Latest news with #KPF
The Star
02-07-2025
- Business
- The Star
FGV Holdings secures nod for subsidiary buyout
The company said the strategic exercise aims to consolidate FGV's corporate structure. KUALA LUMPUR: FGV Holdings Bhd has secured shareholders' approval to acquire the remaining equity interests in eight subsidiaries from Koperasi Permodalan Felda Malaysia Bhd (KPF) for RM229.8mil to consolidate its corporate structure. The approval was granted during the company's EGM on June 26, following its 17th AGM on the same day. In a statement yesterday, FGV said FGV Palm Industries Sdn Bhd, a 72%-owned indirect subsidiary, will acquire the remaining stakes in three subsidiaries from KPF for RM54.7mil, while Felda Holdings Bhd, a wholly-owned subsidiary, will acquire the remaining interests in five subsidiaries for RM175.1mil. 'This strategic exercise aims to consolidate FGV's corporate structure, enhance decision-making agility, and ensure tighter alignment with the group's strategic priorities. 'With full ownership, FGV will be better equipped to drive performance and accelerate execution across its core businesses,' it said. Meanwhile, FGV said it posted a 14% increase in revenue to RM22.16bil for the financial year ended Dec 31 (FY24), with net profit at RM276mil, supported by operational efficiencies and improved margins. FGV chairman Tan Sri Rastam Mohd Isa said last year was a period of solid operational progress for the group. 'Despite global economic headwinds, geopolitical uncertainty, and environmental challenges, FGV remained resilient and agile, emerging stronger and more focused, turning challenges into opportunities,' he said. Looking ahead, FGV group chief executive officer Fakhrunniam Othman said the group remains cautious as it navigates an unpredictable global marked by trade tensions and market volatility. 'We are sharpening our focus on operational excellence, stakeholder partnerships, high-value products and advanced technologies to ensure FGV remains resilient and future-ready,' Fakhrunniam said. — Bernama
The Star
02-07-2025
- Business
- The Star
FGV secures shareholder nod for RM229.8mil subsidiary buyout
FGV Holdings Bhd chairman Tan Sri Rastam Mohd Isa (fifth from left) holding FGV's Annual Integrated Report 2024 alongside the Board of Directors at its AGM. KUALA LUMPUR: FGV Holdings Bhd has secured shareholders' approval to acquire the remaining equity interests in eight subsidiaries from Koperasi Permodalan FELDA Malaysia Bhd (KPF) for RM229.8 million to consolidate its corporate structure. The approval was granted during the company's extraordinary general meeting on June 26, following its 17th annual general meeting on the same day. In a statement today, FGV said FGV Palm Industries Sdn Bhd, a 72 per cent-owned indirect subsidiary, will acquire the remaining stakes in three subsidiaries from KPF for RM54.7 million, while FELDA Holdings Bhd, a wholly-owned subsidiary, will acquire the remaining interests in five subsidiaries for RM175.1 million. "This strategic exercise aims to consolidate FGV's corporate structure, enhance decision-making agility, and ensure tighter alignment with the group's strategic priorities. "With full ownership, FGV will be better equipped to drive performance and accelerate execution across its core businesses," it said. Meanwhile, FGV said it posted a 14 per cent increase in revenue to RM22.16 billion for the financial year ended Dec 31, 2024 (FY2024), with profit after tax and minority interest (PATAMI) at RM276 million, supported by operational efficiencies and improved margins. FGV chairman Tan Sri Rastam Mohd Isa said 2024 was a year of solid operational progress for the group. "Despite global economic headwinds, geopolitical uncertainties, and environmental challenges, FGV remained resilient and agile, emerging stronger and more focused, turning challenges into opportunities," he said. Looking ahead, FGV group chief executive officer Fakhrunniam Othman said the group remains cautious as it navigates an unpredictable global landscape marked by trade tensions and market volatility. "We are sharpening our focus on operational excellence, stakeholder partnerships, high-value products and advanced technologies to ensure FGV remains resilient and future-ready," he said. - Bernama
New Straits Times
