Felda Global's June listing is on track, says CEO

KUALA LUMPUR: Felda Global Ventures Holdings Bhd has reiterated that it is on track for a listing on the Main Market of Bursa Malaysia by June.

The listing exercise will be preceded by a windfall to reward Felda's first-generation 112,635 settlers, who first toiled the land in 1956.

Felda Global president and chief executive officer Datuk Sabri Ahmad said the windfall, which will be announced by Prime Minister Datuk Seri Najib Razak, will come from Felda's own coffers and not from the government.

"This windfall is to reward the very first-generation settlers who have been working hard for the past 40 years with no open roads, no schools and no electricity.

"It is to recognise their sacrifice for the country and Felda. The country's palm oil industry is developed because of the settlers, and this is one way for us to say 'thank you'," said Sabri.

He also said that Koperasi Permodalan Felda's extraordinary general meeting (EGM) must be held within 30 days, with a targeted date of either April 14 or May 2.

This follows the Kuantan High Court's decision on Monday to dismiss the injunction by eight settlers to block the EGM.