Hornbill Unleashed

January 18, 2017

Rafizi: Shahrir evading facts by rubbishing my maths

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

PKR vice-president Rafizi Ramli said Felda chairperson Shahrir Samad was being evasive by dismissing the numbers he provided with regard to Felda Global Ventures (FGV).

“He continues to evade by rubbishing the numbers I put forward even though those numbers are based on official reports.

“He also claimed that FGV’s delisting on the Bursa was a speculation I came up with, even though he was the one who cleverly revealed his four priorities as Felda chairperson, which was published on the front page of Berita Harian.

“One of those priorities was Felda’s delisting,” Rafizi said in a press conference in Kuala Lumpur today.

Rafizi had earlier warned that delisting FGV will result in a loss of RM7.8 billion.

He said the potential losses stem from the RM2.9 billion FGV would have to pay out in order to buy back stocks from shareholders; RM2 billion that public funds would have lost from the fall in FGV stock prices; and RM2.9 billion FGV has to spent for payoffs, loan repayments and other expenses.

Shahrir dismissed this warning yesterday, calling it “speculative” and Rafizi’s mathematics as “not proper math”.

No decision had been made yet on whether FGV will be taken off the stock market, he added.

FGV was put on the stock market in 2012 with an initial public offering (IPO) of RM4.55, widely touted at the time as the second biggest in the world.

Among the major share buyers, besides Felda, were public funds Tabung Haji and the Employees Provident Fund (EPF).

However, FGV share prices tanked over the next several years, and at today’s lunch break, FGV shares ended flat at RM1.76.

Wrong to back Eagle High deal 

In a separate statement, Persatuan Anak Peneroka Felda Kebangsaan (Anak) president Mazlan Aliman said they were disappointed with Shahrir’s decision to defend Felda’s purchase of Eagle High Plantation (EHP).

“Shahrir is repeating (former Felda chairperson) Isa Samad’s mistake when he disregards the various viewpoints that the purchase of this plantation is three times more than market value,” Mazlan said in a statement today.

He urged Shahrir to be serious in revamping Felda by focusing on matters that directly affect Felda settlers like the Felda new generation housing, the replanting debt and the late payment for the settler’s revenue.

Felda should actually be focusing on the Felda Plantation which is over 850,000 hectares wide, he added, as well as maintaining the plantations of the settlers.

“This is the benchmark of Felda’s success, which is the pride of the country.

“It is the core and heart of Felda’s economic development which brings in billions of revenue each year,” he said.

As such, if the EHP purchase moves forwards, he said Anak will not hesitate to start a protest campaign.

He said Anak believes’ that Shahrir will not relent to any outside pressure, including from the prime minister himself.

Felda had recently purchased a 37 percent stake in Eagle High Plantations in Indonesia, which critics, including CIMB chairperson Nazir Abdul Razak, said was overpriced.

Source : Geraldine Tong @ Malaysiakini



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