Home » Pakatan Rakyat » IPO of Felda and its naughty detractors

IPO of Felda and its naughty detractors

I read with interest what Mazlan Aliman of Association of Felda Settler’s Children (ANAK) was going to do regarding the listing of Felda Global Ventures Holding (FGVH) to the public.

I actually attended the launch of prospectus in Dewan Perdana Felda on 31st March 2012 where it was hoped that the IPO will change the lives of Felda settlers and directly bring about a more efficient and expansive operational values for the whole group.

Prospectus is more than 945 pages thick

The prospectus itself is a gigantic book which I can safely assume, only the most technical gifted could scour and cover all the important information contained in that book and comprehend them. Yours truly could only grapple with a few salient points and had a few help from investment banker friends, people from Felda and a lawyer just to understand the gist of the prospectus. I had to, since I was entrusted by few relatives whose parents were Felda settlers to look into their foray with this whole IPO venture from the start.

Hence I am quite amused when one Mazlan Aliman, the president of ANAK made a press conference saying that the prospectus had misled the public. His point of contention was that “(FGVH) is passing off land that it does not actually own, land that will not be given to it as asset by state governments” .

He went further by saying that:

“the matter is even more contentious considering that Pakatan Rakyat state governments have said that they would not release parcels of Felda land under their jurisdiction. Even the governments of BN-led Perak and Johor were also ‘not ready’ to give up the Felda land under their jurisdiction. Anak was also doing checks on about 18,000 hectares of settlers’ land that were “without titles” in Negri Sembilan, which was also included in the prospectus. The prospectus lists 327,730.06 hectares of land, including 66,438.60 hectares that did not have titles. These include close to 25,000 hectares in Kelantan and about 240 hectares in Kedah.”

I find it odd when he said that FGVH passing off land that they do not own because it is clearly said in the prospectus that the lands were not FGVH’s to begin with. The lands were only tenanted by FGV from Felda. And further more, this IPO is about the listing of FGVH; it is not about the listing of Felda lands.

Actually, since decades ago, Felda received about 800,000 hectares from the government (this was during Tunku Abdul Rahman’s time). Out of that, 500,000 hectares were given to settlers. But in the 1970′s, when the government wanted to give out further 300,000 hectares of lands under the settlement scheme, there were no takers as the new generation at that time did not want to take it up. They’d rather work in urban areas or in big cities at that time.

Thus settlement scheme was stopped and the balance 300,000 hectares of land were managed by Felda itself. This is the 327,730.06 hectares mentioned in Mazlan’s press conference yesterday. The settlers’ lands or ‘tanah peneroka’ are not touched by this IPO venture at all. Please look at below’s table:

Page 810 clearly states ‘tenancy agreement’ at the top of the page.

Thus I believe Mazlan Aliman LIED to the public during his press conference yesterday. Even the 18,000 hectares of lands without titles in Negeri Sembilan were erroneous. It is only approximately 3,000 hectares.

Land without titles simply means the title of the lands were not issued yet by the Land Department and if any of us are familiar with how Pejabat Tanah works, the land titles could take months before there are issued out.

Therefore, I am not so sure as to why Mazlan Aliman wanted to make an injunction to stop the listing this Thursday when he was the one misleading the public with his twisted facts and half-truths in the first place.

But this is not surprising as Mazlan Aliman is a PAS leader and had even contested in the general elections. It is to the benefit of Pakatan Rakyat that the settlers and the public in general see that this IPO falls flat on the government’s face. But to deny the settlers of a good deal just because of a narrow and selfish political agenda of Pakatan Rakyat? Moreover, doing it with lies and skewed propaganda? And Mazlan calls himself a leader in an Islamic party? I believe they have achieved the lowest of depths in political lynching.

I do hope Malaysia Kini will rectify Mazlan Aliman’s false claims and incorrect assumptions. Perhaps this time Malaysia Kini can prove itself to be neutral after all.

On another note, yesterday’s results of FGVH’s first quarter was very encouraging when revenue increased to RM1.719 billion from 1.688 billion recorded in the last quarter although profit before tax decreased  to RM280.8 million as compared to RM495.2 million in the corresponding period last year.

