FGV: No notifications from shareholders of any transactions

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) has clarified that the board has not received any notifications from any shareholders on transactions reported by news media and neither has the board discussed such matters in its board meetings.

“In as far as the LLA (land lease agreement) is concerned, FGV deems it as a key component of our plantation business and any variation to it will be of significant interest that will be subjected to board and shareholders’ approval at EGM,” FGV said in a stock exchange filing yesterday.

FGV said it remains focused on its effort to improve performance and deliver value to its shareholders by higher asset productivity, operational efficiency and cost optimisation.

“Any mergers and acquisition activities will only be considered if it enhances shareholder value. If there is any development or material information on this matter, we will make the necessary announcement,” FGV added.

It was reported that a major reshuffle is on the cards for the Federal Land Development Authority (Felda) and its plantation arm FGV that could see the emergence of a new shareholder, which is said to be Wilmar International Ltd cofounder Martua Sitorus’ investment vehicle, in the latter. Felda is also said to be seeking the return of the land that is currently leased out to and managed by FGV due to its attractive returns.

Meanwhile, a business weekly reported that a two-part plan could see Felda buying back its plantation land from FGV, which will eventually detach Felda from FGV.