KUALA LUMPUR, July 1 (Bernama) — Felda Global Ventures Holdings plans to invest more than RM6 billion over the next five years to expand its overseas presence in the core plantations and related businesses.
Felda Global will be the Felda Group’s single integrated commercial vehicle while Felda Holdings Bhd, the pre-existing commercial entity, will be integrated into Felda Global.
In a statement issued after the launching of Felda Global here Wednesday, Felda also said Datuk Mohd Bakke Salleh is the president/chief executive officer of Felda Global.
It was launched by Prime Minister Datuk Seri Najib Tun Razak.
Felda Global was recently established with the vision to be an integrated global multi-crop, agro-business group.
Felda Holdings, which was incorporated on September 6, 1995 is 49 percent owned by Felda and 51 percent by Koperasi Permodalan Felda.
Felda’s 49 percent stake in Felda Holdings has been transfered to Felda Global and with this, a number of synergies are being pursued, to benefit shareholders of both entities.
Felda also said the management resources and shared functions such as research and development, plantations academy, human resource, finance and IT currently operating under Felda Holdings, would be spread across a much larger scale of operations, thereby enabling operating costs for the group to be reduced.
At the same time, the new team comprising Malaysians as well as international expertise brought on board via Felda Global, would help elevate business practises and enable accelerated growth to be achieved.
Felda Global’s investments include the acquisition of Twin River Technologies, an oleochemicals company based in the United States with oilseeds crushing facilities being built in Canada, and the joint venture with the IFFCO group.
IFFCO is one of the largest food and consumer product companies covering Malaysia, Indonesia, China, Turkey and South Africa.
Felda Holdings recorded a pre-tax profit of RM819 million last year while Felda registered a pre-tax profit of RM1.3 billion.
Source : BERNAMA]]>