Felda Land Development Authority (Felda) chairperson Isa Samad gave his assurance today that "absolutely none" of settler-owned land will be included in the proposed Felda Global Ventures Holdings (FGVH) listing.

"Only the land currently held by Felda Holdings Bhd will be involved. In addition, the settlers' holdings in Felda Investment Cooperative (KPF) will remain untouched," he said in response to media reports on the matter.

palm oil plantation 111005 Isa added in a statement that the settlers also need not worry about their Koperasi Permodalan Felda shares as KPF will also be "untouched" in the listing exercise, which he claimed received has "majority" backing from the settlers.

Reiterating Felda's stand on KPF following a court injunction to stop it from discussing the relinquishing of KPF assets in Felda Holdings, Isa said a special purpose vehicle would be set up to represent the settlers' interests in the listing.

"It is important to note that FGVH is 100 percent-owned by the Malaysian government and the decision to list lies only with the Felda Board and the minister in charge of Felda...

"Soon, we will be going down to the ground to explain the situation directly to the settlers," he said.

'Pointless' to speculate on capitalisation

Felda Holdings is 51 percent owned by KPF, with its members being Felda settlers and employees.

The decision to drop KPF from the listing exercise, following the court injunction, has led to speculation of a severe drop in the market capitalistion of FGVH.

Commenting on the RM21 billion capitalisation touted, Isa said it is "pointless to speculate on absolute numbers at this juncture".

"The FGVH IPO (initial public offering) is going through the usual regulatory process and nothing has been finalised at this point. I again urge all parties, including the media, not to make speculative statements that may prejudice the outcome.

"I am sure the FGVH management will provide the necessary information as and when approvals are obtained from the authorities concerned," Isa said.

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