Isa is not wrong in that deduction. FELDA settlers' holding in FGVH comes in the bigger picture.

The thing is that, the 112,635 FELDA settlers' interests would be looked after in the 20%of the FGVH paid up would be injected to the purposely created into the SPV, which at this point of time is believed to be FELDA Asset Holding Corporation (FAHC). If annual profit after tax and minority interests (PATAMI) is at RM 1.2 billion and FGVH's dividend policy is 50%, then the SPV would earn a net of RM 120 million annually.

That is a repetitive income of RM 1,065.00 per FELDA settler annually, which would be spend for the benefits of them and their community. As the revenue expand and PATAMI increase, this fund would also be increased. That is on top of the promised RM 1,500.00 per Felda settler when FGVH declares their first dividend.

This is by far a substantive addendum on the strategic 'Bumiputra Agenda', expanded from the 'unlocking of values' as a spin off from FGVH listing. Previously, when Amanah Saham Nasional (ASN) scheme first launched in 1981, Federal Government set aside RM 500 million for Permodalan Nasional Bhd (PNB). Today, the value of the ASNB scheme as it has been expanded is valued at RM 71 billion, after thirty one solid years.

It is expected, the post listing market capitalisation of FGVH would be RM 16.8 billion. If 20% of that belongs to the SPV created for the interest of the 112, 635 FELDA settlers, that is a a market value of  RM 3.36 billion. That is effectively RM 30,000.00 market value of FGVH held under trust by the SPV, to cover the interest of each FELDA settler.

Undoubtably, the 'Bumiputra Agenda' in FGVH is well covered. The IPO allowed 37% being allocated to FELDA settlers and FELDA Authority. Felda settlers will be allocated 2.5% in the 'Blue Form' where else FELDA Authority and FGVH employees and workforce will be allocated 3.0% 'Pink Form'. On top of that, it is strongly believed that PNB will be allocated 7.5%, Bumiputra investors (through MITI) 9.5% and several institutions such as Tabung Haji would be allocated 5.0%.

That is effectively 64.5% holding in the name of 'Bumiputra Agenda'.

If the market capitalisation is valued at RM 16.8 billion, that is almost RM 11 billion in prime blue-chips shares. Investment bankers are bullish about FGVH listing and ability to maintain market capitalization, deemed to be the second largest IPO in the world for 2012 after Facebook.

As some of current FGVH projects and programs mature, the benefits would soon be realised. Some analysts project that FGVH could realise a consolidated revenue of RM 30 billion. If PATAMI is calculated at 12%, it means that distributable dividends stand at the neighborhood of RM 1.8 billion. That should translate a net income of RM 1.1 billion, for the Bumiputra shareholders/stakeholders of FGVH.

The State Governments where FELDA Plantations Bhd has estates would get an aggregate of 12%. It is also believed that strategic pension funds EPF and KWAP would allocated 3.1% each, respectively. These Government agencies' holdings, coupled with the Bumiputra holdings add up to 80.7%.

Unconfirmed information stated that foreign holdings of FGVH is at the neighborhood of only 15%, which include strategic investors and some of newly formed strategic partners and alliance of FGVH. Part of FGVH's business plan is to have value added downstream products in several developed and matures markets.

Detractors of FGVH IPO with the malice intention to instigate FELDA settlers and the Malays at large,  should no longer have any more point to rant after this. The holdings of FGVH are very transparent and it has its objectives.

Other positive effect of the FGVH listing which was announced by Prime Minister Dato' Seri Mohd. Najib Tun Razak during the 'Meet the FELDA Community' session in FELDA Jengka 8 on 8 May 2012 is that Felda would from now help to rebuild and upgrade traditional kampungs around Felda schemes, as part of the CSR program. Funds would be allocated under Yayasan FELDA for this and non-FELDA rural folks in traditional kampungs would now benefit from monies derived from FGVH business activities.

This program is an addendum to the 'Bumiputra Agenda', as part of Prime Minister Najib's Transformation Program to bring Malaysians to a higher income and economic level, on top of realizing the New Economic Policy (NEP) his late father engineered forty years ago.

It is a very sound and smooth single stroke. to move the nation forward and narrowing the economic gap for the majority, especially the rural Malays.