FGV Holdings Berhad[a] (Abbreviation: FGV, sometimes FGVH; or formerly Felda Global Ventures Holdings Berhad; MYX: 5222) is a Malaysian-based global agribusiness and food company. It is an affiliate of the Federal Land Development Authority (FELDA).
 | |
| Company type | Publicly traded government-owned investment company |
|---|---|
| MYX: 5222 | |
| ISIN | MYL5222OO004 |
| Industry | Agribusiness and Food |
| Founded | 19 December 2007[1] |
| Headquarters | , |
Key people |
|
| Website | fgvholdings |
With operations worldwide, FGV produces oil palm and rubber products, oleochemicals and sugar products, with materials sourced from FELDA colonies throughout the country.[2]
Background
editIts initial public offering in 2012 was the third largest in the world that year after Facebook and biggest IPO in Asia which raised US$3.1 billion.[3][4]
It is the third largest palm oil company in the world by planted acreage.[3] FGV manages a total land bank of 439,230 hectares in Malaysia and Indonesia including land under Land Lease Agreement (LLA) with Felda. The company produces approximately 3 million metric tonnes of crude palm oil annually.
In 2009, FGV purchased 51% of the largest sugar refiner in Malaysia, MSM Malaysia Holdings from PPB Group Berhad (founded by Robert Kuok) for RM1.25 billion.[5]
On 3 July 2018, the company dropped the phrase "Felda Global Ventures" from their corporate name and renamed as FGV Holdings Berhad.[6][7]
On 30 October 2024, the company made a public announcement on the appointment of Fakhrunniam Othman as the new Group Chief Executive Officer.[8]
US sanctions
editOn 1 October 2020, the company's products were banned by U.S. Customs and Border Protection, citing forced labour and human rights abuses, including "physical and sexual abuse, debt bondage and abusive conditions."[9]
Notes
edit- ^ The company also known as Felda Global on their official website.
References
edit- ^ "Milestones - About FGV - Our Organisation | Felda Global Ventures". Archived from the original on 9 April 2014. Retrieved 31 March 2014.
- ^ ""Official Website"". Archived from the original on 16 February 2013. Retrieved 27 February 2013.
- ^ a b "Felda Global Ventures' RM10bil IPO 2nd biggest in world this year after Facebook". The Star Online. Retrieved 2 February 2017.
- ^ "Felda Raises $3.1 Billion in Asia's Biggest I.P.O." 14 June 2012. Retrieved 6 May 2018.
- ^ Jayaseelan, Risen (4 November 2009). "The mystery of Sugar King Kuok exiting sugar business in M'sia". The Star. Archived from the original on 5 February 2017. Retrieved 9 August 2015.
- ^ "Felda Global Ventures Holdings Bhd is now FGV Holdings Bhd". New Straits Times. 3 July 2018. Retrieved 30 July 2018.
- ^ "Felda Global Ventures Holdings kini FGV Holdings Bhd". Berita Harian. 3 July 2018. Retrieved 30 July 2018.
- ^ Times, New Straits (30 October 2024). "Fakhrunniam Othman appointed as FGV's new CEO | New Straits Times". NST Online. Retrieved 14 November 2024.
- ^ "US bans Malaysian palm oil producer over forced labour", BBC News, 1 October 2020
External links
edit
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