I suspect the decreased in PBT in this quarter as compared to the corresponding quarter is mainly due to the tenancy agreement signed last January and other IPO-related expenses. Insiders noted that the tenancy agreement itself is costing FGVH a whopping RM47.5 million per year to Felda. Hopefully, the operational costs remain low and will not jeopardise the efforts in years to come. The world is watching. And our national pride is at stake. Hence, it is in everyone’s interest to make this work.

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23 Comments

  1. Hamid says:

    Jebat already dead?.

    You are right on your comment regarding the status of Felda settlers land.The land was not lease to FGVH but they did was the use the power of golden shares with Govertment to lease the produce from the land for 99 years.For 330,000 hektar they paid only 250 m ringgit a year.That mean one hecter they paid 200 mrgt.This is way aove the market price.For one hecter of palm oil you will get net profit 5 thousand rgt per year.and settlers only get 200 rgt.Is this not day llight robbery.Secobdly when they fixed the amount to lease the produce from settlers did they negotiate with settlers or the cooperative.Who determine 250 m rgt per year to be paid.

    Second.With this lease arrangement,felda settlers cannot do anything with the land for the next 99 years.Those land near the town like in Negeri Sembilan,Selangor ,Johore and Perak,which fetch higher value per acre if the develop into new township,now they have to wait another 99 until the lease expire.

    Jebat will die next PRU.

    • jebatmustdie says:

      What are you talking about Hamid? The leased lands are not settlers’ lands. They are Felda’s lands. Settlers already have their own lands which both Felda and FGVH are not going to touch. The money settlers going to get from this venture are ‘durian runtuh’, apart from their usual income they receive from their OWN lands every month. And I certainly don’t get this RM5K per year per hectare figures you quoting. Where do you find this source? Thank you.

    • Wan says:

      Hamid does not have any source. He just rambled it from the top of his head. He hears what is said at the kedai kopi here and there, and out he comes. All sorts of rubbish. The last time I remember reading him was when he said the settlers’ lands were leased for RM70 per acre per year. Complete, utter rubbish.

      Elsewhere he said Singapore sucks water by the tons from the sea, have it treated (he calls it “salination”, I think) for drinking and, cooking etc and pooh poohed the significance of Johore water for Singapore. How to believe whatever he says? This is the Mazlan Aliman type of guy.

    • Bidin says:

      Orang macam ni bantah ha nya kerana nak bantah saja. Tak periksa fakta dulu. Tak sebut punca maklumat mereka. Main cakap saja, cakap lepas, ikut suka saja. Mana boleh Mazlan Aliman cakap 18,000 hektar pada hal sebenarnya hanya 3,000 ekar tanah yang tidak bergeran di Negeri Sembilan tu.

      Kita kena selalu dedahkan mereka itu. Jangan benarkan mereka tipu rakyat tak habis habis. Tipu orang kampong pulak tu. Kesian orang kampong.

  2. Rakesh Kumar says:

    I wish all the best to the peneroka families. Reminds me of my childhood. I recorded some of the upbringing living near Felda area here, thank god I did:
    http://grouchydays.blogspot.com/2009/09/kota-tinggi-tourism-haven-sans-haircut.html
    http://grouchydays.blogspot.com/2010/12/age-of-rock.html
    Sorry for plugging my posts, JMD. It’s just that I feel happy for my Felda brothers and sisters on the listing.

    Good scoop there, hope the media picks it up big time…

    • Wan says:

      Well done, Rakesh. Haven’t read the links you provided yet but I think they are sympathetic to the peneroka FELDA. I’m proud of fellow Malaysians who are happy for the Felda brothers and sisters as you call them.

  3. Hashim says:

    I’m glad that you come out with this post. I haven’t the time to read it fully yet. But with my poor knowledge about accountancy, economics, stock market operations and companies public listing requirements, not sure whether I’d understand even your explanations, let alone all those said in the prospectus.

