Part 1: The smell of easy money
- BN has made it appears that with their listing game plan is to help the settlers. Most of the settlers are simple people and see value in the direct profits that they made at the farm level. They don’t see the benefit of being involved in any listing all the corporate maneuvers being done by the top brass. The farmers would benefit by giving them the land that they had toiled and FH buy their produce at competitive market price. FH must also sells them fertilizers and chemicals at a price lower than market price. Unfortunately we see that the economy of scale has not trickle down to the settlers.
- FH revenue is in excess of RM10 billion. The pretax profit is in about RM1 bill. The distributable profit is shared between KPF (51%) and FELDA the authority (FA) (via FGV) (49%). Isn’t it unreasonable for an authority FA to take such a big chunk of the profit. FA is a government agency whose function is to administer the resettlement of rural poor into newly developed areas. For the record, they have decided to stop doing this resettlement business since 1st Jan 1990. Shouldn’t the FA dilute their shareholding in FH and give their shares to KPF. After all KPF is own by settlers and FH business lies 100% on them. Why should the FA be involved in business? That should be left to purely FH. Instead the FA wants to dabble into bigger business by placing KPF as part of FGV as they want to tap the funds at KPF. In reality, the government has poor track record in managing business. It is much worse after politicians get involved. The risk is great here.
- Though post rationalization, after the transfer of all assets and liabilities of KPF into, FGV, KPF will have 61% of FGV. The risk of losing their savings is high because politicians control FGV and its management is weak. I see the logic why Dato Zul objected to this restructuring plan. No point getting 61% of FGV if KPF do not have control of the board and the chairmanship of the new restructured entity. PERKASA demonstrators are simply blind followers. The listing of FGV is meant to raise capital but it also means that KPF shares will eventually be diluted. The shareholding is no longer limited to settlers.
Saya anak peneroka felda dan merupakan ahli KPF. Saya langsung tidak bersetuju dengan penyenaraian ini kerana ia akan lebih menguntungkan org.2 atasan sahaja seperti Pengerusi Felda, CEO FGVH, Ahmad Maslan dan kroni2 Pak Najib serta WAK DOL tut…. sahaja jika hendak dibandingkan dengan warga kerja Felda termasuk peneroka2 dan anak2 peneroka. Saya bersetuju benar dengan pendapat dan pandangan dari Dr R@28 yg. begitu bernas dan tepat sekali. Kepada WAK DOL: wak lu lah… Lu Sapa boleh cakap kita tak boleh membantah dan menentang. Gua punya pasal lah itu hak kami ahli2 KPF dan warga kerja Felda, kenapa lu cakap sedap mulut aje…aku cilikan kan jugak WAK DOL malaun ni, suka2 dia cakap ikut sedap mulut dia.
mdnor,
seperti anda, saya juga anak peneroka. Saya sikit pun tidak tertarik dgn apa yg di cadangkan oleh Isa dan pihak2 yg begitu taksub dengan penyenaraian ini.
Sebagai anak peneroka – kita harus mempertahankan usaha ayah bonda kita., bukan bersama2 menjahanamkan apa yang kita ada.
apa bila listing – kita tiada lagi suara utk mencadang atau membantah apa perkara pun dalam felda kerana ia kini telah jadi syarikat awam. sapa pun boleh milik dah. sapa kita? – kita akan kekal jadi hamba felda.. atau sistem perhambaan alaf baru.!
sama-samalah kita balik kampung (felda kita) dan terangkan betapa buruknya kesan penyenaraian ini kepada semua warga felda.! \
Kepada wakdol – kalau lu betul terrer main share.. forex.., lu jgn cerita pasal naik saja! setiap yg naik pasti akan turun dol..! so.. mengenali pasaran malaysia – lu mesti tau.. yang naik nya sekejap saja.. turunnya terus.! tak ada stop – stop dah..! masa tu apa yg tinggal utk orang felda? korang2 semua pelahap pelahap.. mmg dah kenyang lah.. ! jual masa IPO..!
Dr,
Have you found out the actual percentage of Settlers holdings in the Koperasi FELDA as against the holdings held by employees?
What I know in terms of value, the employees hold the lion’s share as compared to the Settlers.
In the past settlers would quickly sell any bonus issues given by the Koperasi.
What we all should do is…, just keep quiet..! Let the bastards on hold do whatever they want. They can roast or boil FELDA..?
We will just watch from the sidelines.., and call the shot’s when needed..!
That’s our role as a Citizen. No Bastard even if it’s our PM can say no..!
You did the thesis..
I don’t know ..who you are implying…, yet let me say this…, we are not
” BUGGERS “.
We might sound like a ass…., but we are definitely more sound then a PIG.
Cross swords we can.., swore we can…., but can we carry it a notch higher,,?
I don’t have the current ratio. The thesis was done 20+ years ago.
I don’t this it would have changed much though.
