Felcra looking for potential buyer for Menara Felcra

KUALA LUMPUR: Felcra Bhd is looking for potential buyers for its Menara Felcra project in Jalan Sultan Yahya Petra, which is 50% complete.
Chairman Datuk Mohd Nageeb Abdul Wahab said Felcra has already held discussions with several interested parties.
"So far, we have spent close to RM200 million, so our plan is to make sure our cash flow is in a good position and we do not have to spent on unnecessary things," he told reporters after chairing Felcra's board of directors' meeting, here today.
Under the original development plan, Felcra as the landowner was not obligated to bear any of the costs for the project, but after the change in the contract with the original developer, WZR Property Sdn Bhd, Felcra would have to be responsible for the full construction cost.
The construction was subsequently taken over by Felcra Properties Sdn Bhd due to difficulties in obtaining financing for the project.
As such, Mohd Nageeb said unprofitable and non-core Felcra subsidiaries would be shut down or merged to cut costs and improve operational efficiency.
Apart from that, its rubber replantation programme has also been put on hold and Felcra is now looking into the other potential crops such as paddy and bamboo.
He added that currently, Felcra's financial performance remains good, despite low commodity prices. — Bernama