Felda IPO: Unfair to settlers, FANTASTIC to employees and rich Umnoputeras - Wong Chen

Parti Keadilan Rakyat energetically awaits a rising of a complete handbill upon a IPO of FGVH by a Prime Minister upon Thursday 31stMay 2012.

Come Thursday, you will all finally get to know how most shares Tan Sri Isa Samad will get. As a preview to Thursday as well as staying upon a subject make a difference of shares allocation, you will similar to to display to you a following disturbing facts.

Twelve days ago you unprotected which settlers "durian runtuh" windfall represents a mere 9% of FELDA's total gains from a IPO. Today, you will provide a comments upon a 2.2 billion FGVH shares offering for sale. The relapse of a shares grant is as follows:

General public

73 million shares (2% of FGVH)

Institutional investors (EPF, PNB, Tabung Haji, Louis Dreyfus)

1.5 billion shares (41% of FGVH)

FELDA employees

109 million shares (3% of FGVH)

FELDA settlers

91 million shares (2.5% of FGVH)

MITI authorized Bumiputera investors

420 million shares (11.5% of FGVH)

The manner a shares have been allocated raises dual important questions:

Question 1:Why have been settlers (numbering 112,635) removing reduction shares than a 3,835 employees of FELDA? Assuming a 100% take up rate, any settler will only get 810 shares whereas any worker of FELDA will get 28,368 shares. This effectively equates to which an worker of FELDA is being offering 35 times some-more shares than a settler.

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Question 2:More shocking is a MITI authorized Bumiputera share grant of 420 million shares. Who have been these special Bumiputeras which merit 4.6 times incomparable grant than all a settlers collectively? What have they ever done to assistance rise FELDA? We do not know their temperament but you know which under MITI's official guideline, to be a Bumiputera financier authorized by MITI, you contingency first be really rich.

The guideline says which in sequence to validate as a MITI authorized Bumiputera investor, an particular contingency have at least RM3 million in assets. If a financier is a association (100% Bumiputera owned), it contingency have assets value RM10 million. As such, you direct which MITI produces a complete disclosure list of a abounding Bumiputera investors as well as profitable owners of this IPO.

We direct this list because a settlers have a right to know why these abounding Bumiputeras have been most many times some-more honourable than them. We direct to know how most abounding Bumiputeras will be allocated shares compared to 112,635 settlers. Since this IPO is of great inhabitant importance, you believe which a open additionally deserves to know if any of these abounding Bumiputeras investors have been linked to "Pakatan Rakyat".

Putting things in proper context, you would similar to to remind all which FELDA was set up to assistance a landless Bumiputera poor. In addition, a PM has announced which a FGVH IPO to be an practice which will severely benefit a settlers. The way a shares have been allocated clearly shows which a PM is some-more meddlesome in helping a rich. In conclusion, you titillate PM Najib to repel a undeserving abounding Bumiputera grant as well as give it to a settlers. We additionally ask a employees grant to be appropriately reduced in favour of settlers.

WONG CHEN IS CHAIRMAN OF THE PKR INVESTMENT & TRADE BUREAU

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