Rural and Regional Development Minister Mohd Shafie Apdal is puzzled why the Kedah State Development Corporation (PKNK) wants to sell 500,000 shares of Felda Global Ventures Holdings Limited (FGV).

“Administratively, anybody can sell them (FGV shares). Maybe they are jealous because they are unable to do what Barisan National did.

“I believe that FGV shares will benefit shareholders, PKNK and Kedah people in the long run,” he told reporters in Kuala Lumpur today.

Earlier, he witnessed the signing of a memorandum of understanding (MoU) between Felda and Risda for the replanting of rubber on 16,873 hectares Felda land with aid of over RM155.7 million.

Felda was represented by deputy director-general (plantation and farm) Mohd Nor Kailany while Risda by director-general Wan Mohamad Zuki Mohamad.

Also present were Felda chairperson Isa Abdul Samad and Risda chairperson Rahim Tamby Chik.

PAS vice-president Mahfuz Omar said that a PKNK officer was cited for misconduct for buying the FGV shares without consulting the board of directors.

PKNK chief executive officer Abdul Rahman Ibrahim said the International Trade and Industry Ministry approved 500,000 of its original application of one million shares.

Of the 500,000 FGV shares, 50,000 units had been sold for a profit of RM47,500.

Meanwhile, Isa commended the PKNK officer for buying the much sought after FGV shares.

“Mahfuz should be cited for misconduct for being ungrateful to the PKNK officer who acted smart by grabbing the opportunity to buy the hot shares.

“In business we must grab the opportunity fast. There is no time to ask the board of directors and members of parliament,” he added.

- Bernama

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