Felda Global listing: Transferring wealth to the rich?

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Wong Chen has analysed the RM2.2bn of FGVH shares in the public sale and discovers that other groups will get 4.6 times more shares than the Felda settlers. Even Felda employees will receive more than the Felda settlers.

Peruntukan Saham FGVH: Tidak adil kepada peneroka; Tawaran hebat kepada pekerja dan Bumiputera kaya

Keadilan tidak sabar-sabar menanti pelancaran prospektus lengkap mengenai IPO FGVH oleh Perdana Menteri pada hari Khamis 31 Mei 2012. Datang Khamis ini, kami semua akan tahu berapa banyak saham Tan Sri Isa Samad akan dapat. Sebagai preview kepada hari Khamis ini dan untuk memulakan perbincangan tentang hal peruntukan saham, kami ingin mendedahkan beberapa analisa terbaru.

Dua belas hari yang lepas, Keadilan telah mendedahkan bahawa “durian runtuh” peneroka adalah cuma ​9% daripada jumlah keuntungan FELDA daripada IPO. Hari ini, kami membuat komen analisa tentang 2.2 bilion saham FGVH yang akan dijual. Pecahan peruntukan saham-saham tersebut adalah seperti berikut:

Awam 73 juta saham (2% daripada FGVH)
Pelabur institusi (KWSP, PNB, Tabung Haji, Louis Dreyfus) 1.5 bilion saham (41% daripada FGVH)
Pekerja FELDA 109 juta saham (3% daripada FGVH)
Peneroka FELDA 91 juta saham (2.5% daripada FGVH)
Pelabur Bumiputera yang diluluskan MITI 420 juta saham (11.5% daripada FGVH)

Peruntukan saham diatas menimbulkan dua soalan penting:

Soalan 1: Mengapa 112,635 peneroka mendapat saham yang kurang daripada 3,835 pekerja FELDA? Pada kadar 100% penerimaan, setiap peneroka hanya akan mendapat 810 saham seorang manakala kakitangan FELDA akan mendapatkan 28,368 saham seorang. Secara purata, seorang pekerja FELDA ditawarkan 35 kali ganda saham daripada seorang peneroka.

Soalan 2: Lebih menggemparkan adalah isu pelabur Bumiputera yang diluluskan oleh MITI dengan peruntukan sebanyak 420 juta saham. Siapakah mereka Bumiputera khas ini yang berhak menerima 4.6 kali ganda peruntukan daripada semua golongan peneroka? Pernahkah pelabur khas ini kerja bantu membangunkan FELDA? Kami tidak tahu identiti mereka tetapi melalui garis panduan rasmi MITI, untuk menjadi seorang pelabur Bumiputera khas yang diluluskan oleh MITI, anda perlulah dari golongan kaya raya. Garis panduan MITI mengatakan bahawa jika pelabur Bumiputera adalah seorang individu, beliau mestilah mempunyai sekurang-kurangnya aset sebanyak RM3 juta. Jika pelabur adalah sebuah syarikat (mesti dimiliki 100% Bumiputera), ianya mesti mempunyai aset bernilai RM10 juta.

Kami menuntut MITI mengeluarkan senarai lengkap pelabur Bumiputera kaya yang akan menerima saham FGVH ini. Kami menuntut senarai ini kerana peneroka mempunyai hak untuk tahu mengapa golongan Bumiputera yang kaya ini berhak berlipat kali ganda lebih saham daripada mereka.Oleh kerana IPO ini adalah isu kepentingan nasional, kami percaya bahawa orang ramai juga berhak nak tahu sama ada mana-mana pelabur Bumiputera yang kaya ini ada atau tidak kaitan dengan UMNO.

