FGV drops Felda from name

FGV chairman Datuk Wira Azhar Abdul Hamid told reporters the name change might take more than a year and cost about RM2 million. — Bernama pic
FGV chairman Datuk Wira Azhar Abdul Hamid told reporters the name change might take more than a year and cost about RM2 million. — Bernama pic

KUALA LUMPUR, June 28 — Felda Global Ventures Holdings Bhd (FGV) said today it would change its name to FGV Holdings to avoid any confusion with its other subsidiaries.

FGV chairman Datuk Wira Azhar Abdul Hamid told reporters after its annual general meeting (AGM) that the firm would also change the names of its subsidiaries, which might take more than a year and cost about RM2 million. 

“The resolution to change name was proposed to the board at an extraordinary general meeting (after the AGM), and passed with 99 per cent voting in favour,” he said.

It is understood that a representative from Felda has failed to be re-elected as director in FGV’s annual general meeting today.

“The resolution that was withdrawn was the re-election of a director. It was a very unique situation as this is the first time in my life in an AGM that I couldn’t get a resolution to be seconded.

“So, we had to withdraw one resolution because there was no seconder on the re-election of a director, representing the Felda interest in FGV board,” said Azhar who was appointed as chairman of FGV September last year.

Previously, FGV group president and CEO Datuk Zakaria Arshad and FGV group chief financial officer Ahmad Tifli Mohd Talha were suspended following its dealings with Safitex Trading LLC over the latter’s outstanding debt.

Zakaria, however, resumed his duties in October last year after a domestic inquiry had been carried out.

FGV was listed on the Bursa Malaysia in June 2012 with its market capitalisation standing at RM6.2 billion as at April 6 this year.

Its current shareholders are FELDA with 33 per cent share, Lembaga Tabung Haji, Kumpulan Wang Persaraan (KWAP), Koperasi Permodalan Felda Malaysia Bhd (KPF) and the Pahang state government.

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