Datuk Seri Mustapa Mohamed speaks to members of the media during his visit to the National Food Warehouse site in Sungai Tengi Selatan, near Kuala Kubu Baru, March 9, 2021. — Bernama picKUALA KUBU BARU, March 9 — The Federal Land Development Authority now owns a 77 per cent stake in FGV Holdings Bhd, Minister in the Prime Minister’s Department Datuk Seri Mustapa Mohamed said.
According to him, the majority shareholding in FGV was in line with the government’s aspiration to help Felda revive and strengthen its financial position, which would also benefit the settlers. “The objective of the sukuk is to reduce Felda’s debt burden...hence, when this debt burden is reduced, it will strengthen Felda’s financial standing and the settlers can also get the benefit,” he told a press conference in conjunction with his visit to the National Food Warehouse site in Sungai Tengi Selatan here, today.Elaborating further, Mustapa said the list of debts of all settlers was expected to be announced in May this year after the completion of an audit process by an accounting firm.
Besides that, he said Felda is in the midst of undertaking a transformation process in the aspects of management, efficiency, administration, and finances to restore its position.