Saya ingin mengingati hadiran bahawa matlamat FELDA ditubuhkan adalah untuk membantu Bumiputera miskin yang tiada tanah. PM Najib juga ada mengumumkan bahawa IPO FGVH ini adalah satu tindakan bijak yang akan memberi manfaat besar kepada peneroka. Cara saham diperuntukkan jelas menunjukkan bahawa PM lebih berminat membantu golongan kaya. Kesimpulannya, kami mencabar PM Najib untuk menarik balik peruntukan saham untuk Bumiputera kaya dan berikan ianya kepada peneroka. Kami juga meminta peruntukan pekerja dikurangkan ke tahap sewajarnya memihak kepada kepentingan peneroka.

 WONG CHEN,  PENGERUSI BIRO PELABURAN DAN PERDAGANGAN – 28 MEI 2012

 FGVH Shares Allocation: Unfair to settlers; fantastic to employees and rich Bumiputeras    

Keadilan eagerly awaits the launching of the complete prospectus on the IPO of FGVH by the Prime Minister on Thursday 31st May 2012. Come Thursday, we will all finally get to know how many shares Tan Sri Isa Samad will get. As a preview to Thursday and staying on the subject matter of shares allocation, we will like to expose to you the following disturbing facts.

Twelve days ago we exposed that settlers “durian runtuh” windfall represents a mere 9% of FELDA’s total gains from the IPO. Today, we will provide our comments on the 2.2 billion FGVH shares offered for sale. The breakdown of the shares allocation is as follows:

General public 73 million shares (2% of FGVH)
Institutional investors (EPF, PNB, Tabung Haji, Louis Dreyfus) 1.5 billion shares (41% of FGVH)
FELDA employees 109 million shares (3% of FGVH)
FELDA settlers 91 million shares (2.5% of FGVH)
MITI approved Bumiputera investors 420 million shares (11.5% of FGVH)

The manner the shares are allocated raises two important questions:

Question 1: Why are settlers (numbering 112,635) getting less shares than the 3,835 employees of FELDA? Assuming a 100% take up rate, each settler will only get 810 shares whereas each employee of FELDA will get 28,368 shares. This effectively means that an employee of FELDA is being offered 35 times more shares than a settler.

Question 2: More alarming is the MITI approved Bumiputera share allocation of 420 million shares. Who are these special Bumiputeras that deserve 4.6 times larger allocation than all the settlers collectively? What have they ever done to help develop FELDA? We do not know their identity but we know that under MITI’s official guideline, to be a Bumiputera investor approved by MITI, you must first be very rich. The guideline says that in order to qualify as a MITI approved Bumiputera investor, an individual must have at least RM3 million in assets. If the investor is a company (100% Bumiputera owned), it must have assets worth RM10 million. As such, we demand that MITI produces a complete disclosure list of the rich Bumiputera investors and beneficial owners of this IPO. We demand this list because the settlers have a right to know why these rich Bumiputeras are many many times more deserving than them. We demand to know how many rich Bumiputeras will be allocated shares compared to 112,635 settlers. Since this IPO is of great national importance, we believe that the public also deserves to know if any of these rich Bumiputeras investors are linked to UMNO.

Putting things in proper context, I would like to remind all that FELDA was set up to help the landless Bumiputera poor. In addition, the PM has announced that the FGVH IPO to be an exercise that will greatly benefit the settlers. The way the shares are allocated clearly shows that the PM is more interested in helping the rich. In conclusion, we urge PM Najib to withdraw the undeserving rich Bumiputera allocation and give it to the settlers. We also ask the employees allocation to be appropriately reduced in favour of settlers.

