24/04/2012 (Bernama) - Felda Global Ventures Holdings Bhd's (FGVH) listing is a right move in transforming the country's oil palm industry, the Dewan Negara was told today.

Deputy Minister in the Prime Minister's Department Datuk Ahmad Maslan said it was a step in the right direction as commodities were now fetching high prices.

"We've agreed to float FGVH's shares in June, but what is important oil palm fetches a high price and it is the right time to list the plantation company," he said when responding to a supplementary questions from Senator Mumtaz Md Nawi.

Earlier, to a question from Senator Ahmad Hussin, he said a study on the benefits of the listing was conducted by the company's board of directors and management team with the help of consultants and advisers.

"The study concluded that FGVH is firmly rooted for listing in the middle of the year based on business prospects and the growth of the industry," said Ahmad Maslan.

He said the listing process, which started in the last quarter of last year, was entering the final phase, awaiting approval for the Security Commission and relevant authorities.