Another piece of lying propaganda from the opposition claims that 3 companies from China will buy FGV just like Proton and Lotus.
It also claims that tanah-tanah makcik Felda will soon be owned by China.
This is complete rubbish!
Via My Facebook :
https://m.facebook.com/story.php?story_fbid=10212028507339816&id=1587733405
Before we start, it is important to distinguish between Lembaga Kemajuan Tanah Persekutuan (FELDA) with FGV. These are two separate companies but FELDA owns about 34% shares in FGV. FGV's role is to manage the plantations. It also buys the fruit bunches from the settlers, process it and then sell the crude palm oil to the market.
Firstly, FGV is different from Proton as Proton's sale was completely sold to a private company DRB-Hicom and no longer listed on the stock exchange in 2011 as per Tun Mahathir's advice - resulting in the golden share of govt in Proton cancelled.
Any sale of shares in Proton to any party is the decision and private matter of the private shareholder as the govt does not hold any shares in Proton.
Secondly, FGV does not OWN any FELDA land. FGV rents 335,000ha out of Felda’s total landbank of 850,000ha under a land lease agreement (LLA).
Therefore, no FELDA land will be sold to China or anyone since FGV does not own any FELDA land at all.
On top of the land leased from FELDA, since listing FGV has also bought various other plantation companies and palm oil land.
Among the major acquisitions were the takeover of Pontian United Plantations Bhd for RM1.2 billion and Asia Plantation Ltd (from the London Stock Exchange) for RM628 million. It also spent RM2.2 billion to buy the remaining 51% stake in Felda Holdings Bhd from its substantial shareholder Koperasi Permodalan Felda Malaysia Bhd in October 2013. The latest purchase was 836.1ha of oil palm land from Golden Land Bhd for RM655 million cash in 2015.
Thirdly, FGV is a listed company.
When you list a company on the stock-market, anyone can buy the shares from the stock-market including China companies (or France, or India or Singapore or USA or anyone) but it does not mean that they can control the company as long as the majority owner does not sell their stake.
Mahathir privatized and listed on the stock exchange companies such as our National Rice board into BERNAS, our national power company LLN into Tenaga, our airports (MAHB), our national post service (POS Malaysia), our national telecommunications company Telekom, Axiata, our ports and many others.
In the end, many of these companies ended-up being held by foreigners who had invested and bought the shares from the share market.
If a China company is interested to take a stake, they will buy the shares off the stock-market and this will increase the price of FGV shares. But they will not be the majority owner or controlling shareholder - just like MAHB, Telekom, Tenaga, POS etc...
Indeed, there were news reports two months ago that 3 China companies may be interested to take a strategic stake in FGV. The main one that was named is a company called COFCO.
http://www.thestar.com.my/business/business-news/2017/03/21/three-chinese-companies-eye-strategic-stakes-in-fgv/
COFCO is China’s largest food processing, manufacturer and trader. Their business is to use raw materials (or upstream) such as palm oil to produce food-stuff (or downstream).
To produce food-stuff using edible oils, COFCO can use palm oil or they can substitute it with other oil such as soybeans oil or even animal fats oil.
If they were to take a strategic stake in FGV, COFCO's interest would be to secure the upstream raw-material supply.
This is actually good for FGV as it means a secure customer who will not change from Palm oil to any other oil or buy palm oil from Indonesia or other countries instead.
Imagine a secure and stable future for our palm oil planters and settlers where Malaysian Palm Oil will be in food products produced and sold by China's food companies for its 1.4 billion population. It will mean more stable prices for palm oil and a secured major customer.
However, this is just speculation and there has not been any further indication that COFCO will proceed with its interest.
If the opposition is truly fighting for the interest of the nation, they will not keep attacking FGV and allow FGV share prices to increase - just like how DAP's Superman Hew Kuan Yew frequently boasts that he had caused Lynas share prices to drop by continually attacking Lynas for years.
If FGV share prices are lower then it is more attractive and cheaper for foreign companies to buy a stake in it.
However, the opposition - especially the Cap Bunga party, is merely interested to take advantage of the kampung people to create fear and sabotage our economy by creating and spreading lying whatsapp messages.
LSS.
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