Felda to sell RM543m hotel

PETALING JAYA: Felda is in the process of selling a hotel in London worth about RM543 million, said its chairman Tan Sri Shahrir Abd Samad.
He said the tender for the sale of the hotel, which was bought in 2012, was in the process of being completed.
"There are also several other investments that Felda is looking to dispose and it will be brought up during the board meeting on Feb 20," he told a press conference in Plaza Sentosa, Johor Baru, today.
Shahir said Felda received RM6 billion when Felda Global Ventures Holdings Bhd (FGV) was listed and RM1.44 billion of the sum was used to acquire assets for long-term investments.
He cited investments in Grand Plaza Serviced Apartments in London for RM500 million; a piece of land in Bukit Katil, Malacca for RM304 million; the Grand Borneo Hotel in Sabah for RM86 million and the Institut Penilaian Negara building for RM220 million.
He added that RM1.7 billion was given to Felda settlers as a windfall, with each receiving RM15,000.
Shahir said no funds had gone missing and that the money spent by Felda had been accounted.
He was responding to reports that RM4.3 billion from the listing of FGV had gone missing.
The recently appointed chairman had said in his first press conference in mid-January that Felda's aim is to have enough money to carry out its activities and help settlers replant while waiting for their plantations to bear fruit, and provide them with housing loans.
He added that it was also the duty of Felda to help the settlers' children.
He said because of this, Felda was looking at disposing some of its investments to ensure it had enough money.
Shahrir ordered the entire board of directors of Felda Investment Corporation Sdn Bhd (FIC) to resign when he took over the helm.
He said the FIC board had thrown money down the drain as many of the projects undertaken by the company had caused massive losses to Felda.