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Thursday, December 22, 2016

FGV cognisant of shareholders’ investment priorities, says CEO

Felda Global Ventures Holdings Bhd (FGV) today said it respected the views of its shareholders and is cognisant of their prerogative to buy or sell their shares as per their investment priorities.
FGV Group president and chief executive officer Zakaria Arshad said the palm oil producer would continue to focus on its core business, improving productivity of existing assets and divesting non-core assets to deliver returns to its shareholders.
“We will continue to do this while adhering to the relevant governance procedures in a transparent and responsible manner.
“We are steadfast in our commitment to unlock our full potential and bring value to FGV shareholders,” he said in a statement today, in response to the move taken by the Employees Provident Fund (EPF) to relinquish its shareholding in FGV.
Yesterday, the retirement fund said it no longer held any stake in FGV as it assured its members that it practises high standards of corporate governance in its investments, with robust policies on risk control and asset allocation.
The EPF said it has been closely monitoring the equity performance of FGV over the years and has gradually sold down its shareholding in the group.

The retirement fund also confirmed that the RM6.5 billion loan taken by Felda Holdings Bhd was not in default and the latter continued to service the loan in accordance with the agreed terms and conditions.
Zakaria said FGV would continue to engage with the EPF and the investing community to update on its business improvement progress.
“We join the EPF in urging our stakeholders and the public at large to refer their questions directly to our respective organisations and not to be misled by the social media and unsubstantiated online sources,” he added.

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