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The Star
02-07-2025
- Business
- The Star
FGV secures shareholder nod for RM229.8mil subsidiary buyout
FGV Holdings Bhd chairman Tan Sri Rastam Mohd Isa (fifth from left) holding FGV's Annual Integrated Report 2024 alongside the Board of Directors at its AGM. KUALA LUMPUR: FGV Holdings Bhd has secured shareholders' approval to acquire the remaining equity interests in eight subsidiaries from Koperasi Permodalan FELDA Malaysia Bhd (KPF) for RM229.8 million to consolidate its corporate structure. The approval was granted during the company's extraordinary general meeting on June 26, following its 17th annual general meeting on the same day. In a statement today, FGV said FGV Palm Industries Sdn Bhd, a 72 per cent-owned indirect subsidiary, will acquire the remaining stakes in three subsidiaries from KPF for RM54.7 million, while FELDA Holdings Bhd, a wholly-owned subsidiary, will acquire the remaining interests in five subsidiaries for RM175.1 million. "This strategic exercise aims to consolidate FGV's corporate structure, enhance decision-making agility, and ensure tighter alignment with the group's strategic priorities. "With full ownership, FGV will be better equipped to drive performance and accelerate execution across its core businesses," it said. Meanwhile, FGV said it posted a 14 per cent increase in revenue to RM22.16 billion for the financial year ended Dec 31, 2024 (FY2024), with profit after tax and minority interest (PATAMI) at RM276 million, supported by operational efficiencies and improved margins. FGV chairman Tan Sri Rastam Mohd Isa said 2024 was a year of solid operational progress for the group. "Despite global economic headwinds, geopolitical uncertainties, and environmental challenges, FGV remained resilient and agile, emerging stronger and more focused, turning challenges into opportunities," he said. Looking ahead, FGV group chief executive officer Fakhrunniam Othman said the group remains cautious as it navigates an unpredictable global landscape marked by trade tensions and market volatility. "We are sharpening our focus on operational excellence, stakeholder partnerships, high-value products and advanced technologies to ensure FGV remains resilient and future-ready," he said. - Bernama
New Straits Times
02-07-2025
- Business
- New Straits Times
FGV gets nod for RM230mil acquisitions of companies from KPF
KUALA LUMPUR: FGV Holdings Bhd received shareholders' nod for its proposed acquisition of the remaining interests in eight subsidiaries from Koperasi Permodalan Felda Malaysia Bhd (KPF) for RM229.8 million. The resolution, endorsed during the company's 17th extraordinary general meeting (EGM) on June 26, 2025, involves two of FGV's key subsidiaries FGV Palm Industries Sdn Bhd (FGVPI) and Felda Holdings Bhd (FHB). FGV said FGVPI, which is 72 per cent-owned indirectly by it, will acquire the remaining stakes in three of its non-wholly owned subsidiaries from KPF for RM54.7 million. FHB, a wholly owned unit of FGV, will acquire the remaining equity interests in five subsidiaries for RM175.1 million, it said. FGV said the exercise aims to consolidate its corporate structure, enhance decision-making agility and ensure tighter alignment with the company's strategic priorities. "With full ownership, FGV will be better equipped to drive performance and accelerate execution across its core businesses," it added. FGV also held its annual general meeting (AGM) chaired by its chairman Tan Sri Rastam Mohd Isa. The AGM saw participation from 1,655 shareholders and proxies, both physically and virtually. All nine resolutions tabled during the AGM were approved, reflecting continued shareholder confidence in FGV's leadership and direction. FGV group chief executive officer Fakhrunniam Othman said it remains vigilant amid an unpredictable global landscape shaped by trade tensions and market volatility. While early signs of recovery in commodity prices are emerging, Fakrunniam said the outlook remains cautious. "That is why we are sharpening our focus on driving operational excellence, strengthening stakeholder partnerships, expanding into high-value products, and leveraging advanced technologies to ensure FGV remains resilient and future-ready," he added. With the successful conclusion of both meetings, FGV reaffirms its commitment to strengthening its fundamentals, accelerating transformation, and delivering sustainable value to its shareholders. Supported by a clear strategic direction and ongoing support from its shareholders, FGV is well-positioned to meet future challenges and unlock new opportunities for sustainable growth.
