FGV Holdings

FGV Holdings Berhad
Company typePublicly traded government-owned investment company
MYX: 5222
ISINMYL5222OO004
Industry Agribusiness and Food
Founded19 December 2007; 17 years ago (2007-12-19)[1]
Headquarters
Kuala Lumpur
,
Malaysia
Key people
  • Fakhrunniam Othman
  • (GCEO)
Websitefgvholdings.com

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).

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

Its 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]

Wisma FGV in Kuala Lumpur.

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

On 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

  1. ^ The company also known as Felda Global on their official website.

References

  1. ^ "Milestones - About FGV - Our Organisation | Felda Global Ventures". Archived from the original on 9 April 2014. Retrieved 31 March 2014.
  2. ^ ""Official Website"". Archived from the original on 16 February 2013. Retrieved 27 February 2013.
  3. ^ a b "Felda Global Ventures' RM10bil IPO 2nd biggest in world this year after Facebook". The Star Online. Retrieved 2 February 2017.
  4. ^ "Felda Raises $3.1 Billion in Asia's Biggest I.P.O." 14 June 2012. Retrieved 6 May 2018.
  5. ^ 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.
  6. ^ "Felda Global Ventures Holdings Bhd is now FGV Holdings Bhd". New Straits Times. 3 July 2018. Retrieved 30 July 2018.
  7. ^ "Felda Global Ventures Holdings kini FGV Holdings Bhd". Berita Harian. 3 July 2018. Retrieved 30 July 2018.
  8. ^ Times, New Straits (30 October 2024). "Fakhrunniam Othman appointed as FGV's new CEO | New Straits Times". NST Online. Retrieved 14 November 2024.
  9. ^ "US bans Malaysian palm oil producer over forced labour", BBC News, 1 October 2020


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