    Yet I see many fellows coming out making comments Mazlan Aliman style, using Aliman’s arguments here and there in blogs. Clearly they are the Aliman kind – PAS people. Mazlan Aliman, I read, is PAS Central Committee member. A lot of anti FGVH propaganda and a few comments even saying “I’ve read the prospectus” and bla bla bla. Ya Allah, only now do I know that “The prospectus itself is a gigantic book which I can safely assume, only the most technical gifted could scour”. How they cheat the rakyat talking the way they do. And they are supposed to be ‘alim or pious people. Astaghfirullah.

    Let’s call their bluff, let’s put them in their proper places, those Mazlan Aliman type of people.

  4. Opah Kampung says:

    For a counter-balanced view of the IPO listing:
    If you are a trusted custodian to your Felda relatives’ long-term interests, do check out.

    http://malaysiafinance.blogspot.com/2012/06/fgv-listing-sobering-overview-by.html

    • jebatmustdie says:

      I read the blog link and thank you. But please get it right that Felda settlers are not in the same boat as investors of the IPO. Settlers’s interests are protected meaning, their lands/assets are not being taken over by FGVH.

      Anyway, the offer to buy FGV shares amounting to 800 lots is an OFFER. Setllers have the option to accept or reject them. Likewise, the loan facility arranged by FELDA is a SERVICE to enable settlers who do not have the financial means to buy shares, to do so. Since it is a facility OFFERED – it is up to settlers whether they want to utilise or not. Those with money by all means are allowed to purchase their shares with cash. Right now there are 112,635 settlers and some 30,000 staff in Felda. Unfortunately, the window when the shares are offered (on 31 May) and payment must be made is very small (by 12th June). Obviously, I think the banks to process this volume of applications within the timeframe is an impossible task since they have to process up to 10K a day. That’s why settlers (AND all staff) were requested to pre-sign the loan applications to enable the banks to pre-process the loans. At the time they accept the blue form shares, settlers must indicate the mode of payment. If they decide to use their own fund to purchase shares the loan application will be not be processed further.

      I do not understand why the settlers who filed for injunction would be so callous – people have offered shares, offered loans to help pay for the shares (which is the norm in any other IPOs), still want to create problem. If they do not want the shares, then don’t take it. So what’s the problem? Why the need to go to court? And you’ll be surprised at how many settlers who did not opt for the loan and buying the lots of shares with their own funds (in case which, kudos to Felda).

      Thank you.

      • Bidin says:

        Yang mintak perintah mahkamah halang FGVH tu amat jahat niat dan tujuannya. Mereka di godeh, di hasut orang seperti Mazlan Aliman, yang juga ahli Jawatan Kuasa Pusat, PAS. Dia mahukan nama saja. Kononnya perjuangkan nasib peneroka. Tapi dah macam macam orang tulis di sini sana menunjukkan dia dan gengnya keluarkan maklumat tak betul, pesongkan pemikiran peneroka.

        Orang PAS lah yang di gambar baring di atas jalan pakai jubah dan ketayap menghalang kereta Raja Muda Perak dulu. Ini lah jenis maanusia yang nak pejuangkan peneroka FELDA konon. Mari kita kejikan tingkah laku jahat mereka seperti itu.

      • Transparent says:

        Kita kena tenguk dulu purpose Felda di wujudkan. Land distribution for the landless. Dalam tahun 1995, siapa ya Presiden UMNO masa tu, Felda Holdings pula mengambil alih tanah yang diberi kepada Felda untuk dimajukan. Buat apa? Buat siapa?
        Masa ini tiada lagi peneroka Melayu diambil lagi. Kenapa? Tamak haloba mula timbul di kalangan pemimpin UMNO. Kenapa kita perlu bagi tanah percuma bila kita boleh bangunkan sendiri?Agaknya begitu sentimen mereka yang sudah lupa purpose FELDA. KPF pula jadi pengelola untuk tanah-tanah Felda dan bukan dibagi kepada orang lain.
        Adalah manusia di pihak pengurusan yang tamak. Tidak mahu mengambil lagi orang Melayu yang tidak bertanah.