02-07-2025
- Business
- New Straits Times
FGV gets nod for RM230mil acquisitions of companies from KPF
KUALA LUMPUR: FGV Holdings Bhd received shareholders' nod for its proposed acquisition of the remaining interests in eight subsidiaries from Koperasi Permodalan Felda Malaysia Bhd (KPF) for RM229.8 million. The resolution, endorsed during the company's 17th extraordinary general meeting (EGM) on June 26, 2025, involves two of FGV's key subsidiaries FGV Palm Industries Sdn Bhd (FGVPI) and Felda Holdings Bhd (FHB). FGV said FGVPI, which is 72 per cent-owned indirectly by it, will acquire the remaining stakes in three of its non-wholly owned subsidiaries from KPF for RM54.7 million. FHB, a wholly owned unit of FGV, will acquire the remaining equity interests in five subsidiaries for RM175.1 million, it said. FGV said the exercise aims to consolidate its corporate structure, enhance decision-making agility and ensure tighter alignment with the company's strategic priorities. "With full ownership, FGV will be better equipped to drive performance and accelerate execution across its core businesses," it added. FGV also held its annual general meeting (AGM) chaired by its chairman Tan Sri Rastam Mohd Isa. The AGM saw participation from 1,655 shareholders and proxies, both physically and virtually. All nine resolutions tabled during the AGM were approved, reflecting continued shareholder confidence in FGV's leadership and direction. FGV group chief executive officer Fakhrunniam Othman said it remains vigilant amid an unpredictable global landscape shaped by trade tensions and market volatility. While early signs of recovery in commodity prices are emerging, Fakrunniam said the outlook remains cautious. "That is why we are sharpening our focus on driving operational excellence, strengthening stakeholder partnerships, expanding into high-value products, and leveraging advanced technologies to ensure FGV remains resilient and future-ready," he added. With the successful conclusion of both meetings, FGV reaffirms its commitment to strengthening its fundamentals, accelerating transformation, and delivering sustainable value to its shareholders. Supported by a clear strategic direction and ongoing support from its shareholders, FGV is well-positioned to meet future challenges and unlock new opportunities for sustainable growth.
The Star
11-06-2025
- Business
- The Star
FGV's plan to take control of KPF units deemed fair
Quantephi said it recommends that shareholders vote in favour of the resolution at the forthcoming EGM. PETALING JAYA: Independent adviser Quantephi Sdn Bhd has deemed FGV Holdings Bhd 's proposed RM229.8mil acquisition of full control of eight subsidiaries from Koperasi Permodalan Felda Malaysia Bhd (KPF) as 'fair and reasonable' and not detrimental to non-interested shareholders. The assessment was provided in an independent advice letter included in FGV's shareholder circular filed with Bursa Malaysia yesterday. The deal, first announced on May 23, will see FGV, through its 72%-owned unit FGV Palm Industries Sdn Bhd (FGVPI) and wholly owned subsidiary Felda Holdings Bhd (FHB), acquiring the remaining stakes in several companies involved in palm oil milling, refining, logistics, research and development, and ancillary services from KPF. KPF is the investment arm of the Federal Land Development Authority (Felda) and also FGV's largest shareholder. FGVPI will acquire the remaining minority interests in three companies – FGV Kernel Products Sdn Bhd (16.67%), FGV Refineries Sdn Bhd (33.33%) and FGV Marketing Services Sdn Bhd (49%) – for RM54.7mil. Meanwhile, FHB will purchase the remaining stakes in five companies – FGV Agri Services Sdn Bhd (23.08%), FGV Transport Services Sdn Bhd (49%), FGV Security Services Sdn Bhd (49%), FGV Prodata Systems Sdn Bhd (20%) and FGV Rubber Industries Sdn Bhd (28.57%) – for RM175.05mil. 'We are of the opinion that, taken as a whole, the proposed acquisitions are fair and reasonable and are not detrimental to the interest of the non-interested shareholders and non-interested directors of FGV Group,' Quantephi said in its report. 