KUALA LUMPUR (Dec 27): Felda Global Ventures Holdings Sdn Bhd (FGVH) president and chief executive officer Datuk Sabri Ahmad said plans are on track for its initial public offering in April 2012.
In a statement Tuesday he said the company was firm in its mission to get listed on the Main Market of Bursa Malaysia within this time frame.
Sabri’s statement followed the setting-up of Gabungan Peneroka Generasi Wawasan Felda Kebangsaan or GEMPAK, which announced it had formed an evaluation committee to analyse the listing of FGVH and would come up with a recommendation to be presented to the Prime Minister.
“While we are open to ideas that can improve the listing process or optimise valuations, the board of FGVH is resolute in its mission to get the company listed by April next year.
“There is no wavering on our part and we are very clear as to how this listing will bring benefits and create a win-win situation for all," he said.
Sabri said FGVH was fully owned by Lembaga Felda and the decision for Koperasi Permodalan Felda, the Felda cooperative, to own substantial shares in FGVH prior to listing was designed to allow benefits to directly flow down to Felda settlers, all of whom are members of the cooperative.
He also said FGVH's listing could not be held up by outside parties who had no stake in the company nor any kind of standing in its governance.
“"Our decision to list is well thought out. It is the culmination of a process started in 2009 as part of Felda’s five-year transformation programme. FGVH's role is to expand Felda’s international business footprint and pursue new ventures to ensure steady growth.
“Outside parties cannot upturn these plans to serve their own agenda and the FGV board is sticking to its plans for the listing," he said.
In a statement Tuesday he said the company was firm in its mission to get listed on the Main Market of Bursa Malaysia within this time frame.
Sabri’s statement followed the setting-up of Gabungan Peneroka Generasi Wawasan Felda Kebangsaan or GEMPAK, which announced it had formed an evaluation committee to analyse the listing of FGVH and would come up with a recommendation to be presented to the Prime Minister.
“While we are open to ideas that can improve the listing process or optimise valuations, the board of FGVH is resolute in its mission to get the company listed by April next year.
“There is no wavering on our part and we are very clear as to how this listing will bring benefits and create a win-win situation for all," he said.
Sabri said FGVH was fully owned by Lembaga Felda and the decision for Koperasi Permodalan Felda, the Felda cooperative, to own substantial shares in FGVH prior to listing was designed to allow benefits to directly flow down to Felda settlers, all of whom are members of the cooperative.
He also said FGVH's listing could not be held up by outside parties who had no stake in the company nor any kind of standing in its governance.
“"Our decision to list is well thought out. It is the culmination of a process started in 2009 as part of Felda’s five-year transformation programme. FGVH's role is to expand Felda’s international business footprint and pursue new ventures to ensure steady growth.
“Outside parties cannot upturn these plans to serve their own agenda and the FGV board is sticking to its plans for the listing," he said.
