Purchase of Felda shares - loans merely an offer
Thursday, June 28, 2012
Stakeholders have three choices, take the bank loan, use their own money or reject the offer.
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It was reliably learnt that the request for settlers to pre-sign loan applications for the purchase of the shares was not meant to force settlers to take up the loans but was initiated to ensure the banks can approve the loans fast for those who needed the financial assistance to secure the shares.
"For the banks to process such a huge volume of applications in a short time is a massive task (almost 10,000 per day), and they simply do not have the resources to do so," a source said.
"Upon listing, the loans will be offered to all the settlers and it is up to them if they want to exercise the option. Those who have their own funds can, by all means, purchase the shares on their own," the source told The Mole.
The explanation cme about following a posting put up by PKR vice president Nurul Izzah Anwar in her blog where she said she was made to understand that every potential shareholders, including settlers and staff of Felda, were required to take up bank loans for the prchase of the shares eventhough some of them could afford to use their own funds for the purchase.
News portal Malaysiakini on Tuesday had reported that 140 settlers nationwide had filed an injunction to bar the authorities from processing their loan applications to purchase the shares upon listing.
The application, which was filed at the High Court in Kuantan, had named 44 Felda managers nationwide and five banks (CIMB Bank, Maybank Islamic, Ambank, Affin Bank and Bank Islam) which are involved in the listing exercise as the respondents.
It was the second injunction filed by the group.
An earlier injunction was filed to prevent Koperasi Permodalan Felda (KPF) from disposing its equity in Felda Holdings Berhad (FHB) to FGVH but it was rejected by the same High Court.
Blogger Jebat Must Die had pointed out that some of the points raised by Mazlan Aliman of the Association of Felda Settler's Children (Anak), who is opposed to the listing exercise, of being misleading and untrue.
Mazlan, who is also Pas central committee member, had said in a press conference that FGVH is listing parcels of lands that is under state jurisdiction refers to both Opposition-led states of Kedah, Kelantan and Selangor as well as Barisan Nasional-led states of Johor and Perak.
However, according to Jebat Must Die, the prospectus had clearly said that the land is only tenanted by FGVH from Felda and the Initial Public Offering (IPO) is mainly about the listing of FGVH, not the lands.
"The settlers’ lands or ‘tanah peneroka’ are not touched by this IPO venture at all," the blogger said, adding that Mazlan had twisted the facts and figures and the actual figure could be found in the prospectus.
According to New Straits Times, the IPO will enable FGVH to offer up to 2.19 billion ordinary shares to Malaysian and foreign institutional investors including Bumiputera investors approved by the Ministry of International Trade and Industry as well as retail investors.
The retail portion of the IPO consisting of 273.61 million shares will be priced at the lower of RM4.55 and 98 per cent of the institutional offer price, whichever is lower.
sumber: http://www.mole.my
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