'FGV takeover a consolidation move'
KUALA LUMPUR (July 30): The takeover of FGV Holdings Bhd by the Federal Land Development Authority (Felda) marks a consolidation move to strengthen its operations moving forward.
Felda chairman Datuk Seri Ahmad Shabeery Cheek said the agency's structure will be realigned with FGV's to eliminate overlapping functions in the future.
'For example, both Felda and FGV have their own hospitality and cooperative departments, each with its chief operating officer (CEO). Do we need separate CEOs for each, or should there be one CEO overseeing both?
'This is an opportunity for us to reorganise and restructure Felda and FGV without being bound by Bursa Malaysia's regulations. We see this as a crucial step to pave the way for Felda to progress towards a better future,' he told Bernama on Tuesday.
Felda acquired more than 90 per cent of FGVís shares on Tuesday through a voluntary takeover offer.
This acquisition is expected to not only open the door to a more sustainable and focused Felda Group but also align with the agency's aspirations in implementing its Strategic Plan and Direction for 2025 – 2030.
In 2020, Felda launched the takeover offer after increasing its stake in FGV from 33.66 per cent by purchasing shares from Retirement Fund (Incorporated) (KWAP), which is Malaysia's pension fund for civil servants, and Urusharta Jamaah, an asset management company wholly owned by the Minister of Finance (Incorporated), for RM658 million.
FGV, a Malaysian-based global agribusiness and food company, was listed in 2012 at RM4.55 per share.
It raised RM10.5 billion in one of Malaysia's largest initial public offerings (IPO).
However, since then, its share price has dropped significantly. – Bernama corporate news Federal Land Development Authority FGV Holdings Bhd
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