        Begitu juga pengwujudan FGVH, buat siapa? Untung bagi siapa? Dimana land distribution yang diilhamkan oleh Tun RAzak? Adalah manusia di management yang nampak jadi CEO dsbnya yang buat idea. Tapi fokus oleh Felda sepatutnya land distribution. Sudah tercapai kah? Masih wujudkah orang Melayu yang tiada tanah? Masih. habis kenapa dihentikan?

        Tanah-tanah peneroka tidak akan diusik, bagaimana pula dengan tanah-tanah yang sepatutnya di keluarkan kepada mereka yang tidak bertanah? Kenapa Najib jadikan syarikat FGVH dengan penyernaraian ini? Kenapa tidak diagih-agihkan? Itu yang patut dipersoalkan.

        Why should the Government be involve in running a plantation? Tidak timbulkah soalan itu? Selain dari itu persoalan global sekarang adalah DEFORESTATION. Mereka yang menebang hutan rimba untuk tanam kelapa sawit dipandang sebagai environmental destroyers. Jadi soal sustainability dunia juga perlu ambil kira. Kenapa kita mahu terlibat dalam industri yang mencemarkna dunia seperti kelapa sawit. Cukuplah setakat yang ada untuk punca pencarian hidup untuk seperti keluarga Mawi dsbnya.

        Kononnya FGVH nak buka tanah hutan dan tanam oil palm. Ini akan ditentang diseluruh dunia dan Malaysia dan FGVH akan dilihat sebagai environmental criminals! Landforests are the world source of oxygen! Jangan lah jadi bodoh dan biadap terhadap kemanusiaan sendiri hanya kerana jual minyak sawit nak dapat untung. Kita Malaysia sendiri kita mesti prihatin kepada sumber rainforests yang berumur berjuta tahun di potong oleh tokeh balak Cina dan plantations dan Felda.

        Farming untuk sumber kehidupan tidak dapat dielakkan seperti yang Mawi lakukan. Tapi farming untuk merosakan eco dunia untuk mengaut keuntungan jadi billionaire macam Lee Sheng Chen dari IOI mesti ditentang.

        Berbalk kepada penyenaraian ini, memang benar ahli Felda sebagai pekerja akan dapat duit tambahan. Tapi mereka hanya sebagai pekerja. Seperti bila Mahathir swastakan TNB. Telekom, pekerja dapatlah pink slip. Tapi yang kaut cash ratusan juta fees adalah Nazir Razak dan kuncu Investment bankers. Ya..Investment bankers laugh all the way to the banks with the fees hehe..

        Kesimpulan, penyenaraian FGVH adalah salah dari segi matlamat Felda itu ditubuhkan sendiri oleh Tun Razak. FGVH juga hanya menjual janji-janji palsu seperti syarikat-syarikat lain kerana belum tentu ada kepakaran untuk menjalankan upstream lah downstreamlah. Felda sepatutnya kekal sebagai land distribution agency untuk mengurangkan kadar kemiskinan dan menjadikan Melayu golongan yang bertanah. Banyak perkara adalah diluar kawalan pengurusan CEO FGVH seperti harga minyak sawit dan harga minyak lain. Sama seperti MAS terlampau banyak variables. Bayangkan jika kroni Presiden UMNO dapat kontrak bekalkan baja, mungkin baja akan dijual dengan harga yang mahal seperti abang Pak Lah dapat kontrak bekalan makanan di MAS. FGVH tidak membantu mengurangkan kemiskinan orang Melayu. FGVH tidak membantu dalam land distribution kepada orang Melayu yang memerlukannya.

        Niat suci Tun Razak membantu kemiskinan orang Melayu akhirnya terkubur dengan ketamakan generasi anaknya yang menjadi kepala KApitalis nombor satu.

    • Hj Zakaria Aziz says:

      Salam JMD,

      Analisa Profundo sangat bias dan negatif. Tapi kita semua rakyat Malaysia kena tahu kenapa analisa sedemikian dikeluarkan. Pertamanya, lihat pada siapakan ahli dalam ‘team’ Profundo? (Rujuk web Profundo). Boleh dikatakan ahli Profundo ialah mereka yang terlibat/berkerja dengan pertubuhan seperti Greenpeace dan lain-lain pertubuhan yang seumpanyanya. Apa kaitannya? Kita imbas balik kempen anti minyak sawit yang dibuat oleh Nick Xenophon melalui food labelling. Sokongan kuat dari pertubuhan sebegini termasuklah yang vokalnya — Greenpeace. Jadi tidak hairanlah kenapa ahli Profundo ini membuat analisa yang sangat negatif!

