However, the Felda chairman was coy when asked whether the person he meant was FGV’s present chairman Isa Samad
JOHOR BARU: There should be a leadership change at Felda Global Venture Holdings Bhd (FGV), including its chairman, said Shahrir Samad.
However, the Felda chairman was coy when asked whether the person he meant was FGV’s present chairman Isa Samad.
He only said: “Just wait for an important announcement from the special shareholder on this matter.”
Shahrir noted that the special shareholder is the government via the Ministry of Finance as FGV is a government-linked company, and that the special shareholder could appoint the FGV chairman, chief executive officer and directors.
“We also hope that our Felda representatives will be appointed into FGV, similar to what had happened in the past,” he added.
He was speaking to reporters after presenting aid and breaking fast with residents at Pangsapuri Desa Melayu, reported The Star.
Asked about FGV, he said the company is fundamentally strong and its share price should be worth between RM2.50 and RM2.60.
Asked about talk on FGV being taken private, he said that it is in the initial stage, but he did not think it is necessary at this junction.
“There was also similar speculation about Chinese investors being brought into FGV and other talk,” he said, adding that Felda also has no plans to abandon or sell its 33.3% stake in FGV.
Asked whether FGV can regain its former glory when the share price rose above its initial public offer of RM4.55, he said he does not discount the possibility, but added that it can only happen through good corporate governance and cost-cutting measures.
Shahrir added that previously, before Felda handed over all its land to FGV, it was generating more than RM1bil annually.
“However, since listing FGV, the company has been paying us less than what we earned when Felda was managing our land,” he added.
Last week, Prime Minister Najib Razak outlined three strategies to promptly resolve the issues currently affecting FGV.
They are that all decisions must adhere to company laws; involve good governance; and fair processes which involve consensus.