WONG CHEN,  CHAIRMAN, INVESTMENT & TRADE BUREAU     

28 MAY 2012

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Raymond

Tony Pua explained to us “Why is the Government so desperate to sell down its stake in FGVH to raise RM5.5 billion for itself?” Read here: http://dapmalaysia.org/english/2012/jun12/bul/bul5013.htm 60% of the IPO proceeds will go towards the Government, via the FELDA statutory body. The ownership of FGVH is thus reduced from 100% to only 40%. If FGVH is truly going to be “transformed” into a massively profitable global company, why is the Government cashing out as if it cannot wait to get rid of its stake? If the words of the Prime Minister were to be believed, shouldn’t the Government hold… Read more »

mie

perhimpunan bersih boleh menjejaskan ekonomi malaysia.. adakah itu yg kita mahukan.jika ekonomi terjejas, siapa yg terkena tempiasnya? siapa yg akan sengsara? fikir2 lah… jgn kerana marah kita akan binasa, kelak membakar diri sendiri. jika benar ada yg makan wang rakyat biarlah mahkamah yg tentukan.. kita ada undang2.

mie

penyebokk jgn sebok.. dOK diam2, jgn kacau peneroka, anak2 jati peneroka..

Saleha

How long do you think before the Felda folks cash out their equity of FGV after IPO?

Hari Raya is coming and surely cash is handy for new furniture, TV set, curtains, not forgeting the newly-launched Samsung S III mobile phone. The very same reason why bumi equity can never hit 30% because spending for instant gratification if a norm among the malays.

Banafee

Clearly our PM is very smart. He can solve Euro woes!

casper

Thank you Wong Chen for the leg work done and Anil, for bringing to light impending FGV prospectus. Going by division of share allocation, how else to say this politely but the listing of Felda is just about the most grand case of “Melayu makan Melayu” or should the focus solely fall onto UMNO – no ! Crying shame for them settlers, having worked the land for over two decades and little to show for and now this – bystanders getting a better deal than those most deserving – clear signs of “Satu Lagi Projek UMNO” and really would make… Read more »

Zaharah

Felda folks get RM15K per family but Shahrizat’s family gets RM250 million. Lu pikirlah sendiri!

kee

We all can pikir but can the settlers pikir ???

The settlers thought they receive windfall from the PM !!! ??? And they will cium the hand of the PM and Puan PM tak habis habis !!!

I dont know what to do as orang yang boleh fikir tak ramai, that is why BN rules for 55 years !!!

tuakee

Hi Anil

This is not relevant to the topic but would like to share this 1932 Penang with your readers who like nolstagic feel. You may want to post it under Penang heading. Cheers.

Aminah Sobri

this is the true Transformasi agenda !

Some needs such $ (perhaps) to fund those thugs and continue to protect their “legacy”.

Sedarlah wahai rakyat malaysia khususnya mereka yang dipermainkan oleh sandiwara rtm,tv3,bernama, awani !

SELAMATKANLAH MALAYSIA !!!!

moo_t

Felda is nothing but YET ANOTHER WHITE ELEPHANT that REFUSE TO FOLLOW the market economy.

Few people question that the production capacity and the crops collection price, that without the transportation, fertilizer, etc subsidies. I am not looking down at felda “settler” hard work, but as a tax payer, isn’t everyone should ask, is Felda competitive?

tunglang

In Barang Naiki regime of the rich & ‘famous’ for the wrong reasons, you either are connected to easy-without-sweating wealth creation mechanism (kang tau), ‘free loader’ of Ah Kong’s monies or given a golden clutch for a lifetime of dependable cronies. Those who sweat in the name of Felda, an originally excellent scheme to help the rural poor agricultural folks are ‘used’ for the malevolent purpose of self-enrichment of the Barang Naiki minions without blinking an eye for the tough livelihood of these Felda farmers. All they think of is easy-untung, not tak-untung. Typical of the pestilential leeches one can… Read more »

Yang

Its robbing the poor to help the rich and cronies.

Just like CSL helping the cronies and prosper Johore. Thats selling out Penang and the people by crippling Penang Port. MCA has also sold out the Chinese by voting for only MB in Perak and various states.

http://themalaysianinsider.com/malaysia/article/soi-lek-crippling-penang-port-to-prosper-johor-say-mps/

kee

When Anwar told the settlers the truth, Anwar and team were met with UMNO Samseng !!!