FGV Holdings explained

FGV Holdings Berhad
Type:Publicly traded government-owned investment company
Industry:Agribusiness and Food
Foundation:[1]
Location City:Kuala Lumpur
Location Country:Malaysia

FGV Holdings Berhad (Abbreviation: FGV, sometimes FGVH; or formerly Felda Global Ventures Holdings Berhad;) 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] It is the third largest palm oil company in the world by planted acreage.[4] 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 July 3, 2018, the company dropped the phrase "Felda Global Ventures" from their corporate name and renamed as FGV Holdings Berhad.[6] [7]

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."[8]

References

  1. Web site: Milestones - About FGV - Our Organisation | Felda Global Ventures . 31 March 2014 . https://web.archive.org/web/20140409131056/http://www.feldaglobal.com/about_milestone.php . 9 April 2014 . dead .
  2. Web site: "Official Website" . 27 February 2013 . 16 February 2013 . https://archive.today/20130216021331/http://www.feldaglobal.com/ . dead .
  3. Web site: Felda Raises $3.1 Billion in Asia's Biggest I.P.O.. 14 June 2012 . 6 May 2018.
  4. Web site: Felda Global Ventures' RM10bil IPO 2nd biggest in world this year after Facebook. The Star Online. 2 February 2017.
  5. News: The mystery of Sugar King Kuok exiting sugar business in M'sia . Jayaseelan . Risen . 4 November 2009 . . 9 August 2015 . 5 February 2017 . https://web.archive.org/web/20170205074236/http://www.thestar.com.my/story/?file=%2F2009%2F11%2F4%2Fbusiness%2F5037325&sec=business . dead .
  6. Web site: 3 July 2018. Felda Global Ventures Holdings Bhd is now FGV Holdings Bhd. New Straits Times. 30 July 2018.
  7. Web site: 3 July 2018. Felda Global Ventures Holdings kini FGV Holdings Bhd. Berita Harian. 30 July 2018.
  8. https://www.bbc.com/news/business-54366607 "US bans Malaysian palm oil producer over forced labour"