'Accordingly, we recommend that they vote in favour of the resolution at the forthcoming EGM.' Quantephi noted that the purchase consideration exceeds the proportionate adjusted net asset value (NAV) of RM209.3mil primarily due to a 25% premium attributed to FGV Agri Services and the inclusion of FGV Rubber Industries, which has a negative NAV of RM8mil. It further explained that FGV Agri Services is one of Malaysia's largest producers of oil palm seeds with an estimated 40% share of the domestic market, and has recorded consistent profitability with an average profit after tax (PAT) margin of 15.6% and dividend yield of 7.7% over the past four financial years. In comparison, it said FGV Transport Services and FGV Kernel Products recorded average PAT margins of 2.4% and 0.5%, respectively, and lower average dividend yields of 4.2% and 5.5% over the same period. The circular comes after Felda, on May 26, launched a fresh unconditional voluntary takeover offer to acquire all FGV shares it and its parties acting in concert do not already own at RM1.30 a share – the same price as its failed bid in 2020. Felda's renewed push to privatise FGV followed Bursa Malaysia's rejection of its application for more time to rectify its low public shareholding spread, which has remained below the 25% minimum since 2021.
The Irish Sun
02-06-2025
- Business
- The Irish Sun
One of the world's busiest airports reveals plans for new £7billion mega terminal with 50million more passengers
A HUGE new mega terminal is set to transform one of the world's best airports. 6 A new major terminal is to transform Changi Airport Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 Indoor gardens and glass roofs are the main features of Terminal 5 Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 The new terminal will also have public transport links to the city centre Credit: Getty Known for having the world's biggest indoor waterfall as well, the major airport has revealed plans to open a new Terminal 5. Also called It will also allow flights to connect The new terminal will be connected to Terminal 2, and will be the base of Read more on airports Vertical gardens with indoor trees and plant areas will be throughout the terminal, which also has huge glass roofs and walls to let in as much daylight as possible. And a former military runway will become the airport's third runway used by commercial jets, and increased from 1.7miles to 2.5miles. Contactless touchpoints and automated check ins will speed up the process of travelling from landside to gate. The new designs have been created by British-based Heatherwick Studio, behind UK projects such at Coal Drops Yard and BT Tower in London. Most read in News Travel This is alongside American architecture firm KPF, behind Thomas Heatherwick, design director of Heatherwick Studio, said it will be full of "lush greenery and characterful districts that redefine what an airport can be". Inside the 'best airport in the world' following 3-year renovation - with 45ft 'waterfall,' indoor garden & robot bartender Work has already started on the 2,670 acre area, which will nearly double the current airport size. The new runway could open as soon as 2027, ahead of the full opening of the project. The terminal expects to fully open by the mid 2030s, costing around $10billion (£7.3bilion) according to The last new opening at Changi Airport was the entertainment and shopping district 6 The new terminal will welcome another 50million passengers Credit: KPF/ Heatherwick Studio/Changi Airport Group 6 T5 is expected to cost more than £7billion Credit: KPF/ Heatherwick Studio/Changi Airport Group And a It's not the only major airport expansion taking place right now. Dubai is opening the This will replace the current Dubai International Airport - which welcomes 92million passengers - which will close when the new airport is completed. Top 15 busiest airports in the UK Here are the 15 busiest airports in the UK by passenger numbers in 2023 London Heathrow - 79.2 million London Gatwick - 40.9 million Manchester - 28.1 million London Stansted - 28.0 million London Luton - 16.4 million Edinburgh - 14.4 million Birmingham - 11.5 million Bristol - 9.9 million Glasgow - 7.4 million Belfast International - 6.0 million Newcastle - 4.8 million Liverpool - 4.2 million Leeds Bradford - 4.0 million East Midlands - 3.9 million London City - 3.4 million And Here is the 6 The airport terminal will be open by the mid 2030s Credit: KPF/ Heatherwick Studio/Changi Airport Group
