Business News

FGVH targets natural rubber processing in Myanmar this year

Friday, 5 July 2013

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) hopes to start operation of its natural rubber (NR) processing plant in Myanmar this year, says chief executive officer-designate Mohd Emir Mavani Abdullah.

Last December, FGVH signed a memorandum of understanding with Myanmar's Pho La Min Trading Ltd to scout for opportunities to set up rubber plantations and establish NR processing plant in the country.

Besides the processing plant, the group also planned to develop a complete supply chain of its three core businesses palm oil, sugar cane and rubber in Myanmar.

Mohd Emir said on Friday FGV, which was studying over 12 acquisition proposals in Malaysia and overseas, was expected to announce the decision soon.

He said the group was cautious on the acquisitions as it considered its palm oil business as a long-term investment. 

"We are careful and cautious on how we acquire our upstream assets. They will go through various processes of evaluation, from our management to our investment committee and later the board for valuation. 

"We will acquire the best of the 12 that can give the best value to our shareholders," he told reporters after awarding nine scholarships worth RM7 million to students, here on Friday.

It was reported that FGV will use its RM6.2 billion cash pile for merger and acquisition exercises.
The nine students, selected from a total of 4,947 applications received this year, received full scholarships to pursue their studies abroad at top public and private universities in UK. 

The scholarships cover financial support, including tuition fees, living allowances, books allowances, thesis and practical training allowances. - Bernama

Tags: Business

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