Felda's compensation to be less than what FGV expects

KUALA LUMPUR: FELDA’s compensation to FGV Holdings Bhd following the termination of a land lease agreement (LLA) related to its estates will be less than the RM3.5 billion - RM4.3 billion anticipated by the company.

Chairman of the special task force (STF) set up to address Felda issues, Tan Sri Abdul Wahid Omar today said the matter would be deliberated further with FGV’s inclusion.

"Felda will likely pay less than what FGV expects following the termination of the LLA,” he said at a media briefing here, in regard to a statement by FGV yesterday on the amount of compensation it expected to get.

He said Felda will also be buying over FGV’s palm oil mill assets.

The LLA refers to Felda-owned estates totalling 350,733 hectares that were leased to FGV for 99 years from Nov 1, 2011.

On Wednesday, Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed said in a statement that the termination of the LLA and issuance of sukuk worth RM9.9 billion by Felda were some of the proposals approved by the Cabinet to ensure its recovery. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

LLA , Felda , FGV , Task Force , Abdul Wahid Omar 


Did you find this article insightful?


50% readers found this article insightful

Next In Business News

Press Metal posts steady Q3 profit on favourable pricing
TH Plantations to complete sale of assets over next 12 months
Bitcoin plummets to 10-day low, dragging smaller cryptocurrencies down
IHH net profit bounce back thanks to patient volume recovery�
YTL Power posts higher Q1 net profit
Higher volume and better products mix lift JCY earnings�
Market jumps after Budget passed in parliament
Evergrande Property's Hong Kong IPO meets with lukewarm reception, raises US$1.8bil
Southeast Asia IPO proceeds buck downtrend to hit US$6.4bil as of mid-Nov
Japan shares end at over 29.5-year high as Nasdaq gains cheer tech stocks

Stories You'll Enjoy