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BUSINESS

FGV remains committed to investing, expanding range of sustainable agribusiness

24/06/2022 10:42 AM

KUALA LUMPUR, June 24 (Bernama) -- FGV Holdings Bhd (FGV) remains committed to investing and expanding toward a broader range of sustainable and synergised agribusinesses, and aims to move into higher value-added business activities to achieve more stable returns. 

In a statement today, FGV chairman Datuk Dzulkifli Abd Wahab said FGV aspires to become one of the world’s leading sustainable agribusiness players, with reputable product brands and strong distribution capabilities. 

“With this, we are advancing our sustainability journey as the first food and agribusiness company in Malaysia to formalise a Climate Action Plan target with the United Nations," he said.

Dzulkifli said FGV intends to change the narrative for Malaysian palm oil by ensuring that environmental, social and corporate governance (ESG) considerations continue to take the centre stage in all FGV’s undertakings.

“We believe that this is key to advocating the sustainable benefits of palm oil at a global level and helping the industry gain international acceptance and support as the way forward to meet the needs of a growing world population,” he said.

Meanwhile, FGV shareholders have approved all 13 resolutions at its 14th Annual General Meeting, held virtually yesterday. 

Among other things, shareholders had agreed to increase board members’ and chairman’s fees and allowances which was proposed after taking into consideration the complexity as well as the number of business verticals of the FGV group compared to other plantation companies.

Moving forward, FGV said it will ensure its Strategic Business Plan provides benefits to the smallholders, especially Federal Land Development Authority (FELDA) settlers, as FELDA has emerged as FGV’s largest shareholders by end-2021 with 79.80 per cent shareholding.

FGV expects to harness mutually beneficial synergies from this closer relationship between FELDA and FGV, driven by clearer communication of shared goals and more responsive strategic alignment, it added.

At 10.25 am, FGV shares rose by four sen to RM1.54, with 74,100 units changing hands.

-- BERNAMA


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