{"id":9666,"date":"2012-06-12T13:42:31","date_gmt":"2012-06-12T05:42:31","guid":{"rendered":"http:\/\/buletinonline.net\/v7\/index.php\/2012\/06\/ipo-of-fgvh-causes-felda-earnings-to-crash-64\/"},"modified":"2012-06-12T13:42:31","modified_gmt":"2012-06-12T05:42:31","slug":"ipo-of-fgvh-causes-felda-earnings-to-crash-64","status":"publish","type":"post","link":"https:\/\/buletinonlines.net\/v7\/index.php\/ipo-of-fgvh-causes-felda-earnings-to-crash-64\/","title":{"rendered":"IPO of FGVH causes FELDA earnings to crash 64%"},"content":{"rendered":"<p><em><strong>&#8211; and settlers lose RM100 million in welfare support <\/strong><\/em><br \/>Keadilan continues with our analysis of the FGVH listing and its social and financial impact on settlers. FELDA on a yearly basis spends between RM400 to RM500 million on the welfare of the settlers. The expenditure includes funds for infrastructure such as roads, mosques, housing, education, Hari Raya incentives and insurance. In 2011, FELDA spent RM424 million on settlers. However for 2012 FELDA intends to spend only RM326 million on settlers, a massive reduction of close to RM100 million.<\/p>\n<p>Details of the reductions are as follows:<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Infrastructure development reduced by 57%.<br \/>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Youth and New Generation Development reduced by 27%.<br \/>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Productivity incentive for Settlers reduced by 22%.<br \/>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hari Raya Bonus reduced by 25%.<br \/>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Insurance plan for settlers reduced by 25%.<\/p>\n<p>The reason for this massive reduction is clear; after the FGVH lisitng, FELDA\u2019s earnings have crashed. By leasing the 350,000 ha of land to FGVH, FELDA switched role, from a rich plantation operator to a mere landlord. The results are devastating to FELDA. In 2011, FELDA earned RM2.5 billion but for 2012, it only expects to earn RM900 million.\u00a0 In other words, the IPO of FGVH has caused FELDA earnings to crash by 64%.<\/p>\n<p>All the above details are from the FELDA official Budget for 2012.<\/p>\n<p>First we had the small unfair windfall, then the unfair allocation of shares to favour rich bumiputera, now settlers are again unfairly treated by a RM100 million reduction in welfare support.<br \/><strong><br \/>WONG CHEN, CHAIRMAN, INVESTMENT &amp; TRADE BUREAU\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/>12 JUNE 2012<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; and settlers lose RM100 million in welfare support Keadilan continues with our analysis of the FGVH listing and its social and\u2026<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"bo_wartawan":[],"bo_jenis":[],"class_list":["post-9666","post","type-post","status-publish","format-standard","hentry","category-statement"],"better_featured_image":null,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IPO of FGVH causes FELDA earnings to crash 64% | Buletinonlines.net<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/buletinonlines.net\/v7\/index.php\/ipo-of-fgvh-causes-felda-earnings-to-crash-64\/\" \/>\n<meta property=\"og:locale\" content=\"ms_MY\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IPO 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