Tan Sri Shahrir Abdul Samad. — file pic

KUALA LUMPUR, Jan 7 — Congratulating Tan Sri Shahrir Abdul Samad over his new position to helm Federal Land Development Authority (Felda), PKR today said three steps must be taken by the Johor Baru MP to "restore the glory” of the company.

As the first step, PKR communication director Fahmi Fadzil suggested for Shahrir to arrange a session to meet every Felda settlers to listen to their concerns on the direction of the company.

"I believe with the persistent effort of all parties, Tan Sri Shahri can return Felda’s dignity, prestige and focus to what it was,” Fahmi said in a statement.

According to Fahmi, the second step should be to return Felda to its core business of palm oil extraction, emphasising on efforts to increase productivity in the plantation and improving oil extraction rate from between 17 and 18 per cent to 20 per cent.

Thirdly, Fahmi suggested for Felda to review its investment in the stock market, and halt its subsidiary FIC Properties Sdn Bhd from acquiring a stake in Indonesia’s PT Eagle High Plantations, and instead channel the fund to replanting palm trees.

Fahmi claimed Felda had achieved bad reputation from borrowing RM3.5 billion from the Employees Provident Fund in 2011, of which RM1.5 billion was used to acquire a sugar company and the establishment of Felda Global Venture Bhd (FGV).

Yesterday, Shahrir was named the new chairman of Felda, replacing Tan Sri Mohd Isa Abdul Samad whose term has ended.

Mohd Isa, however, remains chairman of FGV.

Prime Minister Datuk Seri Najib Razak, who made the announcement, said the move was part of the government’s aspiration to strengthen the agency’s leadership.

Prior to this, Shahrir had held chair the Malaysian Palm Oil Board and also the Public Accounts Committee.