PETALING JAYA: No minister objected to the Felda’s public listing as FGV Holdings, Najib Razak said today, disputing a claim by prime minister Muhyiddin Yassin, Najib’s deputy at the time, that he had not agreed to the listing.
In a lengthy posting this evening, Najib said: “I remember, when the matter was brought up in a Cabinet meeting in 2012, no one objected to the listing. In fact, most were enthusiastic as a big portion of the listing proceeds would be given to the settlers.”
The benefits included a payment of RM15,000 per household and access to RM40,000 in interest-free loans for home renovations, he said.
“Check the minutes of that Cabinet meeting. It will show the decision (on the listing) was unanimous.”
He said he had even checked with two former Cabinet members and they and confirmed that the decision was unanimous.
Najib was prime minister when FGV was listed, in the world’s third largest public offering, raising RM10.4 billion.
Earlier today Muhyiddin had spoken of his disagreement while addressing his constituents in Pagoh, Johor, at a Felda scheme.
Muhyiddin said: “When it got listed under FGV, I was in the Cabinet. I told the then prime minister (I don’t have to say who) that I did not agree. I know Felda officers and the settlers disagreed with the move (for Felda) to become a public listed company.”
He also said that his Perikatan Nasional government, which took power in March, had focused on Felda’s recovery.
Felda is the federal government’s land resettlement agency. It owns a 21.24% stake in FGV, originally known as Felda Global Ventures, and is believed to have raised its stake to 35.12%.
It is reported to be planning a mandatory takeover offer for the rest of the shares, at an offer price of RM1.30 per share.