Felda to restructure bank loans, dispose of overseas assets

KUALA LUMPUR: The Federal Land Development Authority (Felda) today revealed a number of restructuring plans to engineer a turnaround within the next two years.

Felda chairman Megat Zaharuddin Megat Mohd Nor said these included restructuring bank loans and obtaining an extra lifeline for payments, as well as disposing of some of the company’s assets in the country and overseas.

“We have assets in London, namely a hostel, apartment and hotel, alongside hotels in Kuching and Kota Kinabalu with some land in certain places,” he told reporters during a special media briefing here today.

According to Megat, the assets which are worth between RM2.1 billion and RM2.2 billion will be used to pay Felda’s debt of RM8 billion. - FMT

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