FGV needs systematic approach to turnaround plan — Chairman
KUALA LUMPUR: FGV Holdings Bhd ( FGV) needs to take a systematic approach as part of its turnaround plan and to implement it through the capabilities of the people and the way the organisation is structured, said chairman Tan Sri Megat Zaharuddin Megat Mohd Nor.
Speaking to reporters during a special media briefing here yesterday, he said he believed the plantation company, which is 33.7 per cent owned by Felda, would be able to turn around and benefit the shareholders and company in the next six to 12 months.
“I have looked at their five-year plan and I see what they are going to do, their strategic plan, and I have given my feedback.
“Basically I think we can improve the company’s business but what is important is for FGV to prioritise on their immediate issues,” he said in response to what has been happening in the company recently.
FGV had recently announced the resignation of Datuk Zakaria Arshad as the group president and chief executive officer.
In a filing to Bursa Malaysia, the company said with the resignation, the suspension announced earlier had ended.
Nonetheless, the forensic investigation will continue and is expected to be concluded by year- end, it said.
Megat Zaharuddin also said that Felda expects FGV to contribute RM400 million to the agency via land lease agreements, profit and dividends.
“It should be higher. However, we know this will depend on the company’s productivity, as well as the palm oil price and yield of fresh fruit bunches,” he said. — Bernama