Wednesday, October 24, 2012

Mystery over pink form for 1m FELDA shares

October 24, 2012
Ghapur refused to accept the faltering explanation from the deputy minister. — File pic
KUALA LUMPUR, Oct 24 ― Deputy minister Datuk Ahmad Maslan was left red-faced today when he failed to answer in Parliament a Sabah Umno MP’s question on why a person with no link to FELDA Global Ventures Holding (FGVH) had received a pink form for one million shares set aside exclusively for the plantation giant’s workers.
“There is a guy in Sabah who has no connection with FELDA, but he got a million [FGVH] shares.
“This person has not contributed anything at all to FELDA, not even politically,” Kalabakan MP Datuk Abdul Ghapur Salleh said during Question Time, before asking Ahmad to explain.
The deputy minister in the Prime Minister’s Department fumbled in his reply, saying there may have been a misunderstanding.
“The Sabah state government is given 5 per cent of the FGVH shares. That is a substantial amount.
“I presume that this is where the confusion may lie, as it may be the Sabah government that got those shares,” he told Abdul Ghapur.
But the Sabah Umno lawmaker was unappeased and demanded Ahmad provide a written reply to his question, and to include a list of those who had been given the FGVH pink forms.
Ahmad had earlier explained that the forms were given out only to those who had worked or contributed to FGVH for at least one year at the time the palm oil giant debuted on Bursa Malaysia on June 28.
He listed them as falling into one of three categories: FGVH Group directors; FGVH Group employees; and former FGVH Group employees, contract workers and those who have contributed to the group.
Eligible FELDA settlers and employees were given preferential options of 37 per cent in the initial public offering (IPO) at the retail price of up to 200.6 million shares, or 5.5 per cent, through blue and pink forms.
Under the blue form scheme, FELDA settlers were allotted 2.5 per cent while FELDA’s workforce was given three per cent of shares under the pink form scheme.
Ahmad told Parliament today that a total of 112,635 individuals had been issued blue forms, while 22,357 others received pink forms for the FGVH IPO.
~ The Malaysian Insider

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