FELDA HAS REPS IN EAGLE HIGH

Appointees representing govt interest at management and board levels

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.

BERNAMA PIC 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...