Felda Global Ventures Holdings Bhd (FGV), the world’s largest producer of crude palm oil (CPO), has dismissed concerns that it is embarking on too many acquisitions since its listing in 2012.
“I don’t think we are acquiring too much ... we have not acquired anything yet. It is still in discussion,” FGV group president and chief executive officer Datuk Mohd Emir Mavani Abdullah told reporters on the sidelines of the Palm and Lauric Oils Conference and Exhibition 2016 here yesterday.
He was referring to the group’s latest proposed acquisition of a 55% stake in China-based Zhong Ling Nutril-Oil Holdings Ltd for RM976.25 million, which is subject to shareholders’ approval.
Mohd Emir said he is confident the deal will get rubber-stamped as the profit margin generated by Zhong Ling, which manufactures peanut oil in China, is about 20%.
“I am very confident that shareholders will approve it if they see the number ... the profit margin is 20%. So, why not?” he asked.
FGV in its first announcement on Feb 26 stated that the proposed acquisition did not require consent from its shareholders. However, on Monday, FGV said it had been issued a written letter by Bursa Securities stating otherwise.
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“I don’t think we are acquiring too much ... we have not acquired anything yet. It is still in discussion,” FGV group president and chief executive officer Datuk Mohd Emir Mavani Abdullah told reporters on the sidelines of the Palm and Lauric Oils Conference and Exhibition 2016 here yesterday.
He was referring to the group’s latest proposed acquisition of a 55% stake in China-based Zhong Ling Nutril-Oil Holdings Ltd for RM976.25 million, which is subject to shareholders’ approval.
Mohd Emir said he is confident the deal will get rubber-stamped as the profit margin generated by Zhong Ling, which manufactures peanut oil in China, is about 20%.
“I am very confident that shareholders will approve it if they see the number ... the profit margin is 20%. So, why not?” he asked.
FGV in its first announcement on Feb 26 stated that the proposed acquisition did not require consent from its shareholders. However, on Monday, FGV said it had been issued a written letter by Bursa Securities stating otherwise.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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