The Federal Land Development Agency (FELDA) plans to sell some of its properties in London, revealed its chairman Tan Sri Shahrir Abd Samad as reported The Sun Daily.
FELDA is expected to make a profitable gain from the sale, on the back of the increased value of such assets and the favourable exchange rate, said Shahrir.
With the London asset liquidation done via open tender, FELDA has already appointed a valuation company that will conduct the valuation.
He noted that it is important for Felda to tidy up its current investments, making as much from it as possible.
“FELDA had no appetite of making new investments at the moment, but it will focus on consolidating existing assets,” he said.
FELDA owns shares in plantation companies Sime Darby, Kuala Lumpur Kepong and FELDA Global Ventures Berhad. It had sold its Maybank shares for RM280 million and is looking at other assets like its hotels. In fact, FELDA will closely study its investments in Iris Corp Bhd and Encorp Bhd.
FELDA was selling its assets in a bid to sustain the socio-economic activities for its settlers, explained Shahrir, who is faced with the key responsibilities to monetise assets, rectify legacy issues and achieve returns from new ventures.
Aside from this, FELDA is also undertaking an international corporate exercise with the proposed acquisition of a 37 percent stake in PT Eagle High Plantations in a RM2.26 billion transaction.
Image sourced from Malaysia Chronicle
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com