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PETALING JAYA: No minister opposed Felda’s public listing like FGV Holdings, Najib Razak said today, refuting a claim by Prime Minister Muhyiddin Yassin, Najib’s deputy at the time, that he had not accepted the listing.
In a lengthy post tonight, Najib said: “I remember, when the issue was raised at a Cabinet meeting in 2012, no one opposed the listing. In fact, most were excited that a large part of the trading proceeds would go to the settlers. “
The benefits included a payment of RM15,000 per household and access to RM40,000 in interest-free loans for home renovations, he said.
“Review the minutes of that cabinet meeting. It will show that the decision (on the list) was unanimous. “
He said that he had even consulted with two former cabinet members and they confirmed that the decision was unanimous.
Najib was prime minister when FGV was listed in the world’s third-largest public offering, raising RM10.4 billion.
Earlier today, Muhyiddin had spoken of his disagreement while addressing his constituents in Pagoh, Johor, on a plan from Felda.
Muhyiddin said: “When it was included in FGV, I was in the cabinet. I told the then prime minister (I don’t have to say who) that I disagreed. I know that the Felda officials and the settlers did not agree with (Felda’s) decision to become a publicly traded company. “
He also said that his government of Perikatan Nasional, which took power in March, had focused on the recovery of Felda.
Felda is the federal government’s land resettlement agency. It owns a 21.24% stake in FGV, originally known as Felda Global Ventures, and is believed to have increased its stake to 35.12%.
It is reportedly planning a mandatory takeover bid for the remaining shares, at an offer price of RM1.30 per share.
