Another windfall for KPF members

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/pilda/Article/

Published: Jun 21, 2012
By Ahmad Farizal Hajat

KUALA LUMPUR: Koperasi Permodalan Felda Bhd (KPF) members who are mostly Felda settlers and staff, are getting another windfall.

This time it is in the form of an 18 per cent dividend worth a total payout of RM338 million, KPF officials said.

The payment will be made twice. The first 10 per cent dividend involving RM188 million payout will be paid on July 2, while the balance of 10 per cent, or RM150 million, will be made in September after getting approval from the Cooperative Commission.

The dividend was announced by KPF during its annual general meeting here yesterday.

A KPF spokesperson said the dividend came from the profits made by KPF especially its investments in Felda companies, as well as investment portfolio and earnings from share acquisitions in the financial year 2011.

"All KPF members will get the dividend payments for the financial year 2011 by the end of September," the spokesperson told Berita Ha-rian yesterday.

On the KPF board, the spokesperson said only new directors were appointed during the meeting. The posts of chairman. secretary and treasurer were vacant for the time being.

"According the cooperative's bylaws, typical during the AGM, all board posts are void and new elections are to be carried out based on nominations and votes.

"As there was no nomination made by KPF members for the reelection of Datuk Dzulkifli Abd Wahab (as chairman), Abidin Abd Rahman (secretary) dan Suhaimi Zainuddin (treasurer), all three posts are vacant for now."

The spokesperson added that the posts will be filled at the new KPF board's first meeting one month from now.

The spokesperson also said Felda chairman Tan Sri Isa Samad, who was tipped to be the new KPF chairman, had not been nominated for the post in line with his temporary suspension as a KPF member by the High Court.