Photo taken by theegdemarkets.com

By Syauqi Jamil

KUALA LUMPUR: Putrajaya has identified necessary measures in a bid to restore state plantation Felda to its former glory.

Economic Affairs Minister Mohamed Azmin Ali said today that this will be explained in a White Paper in this current parliamentary session.

“We will table a detailed white paper report on the steps taken for Felda’s cashflow and financial recovery during this session.

“The government is confident that we have identified the steps needed,” he said in the Dewan Rakyat earlier.

Speaking during the Question Time in the Dewan Rakat, Azmin said that comprehensive action plan to benefit Felda settlers is also in the works.

He was responding to Pasir Gudang lawmaker Hassan Abdul Karim who asked how the government turn around Felda’s debt-ridden state.

Azmin mentioned that among the efforts will include restructuring its finances and liquidate about RM2 billion of its non-strategic assets.

“Felda today has a terrible cashflow due to its RM8 billion debt up to June 2018.

“We will meet with the financial institutions to restructure the financing and we expect to be able to reduce the debt down to RM6.5 billion.

“Felda will also sell its non-strategic assets including properties in London and Sarawak and we expect to obtain around RM2 billion from this move,” he said.

On Sept 20, the new Felda board members have prepared several measures in targeting a turnaround within the next two years.

Chairman Megat Zaharuddin Megat Mohd Nor said the methods include restructuring bank loans as well as selling of some of the company’s domestic and international assets.

He said the detailed matter will be tabled by Azmin in a White Paper in this parliamentary sitting.

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