Observer
What you think and what are the actual facts today could be the two end of a long rope
Observer
History of KPF.. for your reading pleasure but then I guess you know already since you did the thesis
KOPERASI PERMODALAN FELDA MALAYSIA BERHAD telah ditubuhkan pada 1 Julai 1980 di bawah Ordinan Koperasi 1948. Bertujuan untuk menjadikan KPF sebagai wadah simpanan dan pelaburan anggota Felda. Penubuhan KPF ini telah menyerlahkan hasrat murni FELDA untuk memberi peluang secara adil kepada warga FELDA untuk turut serta memiliki ekuiti dalam syarikat-syarikat FELDA melalui KPF juga merupakan suatu wawasan dan prihatin FELDA untuk kemajuan warga FELDA.
Hasrat untuk menubuhkan KPF sebagai suatu wadah simpanan & pelaburan warga Felda telah dicetuskan pada Mesyuarat Lembaga FELDA yang ke 102 pada 15 Januari 1980 Yang dipengerusikan oleh Y.M Tan Sri Raja Muhammad Alias. Dengan iltizam yang tinggi pihak pengurusan ketika itu, maka Koperasi Permodalan FELDA Malaysia Berhad telah ditubuhkan pada 1 Julai 1980 di Bawah Ordinan Koperasi 1948(Digantikan oleh Akta Koperasi 1993).
Penubuhan KPF ini telah menyerlahkan hasrat murni FELDA untuk memberi peluang secara adil kepada warga FELDA untuk turut serta memiliki ekuiti dalam syarikat-syarikat FELDA melalui KPF. KPF telah menjadi wadah simpanan dan pelaburan warga FELDA yang unggul. Penubuhannya juga adalah suatu wawasan dan prihatin FELDA untuk kemajuan warga FELDA.
Dr,
From 1995 onwards, FELDA the authority (FA) ceased to be funded by the Federal Government. It was one of the very few that sourced the funds independent of the govt.
All the opex, development and social funding for the Settlers and their families came from Felda’s dividends from its 49% stake in FELDA Holdings Berhad.
I hope this would assist you I’m writing on FELDA.
For those who are not familiar with company listing (esp Felda settlers), please spare some times to learn bout it. Or at least learn about future index, market trend, pips, spike, shooting star, hammer, reverse, pivot point, up trend, down trend, swaping, hedging and others. Chinese made billion of ringgit via listings and they dont have to work hard for it. They speculate and speculate. The rest is fundamental. So please…. learn the positive impacts of listings. The negative impacts must be taken into consideration as well as market will go for corrections from time to time. Pendek kata toksahlah membantah atau menentang penyenaraian FGVH. projek itu sangat bernilai untuk semua masyarakat Melayu dan Felda….. WAK DOL reporting from laptop.
Dear Wak Dol
(1) Allow me to counter some of your thoughts.
(2) Being listed, the only way settlers will benefit from it is by selling their stocks when it is high and buy when it is low. My point is settlers must own shares and they have to SELL to make money. I suggest you establish how strong the KAP (Knowledge, Attitude and Practice) of trading shares among the settlers. My believe is that it would be very low. They don’t have the skill to go into details like stochastic analysis and speculating.ASN has been around for more than 20 years- do a study there and see how many settlers are actively buying and selling stocks.
(3) Upon rationalization but before listing, KPF will own 61% of FGV but FGV board is not controlled by KPF members per se. It will be controlled by politicians with limited business skills. This would have long term detrimental effect on the interest of KPF.Today KPF member consistently gets double digit dividend which even organizations like PNB cannot give. I doubt very much upon listing members will get the same kind of dividend Can you show me which of the listed GLC CONSISTENTLY give double digits dividend?
(4) Companies goes for listing because they want to raise cash. In this aspect FGV need cash and KPF is cash rich. FELDA-A can always raise list FGV without the participation of KPF. Why don’t they do that? There is no compelling reasons why they need merge and list?
Wak, you need to study the impact in totality and don’t simply look at ‘speculation’ and ‘gambling with speculation’ and sell and buy something that is intangible (futures market) which i believe is not sharia compliant.
Doc,
Allow me to make some clarifications, hopefully without breaking confidences.
1. The benefit to settlers won’t be from just owning the shares, as the income stream from Felda Holdings will remain intact. They will still receive dividends as before.
Dr R- Eventually FGV will be listed. Dividend will be paid based on dividend policy to all shareholders. The company being a public and listed entity cannot make expenditure like giving duit raya and other stuff because shareholders will not allow it. The settlers would be a minority. Eventually there is someone out there will accumulate the shares and dictates how the company will be run. In the long run, all this monies the settlers has been enjoying will no longer be there. They will only get dividend and it wont be 14-15% as per now because the capital has increased and the cake has to be shared with all shareholders
2. The plan has undergone considerable modifications over the past few months, but the mechanism to be employed (at least as far as I am aware) will ensure that neither Felda Authority, nor politicians, nor KPF will have direct influence over the board of FGV. The idea is to make sure FGV is run on a fully commercial and professional basis.
