Some 120 members of the Koperasi Permodalan Felda (KPF) today handed over a memorandum to the cooperative's board of directors in an attempt to stop the listing of the Felda’s investment vehicle on Bursa Malaysia.

NONE The memorandum is part of a two-pronged move urging the board to stop the proposed listing. The other is the filing of a court injunction in Kuantan tomorrow to prevent a separate extraordinary general meeting (EGM) to endorse the listing from being held on Feb 22.

The memorandum, submitted at the KPF headquarters at the Felda complex in Kuala Lumpur, also seeks an EGM be held over the proposed listing.

According to pro-settlers NGO Anak chairperson Mazlan Aliman, this is in accordance with Article 29(1) of the cooperative’s by-law.

Mazlan said that the by-law states that a quorum for an EGM is one-fifth of all cooperative equity holders or 100 people who qualify as delegates in an AGM.

On the other hand, Section 40(1) of the Cooperatives Act 1993 allows an EGM if it is called by 100 members, regardless of them being a delegate or not.

Equity holders can challenge KPF's decision

“So today we are here with 120 equity holders... We hope this interpretation (over the quorum) will not be an issue.

“The important thing is to respect the 220,000 KPF members, whom we believe were largely not consulted and denied their right as equity holders,” said the leader of the PAS-linked NGO.

He added that equity holders can also challenge KPF’s decision if the cooperative’s board of directors reject a call for an EGM.

“What’s for certain is that we will not allow this listing an easy passage. We will do everyting to block it,” he said. 

The EGM sought by the settlers will, among others, propose that the KPF not be linked in any form to Felda Global Ventures Holdings' (FGVH) listing.

The settlers will also move a motion to stop the cooperative from relinquishing all its equities in Felda Holdings Bhd and its 10 subsidiaries.

This includes relinquishing its equities to any entity formed by Felda Holdings or FGVH in the future.

A motion will also be moved to stop "any form of interference in KPF’s daily dealings or to relinquish any equity" belonging to the cooperative.

The KPF was formed in 1980 with the objective of providing settlers with a share of Felda and its subsidiaries’ equities.

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