After a brief lull, share price of Felda Global Venture Holding resumed its decline, closing at RM4.61 at noon today, 4 sen above its lowest point of RM4.57 recorded on September 11 on inter-day trading, and just 6 sen above the RM4.55 initial public offering price.
On September 11, the share price rebounded within four days from its low in RM4.57 to RM4.95. However, today FGV shares are on downward trend again, shedding RM0.35 to RM4.61. Yesterday, the shares closed at RM4.65, the lowest closing price todate, breaching the RM4.68 mark it set on September 10. Worse, the commodity prices for palm oil remains low hovering below RM500 per tonne.
National Felda Settlers’ Children Association (ANAK) president Mazlan Aliman said he had been getting many grouses from settlers over the plunge of share and commodity prices. “I have also been contacted by Felda staff on the issue of loan (to purchase) FGV shares. The amount is too huge and they are suffering to repay the loans,” he said.
Felda settlers have been forced to take up loans to obtain the 800 shares which they were told were gift alongside the RM15,000 'windfall' in the wake of FGV's controversial listing. “Everyone is fooled by UMNO leaders’ guarantee. (They said) FGV listing is a profitable global transformation, that we must support, that you are stupid if you don’t follow, that leaders wouldn't deceive us.
"So when commodity and shares prices drop, you still want to be their lackeys?” he chided. Mazlan also questioned why Felda settlers and employees continued to remain silent and not voice out against Felda chairman Isa Samad, minister in the Prime Minister’s Department Ahmad Maslan and Felda director general Faizoull Ahmad.
“Until when are you willing to be cheated?” -Harakahdaily
Published by Malaysia Chronicle on 8 November 2012:
Related post:
http://www.freemalaysiatoday.com/category/opinion/2012/11/18/bns-only-strategy-in-economics/
ReplyDeleteWe are not confident FGV will take settlers new heights nor are we confident Najib, Umno and BN can take our country to new heights.
Najib’s only strategy in economics is to give out money, here, there and everywhere.
Right from the beginning, the listing of FGVH and the choice of the vehicle for listing of Felda’s business interest was questionable.
For a start, there weren’t any settlers’ representative on its board.
FGV does business mostly overseas. Its business record was far from good or sufficiently good enough to inspire confidence that it can bring Felda to new heights.
It incurred continuous losses in its business most of the time and only made spectacular rebound on the profits nearing the listing date.
Most of its profits came from the portion it owns in Felda Holdings which is anchored in its brick and mortar business- planting of palm oil trees and selling CPO to the world.
It wasn’t doing anything bordering on rocket science that seems to be preferred by FGV.
http://www.themalaysianinsider.com/malaysia/article/settlers-rally-against-felda-chairman/
ReplyDeleteOver a thousand settlers today gathered at the national capital here to protest against Tan Sri Isa Samad urging him to step down as the Federal Land Authority FELDA chairman even as Felda Global Ventures Holding Bhd FGVH shares continued their weak performance. The “Save Felda” rally led by the National Association of Felda Settlers’ Children ANAK marched to the Felda headquarters from the mosque at Universiti Teknologi Malaysia UTM today after Friday prayers. The rally participants chanted “Selamatkan Felda” Save Felda and “Undur Isa Samad” Isa Samad back down” as they carried an effigy with a photo of Isa Samad on it. As the ANAK group approached the Felda headquarters an anti-ANAK group comprising an estimated few hundred people standing about 50 metres away blocked their advance. The two groups were each separated by rows of police with the anti-ANAK group holding banners with messages against ANAK and association leader Mazlan Aliman such as “Mazlan Aliman gadai Felda untuk jadi YB” Mazlan Aliman pawning Felda to be YB and “Persatuan ANAK pengkhianat” ANAK group are traitors”.