I READ with interest the article in a local media this week titled “Syed Mokhtar making his move on FGV Holdings Bhd”, which seems to suggest that if this is true, Federal Land Development Authority (Felda) and Koperasi Permodalan Felda, as part shareholders of FGV, would not agree to this move.
What springs to my mind is, “why not?” The Felda and FGV predicament or more rightly their fall from grace has been ongoing for so long without any headway.
Felda, a largely Bumiputera entity, used to be the pride of the nation. Both FGV and Felda have issues of burgeoning debts and settlers’ problems that can’t seem to be resolved.
The only solution appears to be a government bailout, but that means using taxpayers’ money.
So, if there is a Bumiputera corporate champion who wants to come forward to turn around this sorry state of affairs in Felda and FGV, why not?
This is a business decision and if the venture sees a turnaround, Felda and FGV will profit. Even so, the article seems to suggest that there will be resistance from Felda or FGV. Why is this so?
We have seen a streak of failures by the management followed by the changing of the companies’ captains. It doesn’t seem to be going well.
Now, Tan Sri Mohd Bakke Salleh is helming Felda. Before him were Tan Sri Megat Zaharuddin Megat Mohd Nor and Tan Sri Shahrir Samad.
Is Bakke able to steer Felda and change its fortunes? He has been extremely quiet, sharing no concrete plans since his appointment last July.
FGV has RM3.35 billion of short-term borrowings and millions of ringgit in long-term debt commitments as revealed in the same article, and its share price has continued to drop. Therefore, assistance from a successful Bumiputera corporate champion should be welcomed.
Tan Sri Syed Mokhtar Albukhary has achieved many accolades, including being the top Bumiputera entrepreneur for many years, as well as making it to the top 10 list of richest Malaysians several times.
He has also received recognition from the prime minister — the latest being the establishment of Piagam Warisan and Budaya Tanah Air by Yayasan Al-Bukhary in collaboration with Yayasan Budi at the International Islamic Arts Museum recently, emphasising the importance of preserving and promoting the arts of our diverse cultures.
Taking into account his background and achievements, Syed Mokhtar’s golden touch can surely restore FGV and Felda to their former glory.
JAMALEE BASHAH
President, The Patriots