      Nota: Nick Xenophon (Senator Australia) merupakan rakan Anwar Ibrahim yang terlibat secara langsung dalam Bersih 3.0. Adakah kempen Food Labelling yang dituju khas pada industri sawit negara bernilai berbillion ringgit ini ada kaitan dengan sabotaj ekonomi negara untuk menaikkan Anwar Ibrahim?

      • Isa says:

        Omputih yang biadap. Nama saja Senator tapi tak tahu adat, tk tahu undang undang. Pergi bersama deno jalanan, masuk campur hal hal di negara lain. Kebanyakan peduduk Australia berasal dari “convicts” atau banduan penjenayah yang di “buang negara” dari Britain, seperti tercatit dalam sejarahnya. Ini Xenophon seorang darinya. Namanya pun bunyi macam jenis banduan.

  5. Aghast says:

    Nope, it’s not “in everyone’s interest to make this work.” It certainly will not be in PAS, PKR and DAP interest for this to work.

    But like hell we will whack them left, right and centre, here, there and everywhere. Because they are lying to their teeth. Denying the FELDA settlers to benefit from a public listing exercise. That which does not even involve the settlers’ land. Only twisted and manipulated by the evil acts of the PAS Dirty Tricks Department guy Mazlan Aliman and his cohorts.

  6. Firdaus says:

    “Naughty detractors” are polite words. More like “nasty” ones. The PAS people are opposing for the sake of opposing. And lying, misleading, too.

    Tan Sri ISA Samad has long ago said the public listing does not involve the settlers’ lands. Even if the Prospectus is a thick document, surely they can see that there are hundreds of thousand acres that are in the name of Felda Plantations and not owned by the settlers. How evil the intentions of the PAS people.

    I shudder at the thought of them getting to Putrajaya by mistake, default or whatever. But not likely, considering PAS fighting among themselves in the party and intra-party in Pakatan Rakyat.

  7. Jusa says:

    I agree “they have achieved the lowest of depths in political lynching.” You see, these are PAS fellas who have some education but not much political experience. Khalid Samad was obliquely referred to as “parasite” by Dr Hasan Ali, the former Selangor State PAS Leader. He may not have been in the party long but is hoping to hitch a ride in Anwar’s bus. So when he was reportedly asked by Anwar to get the Negara Islam and Hukum Hudud dropped from PAS, he must have worked very hard and the so-called Erdogan group succeeded in getting that PAS dream of the Ulama faction dropped at the PAS Muktamar last year.

    Mazlan Aliman, too, did not appear as having been long in the party, managed to get into the Central Committee probably due to his populist kind of politics. Lynching has become one of them. The crude, “biadap” kind of protest by lying on the road blocking the Perak Raja Muda’s car from passing, clad in jubah and skull cap, would have come out from Mazlan’s kind of politics, too. And they have started the road demo kind of politics sending the red shirted guys to Bersih 3.0. Getting the Koperasi Felda to block a general meeting on the idea of FGVH listing, getting a court injunction to stop the original moves on the public listing exercise, and lying about the so-called damage – instead of the benefits – to the settlers’ interests are all part of what appears to be a desperado move to get votes for the so-called journey to Putrajaya.

    But I believe the journey is full of pitfalls, ravines and dangerous corners. One of them is when the FELDA settlers, and those others who are entitled, get their “durian runtuh” not too long from now as a result of the FGVH listing. Mazlan Aliman’s deceits, lies and hoo haa will backfire. Badly, too.

    • Wan says:

      Khalid Samad may be hoping to become Minister or Dep Minister if Anwar becomes PM. But Mazlan Aliman and many others want, too. And they’ll fight it out. Already many fights among them, Ulama, Erdogan and the Third Force.

