“Source Accurate News On FGV Through Us …” – Dato’ Emir, CEO, FGV
KUALA LUMPUR, 8 OCTOBER 2015 – On the 28th September, a news report titled “No Bank Negara green light yet for FGV purchase of PT Eagle stake” published by an English newspaper. The news alleged the failure of Felda Global Ventures Holdings Bhd (FGV) remitting deposit for the purchase of a substantial stake in the company PT Eagle High Plantations (EHP), based in Indonesia has yet to receive approval from Bank Negara Malaysia (BNM).
Almost done: FGV has proposed to acquire a 37% stake in EHP; Indonesia’s third largest listed plantation company controlled by business tycoon, Peter Sondakh of the Rajawali Group valued at US$680.0 million (RM2.55 billion) in cash and stock.
According to the news source, BNM did not approve the application for FGV remitting 23% of the amount from US$174.5 million (RM780.9 million) as part of an earlier agreement due to several reasons.
Thus in an attempt to calm the shareholders and the public from any negative perceptions that could hamper the market, the President and Group Chief Executive of FGV; Dato ‘ Mohd Emir Mavani Abdullah reasoned that every efforts of materializing the interest in the EHP is still active.
“It is not helping when speculating the situation while a comprehensive due diligence is under way and may affect sound business decisions,” said Emir.
A deal of this magnitude certainly gets attention especially from investors including from the policy makers; Malaysia Government.
“This demonstrates our commitments of high governance and transparency to ensure all those involved are in line with the requirements of the law,” Dato’ Emir added .
This author believes the printed news of BNM delayed approvals only invites more problems and paint unwanted perception towards FGV. It brings displeasure to the settlers considering they have toiled the land while expecting FELDA could ride the waves into the global market. The FGV polemic proves there is a political agenda/influences and fed fuel by some irresponsible individual/s of interest.
Dato’ Emir strongly urged the media and the public to contact the Corporate Communication and/or the Investors Relations Department to get a full and correct information with reference to FGV. – MNA