Malaysia's Felda to sell London property, assets to cut $2b debt burden

A man walks past a welcome signboard outside the Federal Land Development Authority (FELDA) Sungai Tengi Selatan palm oil plantation in Hulu Selangor, about 100 km (62 miles) north of Kuala Lumpur February 22, 2012. REUTERS/Samsul Said/Files

Malaysia’s state palm oil plantation agency said on Thursday it will sell assets, including property in London, restructure some loans and try to boost cashflow in a bid to trim debts of nearly $2 billion.

Megat Zaharuddin Megat Mohd Nor, who took over as chairman of the Federal Land Development Authority (Felda) in July, said he aimed to reduce debt by nearly 20 percent from 8.03 billion ringgit ($1.94 billion) at mid-2018 to 6.5 billion ringgit by year end.

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