Ap­pointees rep­re­sent­ing govt in­ter­est at man­age­ment and board lev­els

New Straits Times - - Business - AYISY YU­SOF BANGI bt@me­di­aprima.com.my

FED­ERAL Land De­vel­op­ment Author­ity (Felda) says it has rep­re­sen­ta­tives at the man­age­ment and board lev­els of PT Eagle High Plan­ta­tions Tbk (Eagle High), one of In­done­sia’s largest palm oil com­pa­nies.

Felda chair­man Tan Sri Shahrir Ab­dul Samad said the ap­pointees are rep­re­sent­ing the Malaysian gov­ern­ment’s in­ter­est in Eagle High.

“The in­vest­ment is made by the gov­ern­ment. We rep­re­sent the Malaysian gov­ern­ment at two lev­els, in­clud­ing board of di­rec­tors (man­age­ment) and the board of com­mis­sion­ers,” he said af­ter open­ing a Felda D’Saji out­let, here, yes­ter­day.

“We have one rep­re­sen­ta­tive in the board of di­rec­tors (man­age­ment) in Eagle High. For the board of com­mis­sion­ers, we have two seats. We just ap­pointed one po­si­tion and an­other one seat has yet to be filled ,” he added.

Shahrir pointed out that one rep­re­sen­ta­tive is per­ma­nently sta­tioned in Jakarta with Eagle High.

“He is a for­mer Felda Global Ven­tures Hold­ings Bhd em­ployee. He is en­trusted to do two things — the Round­table on Sus­tain­able Palm Oil (RSPO) com­pli­ance and in­vestor re­la­tions on be­half of Eagle High,” he said.

He said Eagle High‘'s’s plan­ta­tion earn­ings has im­proved, although it still needs some fi­nan­cial re­struc­tur­ing.

Felda signed a deal with Ra­jawali Group to buy a 37 per cent stake in Eagle High late last year.

Un­der the agree­ment, Felda sub­sidiary FIC Prop­er­ties Sdn Bhd paid US$505.4 mil­lion (RM2.16 bil­lion) for the stake, a dis­count from US$680 mil­lion ini­tially sought by Ra­jawali.

The ac­qui­si­tion will give Felda ac­cess to more than 320,000ha of land in In­done­sia (about 4.4 times the size of Sin­ga­pore).

Mean­while, Felda D’Saji Sdn Bhd is op­ti­mistic of achiev­ing a five per cent rev­enue growth this year, on the back of con­tri­bu­tion from three new out­lets.

Felda D’Saji chief ex­ec­u­tive of­fi­cer Ah­mad Zaki Abul­lah said the com­pany cur­rently op­er­ates 11 branches in the Klang Val­ley.

“We ex­pect to open two more branches in Putrajaya and Petaling Jaya,” he said.

Felda D’Saji’s Bangi branch is lo­cated at Lake Cem­paka Villa, and the restau­rant is able to serve 2,000 guests at one time.


Felda chair­man Tan Sri Shahrir Ab­dul Samad (third from left) at the open­ing of the new Felda D’Saji out­let in Bangi, yes­ter­day. With him are (from left) Felda Pro­data board mem­ber Datuk Khamis Mo­hamed Som, Felda act­ing gen­eral di­rec­tor Datuk Abd Ghani Mohd Ali, Felda Co­op­er­a­tive Group chief ex­ec­u­tive of­fi­cer (CEO) Sak­i­nah Salleh, Felda deputy gen­eral man­ager for com­mu­nity de­vel­op­ment Anuar Malek and D’Saji CEO Ah­mad Zaki Abul­lah.

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