Dr R- This is not what I was told. Logic will tell that shareholders want to protect their interest and therefore will put in their people. If your statement is true than maybe the government should come out with a written statement and enclosed in the prospectus or legally binding document to honor what they plan
3. The “double-digit” dividends currently being enjoyed by KPF members is due to an accounting quirk – KPF’s ownership of Felda Holdings is being carried on the books at historical cost value, not current net market value. This rather dramatically inflates the percentage return from FHB dividends. Post listing, the return percentage will fall as the shares will be revalued based on actual market value, but the actual quantum of payments will not.
Dr R- The members only look at RM that they received. After listing this RM will drop tremendously. If I am a member of KPF, I will ask what benefit does it have to me. The government has not been presenting clear information on this. They should make it in simple bullet points (1) benefits to KPF in short and long term (2) Benefits to settlers (non members) in short and long term
4. I question myself why the need for a listing of FGV rather than FHB directly. Nevertheless, there is the current government policy (under the New Economic Model) to divest ownership in GLCs to the private sector, which would cover both FGV and FHB. Post listing, Felda Authority will have no stake in either FGV or FHB or any of their subsidiaries.
Dr R- I agree that there is a policy. The policy talks about reducing stake and disolving stakes
5. The listing of FGV will involve the raising of extra funds directly to the company (to be funneled to FHB), not just a public offering of current shares. The reason is actually relevant and urgent. The age profile of palm trees in the plantations under FHB management is seriously on the old side. By our estimation, yields (and thus settlers’ incomes) will start dropping dramatically within 2-3 years. FHB rather urgently needs to start a wholesale replanting exercise, which even if conducted right this minute, will mean a fallow period of around 2-3 years before the young palms mature in about 5 years time. Neither KPF nor Felda Authority have the kind of resources to do this, hence the need for listing.
Dr R- Read my post on lessons from Fontera. Raising can be done in many manner and need not necessarily via listing. In this particular case the argument to raise cash via listing is not justifiable
Wak Dol,
when you speculate and speculate, it will only mean you are gambling, when you are gambling you stood to lose 90% of the time…. damn it wak dol, it is a pure gamble… please
Saya tak tahu apa tujuan sebenar hendak di’swap’ saham FH yang untung dengan FGV yang kerap kali rugi? Sama ada para peneroka Felda ini diperlembukan atau Pengerusi Felda Isa Samad dan Najib mahu kami peneroka jadi lembu agar turut saja apa kemahuan mereka?
Transformasi Felda seharusnya untuk kayakan peneroka bukannya kayakan Isa Samad,UMNO dan kaum kroninya!!!
Mat…., kena faham sajalah…., Bangkai yang awak sebut diatas…., memang pandang hina dengan Mat Felda…., apa peneroka tahu…, panggil sujud, sujud sahaja…!
Bangsat yang awak sebut di atas harus di ajar….., melului proses Pilihanraya.
Tukar saja…, baru kita tahu mana pergi duit KWSP…sejumlah 6 bil. kepada FGV…., silap haribulan dah lesap macam NFC..?
Harap…peneroka Felda…dah bangkit dari tidur…, asyik …kena kelentong UMNO PUTRA yang bangsat tak sedardiri…., tahu makan wang ATAS ANGIN.!
Saya adalah anak peneroka dan mungkin saya kurang arif dengan permainan saham sama ada oleh KPF,FH atau FGV. Apa yang saya tahu,setakat ini saham FH ada menunjukkan keuntungan,seperti tuan kata tahun lalu saja keuntungannya mencecah lebih dpd. RM700 juta.
Apa yang membimbangkan kami adalah apakah nasib saham kami itu bila ianya diambilalih oleh FGV dan didagangkan dalam BSKL??
Setahu saya, apa2 saja saham bumi,bila dilisted dalam BSKL harganya menjunam turun dan jarang2 timbul melintasi harga RM1.00. Contohnya,lihat saja saham ASN,saham MARA,saham perbadanan negeri,saham wakaf johor dll di mana harga nilai sahamnya lebih rendah daripada harga sekeping roti canai.
Kenapa tidak Perkasa dan UMNO tak pergi berdemo depan pejabat NFC setelah RM250 juta dijoli sakan oleh Ketua Wanita dan familinya?
Bagi Perkasa dan UMNO kenapa saham yang dibeli hasil keringat peneroka2 harus dikongsi dengan awam di BSKL ramainya Cina, yang Perkasa dan UMNO suka perlekeh dan benci?
Saya tak tahu apa tujuan sebenar hendak di’swap’ saham FH yang untung dengan FGV yang kerap kali rugi? Sama ada para peneroka Felda ini diperlembukan atau Pengerusi Felda Isa Samad dan Najib mahu kami peneroka jadi lembu agar turut saja apa kemahuan mereka?
Transformasi Felda seharusnya untuk kayakan peneroka bukannya kayakan Isa Samad,UMNO dan kaum kroninya!!!
mdnor.