      No wonder there’s talk now about Anwar’s shadow cabinet having three Deputy PM. Maybe he’ll have 30 Ministers and 90 Deputy Ministers! What a load. Of rubbish or whatever.

  8. Pak Man says:

    “in the 1970′s, when the government wanted to give out further 300,000 hectares of lands under the settlement scheme, there were no takers .. They’d rather work in urban areas or in big cities at that time … settlement scheme was stopped and the balance 300,000 hectares of land were managed by Felda itself.”

    They lost opportunity then. Hope they’d not lose opportunity this time. Don’t let Aliman mess them up. Ali Baba corrupts the NEP but Aliman want to manipulate FELDA settlers.

  9. It amused me Jebat, that Malays can at times be moron to fork out for get rich quick scheme, despite so many signs of questionable practises. But when a program that give them money by joining through share ownership, which in this case, rather slowly (dividends can be half-yearly or at least yearly) they start banging their head against the wall. How f**king stupid is that? Come you Malays, wake up! Be clever for once. For how long can the Malays be anti-establishment and start doing long term planning?

    It reminds me when i made my mind to move to ibiza, my pop been singing the same song over and over: ‘there’s plenty of job in malaysia, why need to move, malaysia has plenty more food, easy to pray and puasa…’ and it goes on.

    • Ikhwan says:

      Not all Malays are stupid. Only the Mazlan Aliman, his PAS group and those who believe him. Even PAS members, not all are stupid – sure they’ll take the durian runtuh, quietly. But they’ll protest for the sake of protesting or under peer pressure, because the Poklong, Pokdo and Poksu have become Pak Turut and the younger ones have lost the old values of Malay society. Cheated by PAS of their dream of Negara Islam and Hukum Hudud that was dropped by PAS Muktamar last year, Cheated by PAS Spiritual Leader Nik Aziz’s so-called fatwa of masuk neraka if they vote other parties.

    • GuaPandai says:

      Contrary to what you say, the Malays now are much cleverer. They know that whatever move that UMNO leadership made is with some crony to benefit. It has been done over and over again that is why they are suspicious of FGVH listing. The stupid Malay is you because you cannot make it here in Malaysia and have to move. Probably because you are not in the clicque that use Felda to pay RM700 million to NAZA TTDI for a condo. Yes Felda a plantation body bought a condo. It seems that condos give better return that cow rearing or oil palm..hehehe.
      The stupid Malays are the UMNO and Malay bankers who think that we cannot see through their motives.
      If condo gives better return than cow or oil palm why not UMNO buy all the condos? Why not move out of cow or oil palm? Stupid isnt it. Ed Nar you are stupid for not understanding that budget for cows or oil palm must be separated and use for their stated purpose. Soon it will be while waiting for my projects, I will put the Govt grant in a China man or crony condo projects….

      But Najib and his brother see all these accumulated Malays wealth as a a mean to make huge commission for themselves. Leveraging on Malays asset in PNB, Najib will issue policy that all GLCs will be privatised so as to earn commission. But then at the same time Najib created another huge GLC, FGVH so that his brother can earn commission. So FGVH as a GLC will in future be privatised again and so generate commission. Note that SIme Darby merged by his borhter to create the largest plantation in the world. Guess what, Sime Darby plus FGVH will make the largest plantation in the world …! its enought to make an investment bankers wet dream.

      So who is stupid now Ed Nar?

  10. Aiseh says:

    Aiseh, sudah listed lah, last I read at RM5 plus. Apa diorang mau cakap lagi?

    Of course they’ll yack, yack, yack some more, the frustrated PAS lot. Dia orang sudah kalah, now just wanna spit venom, sakit hati, hati busuk, tak ada hati perut, the Malays say.

    Main cakap kotor saja lah. But ramai orang Felda ketawakan dia orang, I think. Orang kampong lain yang ada saudara di Felda pun mesti ketawakan PAS. Only Mazlan Aliman, his gang of penipu dan perosak masyarakat saja yang bising. Tuhan akan balas budi jahat dia orang tu.

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