ini diberikan gaji yg sangat lumayan sehingga menjangkau RM50,000seorang sebulan (tidak termasuk ealun). Selain itu, kerja2 mudah pentadbiran umpama penganjuran majlis pesaraan kakitangan (sebagai contoh)diserah kepada perunding luar...kononnya org Felda tak reti buat kerja...
Dato' tau tak dari mana gaji2 ini dibayar....tidak lain melainkan diambil dari kantung anak2 syarikat FHB iaitu secara mengenakan Management Fee yg maha tinggi....saya tak pasti KPF (pemilik majoriti FHB) perasan atau tidak akan hal ini...wallahu'alam.
What about a "windfall"? We don't know just what this is, how many it amounts to, though you know where it's coming from. Its coming from a apportionment of profit share which felda will get. We won't know how many yet. But you additionally need to know, which a apportionment of a share of profits will be used to pay off a RM 3 billion loan Felda took. Yes sir, Felda did take loans from EPF which is our money.
The windfall will be pristine income which Felda creates from a inventory by selling a little of a FGV shares which a supervision (through FELDA corporation, a orthodox physique under PM's Dept.) will receive for pumping in to FGV a 49% in Felda Holding as well as additionally a 360,000 hectares which FELDA Corporation ie supervision owns. The bigger apportionment from a inventory will go a PM's department. That! is a ma in reason you suspect, a present PM is additionally pulling for a FGV listing. He needs a income to fool around a role he many relishes- Santa Claus. So when he gives a income from Felda's apportionment of a IPO profits, what do you call a windfall?You can call it by a usually name it has- a monetary provocation is pristine enticement to get a settlers to determine to a IPO, as well as doubly divergent in perspective of a GE.
Whatever has happened to a strange Felda vision, to open land to assistance a landless poor? It is now starting in to big busine! ss which a settlers don't understand, can't control, as well as creates reduction income than planting oil palms as well as creation CPO.
That brings me to what Ahmad Maslan, a second rate spokesman for Felda affairs said. If a 360,000 hectares of land have been since to second generation settlers, Felda will not get as many income as it can. You see, when a states alienated a land under a conditions of a GSA, which land was ostensible to be distributed among applicants. That was a reason why states gave up land to Felda in a initial place.
The cardinal element has always been which a most appropriate people to handle income have been you ourselves. The approach comparison in a context of GSA land- which is a income creation resource, is which a most appropriate chairman to handle a land would be a settlers themselves. Why wouldn't you determine to discharge a 360,000 hectares of land to 120,000 landless people as well as give them grace to have great from a income creation resource?
So, is this IPO great for a settlers? This is an additional test for a settlers, often Malays. Should they fall for a evident enticement of a windfall, as well as scapegoat lift out as well as future aloft returns? Should they stick with doing things they assimilate or go in to businesses they know nothing about? The supervision has discarded a strange Felda drea! m. But a settlers can, if they choose, keep it alive by voting UMNO as well as BN out of office.
Posted by sakmongkol AK47
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