KUALA LUMPUR: Confirming that it is paring down its stake in Malayan Banking Bhd (Maybank) to raise money, cash-strapped Federal Land Development Authority (Felda) disclosed yesterday that it also wants to dispose of some of its overseas assets. Newly appointed Felda chairman Tan Sri Shahrir Abdul Samad said the agency hopes to raise between RM500 million and RM1 billion from the sale of the assets abroad. “You will see more disposals this year, particularly overseas assets, like the hotel [in London],” he told a press conference. “In November, the board decided to review investments by Felda, including Maybank shares. “The funds raised from [the] Maybank share disposal will be utilised for various Felda settler programmes to fulfil Felda’s responsibility,” he said.

Source: The Edge Markets January 18, 2017 01:09 UTC