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Sabah Not Keen To Dispose Of FGV Shares

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KOTA KINABALU – The Sabah state government does not plan to dispose of its stake in Felda Global Venture Holdings Bhd (FGV).

Sabah Chief Minister, Datuk Seri Musa Aman, said the investment was important and it was for the long term.

“For 2012-2016, the state received RM29.01 million in dividends from FGV,” he said.

Musa, who is also State Finance Minister, said this when winding up debate on his ministry at the State Legislative Assembly here today.

He said the state had 65.93 million units at RM4.55 per share with a market value of RM300 million in 2012.

“The shares were given to the state for free by FGV.

“However, on March 31, 2017, FGV share prices fell to RM2.09 per unit and Sabah’s sjares were valued at RM137.80 million, leading to the state’s assets to be valued 54.07 per cent lower for RM162.20 million,” he said.

Meanwhile, Musa said, the Sabah Sales Tax was the only additional source of revenue for the state.

“It is under the jurisdictions of the Sabah and Sarawak governments under the Federal Constitution,” he said.

He said the imposition of SST on crude palm oil was the largest contributor to the state’s annual revenue. – BERNAMA

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