‘FGV NEVER HELD TALKS TO SELL STAKE’
However, group open to foreign firms buying its shares in open market
OOI TEE CHING
KUALA LUMPUR email@example.com
FELDA Global Ventures Holdings Bhd (FGV) has quashed reports of stake sale talks with Tradewinds Group or any foreign firm.
FGV group president and chief executive officer (CEO) Datuk Zakaria Arshad said it had never discussed private share placements with China’s biggest food trader, China National Cereals, Oils and Foodstuffs Corp (COFCO).
Zakaria, however, said the group was open to foreign firms buying its shares in the open market.
“We have never discussed any stake sale in FGV with any parties, be it COFCO or Tradewinds Group,” he said at the rebranding of Saji products, owned by FGV’s downstream arm, Delima Oil Products Sdn Bhd, here, yesterday.
“But we are open to COFCO or any investors buying FGV shares in the open market. To me, FGV shares are undervalued.”
A local daily recently reported that three China-based companies, including COFCO, were vying for strategic stakes in FGV.
Zakaria said FGV was in discussions with several parties to expand and value add its palm oil exports.
“We’re talking to potential business partners with strong distribution channels in China, India, Pakistan and Mena (Middle East and North Africa).
“In China, FGV already has a bulking facility in Dongguan. We wish to strike a partnership with COFCO to expand our business there. We are in for long-term growth that is mutually beneficial,” he added.
Established in 1949, COFCO is headquartered in Beijing.
Last year, state-owned COFCO posted US$30.748 billion (RM136 billion) in revenue and was ranked 121st on the Fortune Global 500 list.
On Saji’s rebranding, the new logo of a bowl reflects the group’s culinary positioning. A yellow smile and the rising sun against the green background signify bright prospects.
“We hope the Saji brand will remain the preferred choice for Malaysians,” said Delima Oil Products CEO Datuk Izran Adam Alias Mohamed.
In Malaysia, Saji cooking oil commands 35 per cent of the market share.
FGV shares remained unchanged at RM2.05 yesterday.
Felda Global Ventures Holdings Bhd chairman Tan Sri Mohd Isa Abdul Samad (right) with group president and chief executive officer (CEO) Datuk Zakaria Arshad (centre) and Delima Oil Products Sdn Bhd CEO Datuk Izran Adam Alias Mohamed at the launch of the new Saji logo in Kuala Lumpur yesterday.