KUALA LUMPUR : FELDA Global Ventures Holdings Bhd (FGV), keen to become one of the world's major agriculture companies, will continue to acquire more assets next year and raise its productivity level to boost profits. Group president and chief executive officer Mohd Emir Mavani Abdullah said the group is set to buy more land and engage in some upstream and downstream merger and acquisition (M&A) activities. "And, of course, we will enhance our productivity and continue to replant 6,000ha to get more yield," he told the media after FGV's extraordinary general meeting (EGM), here, yesterday. On the planned asset acquisitions, Mohd Emir said all proposals on the group's table are being reviewed and some are at the discussion stage with third parties. "We will make the announcements when they are due," he said. During the EGM, the group obtained its shareholders' approval to acquire 112.199 million shares representing a 51 per cent interest in Felda Holdings Bhd (FHB) from Koperasi Permodalan Felda Malaysia Bhd for RM2.2 billion , or RM19.61 per share. The acquisition is funded by a combination of initial public offering proceeds and borrowings, said Mohd Emir. With the integration of FHB under its stable, FGV expects an eight per cent revenue growth annually in the next eight years, starting next year. Last year, FHB registered a net profit of RM484.2 million and has a net cash position of RM915.4 million . Mohd Emir said now that FHB is 100 per cent FGV's, the group has become a fully integrated oil palm plantation company. "We are continuously looking into ways to improve our operational efficiencies. This exercise will enable the group to gain control of the processing and logistics businesses, providing us the synergy to better manage cost," he said.
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