Perspective Lane eyes substantial stake in FGV


The plantation giant said it received an expression of interest from PLSB to participate in FGV via an injection of plantation assets into FGV, for share consideration.

PETALING JAYA: Perspective Lane (M) Sdn Bhd’s (PLSB) is eyeing a substantial stake in FGV Holdings Bhd.

The plantation giant said it received an expression of interest from PLSB to participate in FGV via an injection of plantation assets into FGV, for share consideration.

“PLSB would potentially become the single largest shareholder of FGV upon completion, ” FGV said in its stock filing yesterday.

“The board of FGV decided on Oct 15 to deliberate upon the matter and has resolved to explore and evaluate the proposition, ” it added. In 2013, PLSB took plantation group Tradewinds (M) Bhd private.

In a separate statement, FGV said it had communicated with US Customs and Border Protection (CBP) to seek clarification on the findings of its investigation and on steps expected to be taken by the company for the revocation of the withhold release order (WRO).

It said the information was imperative to enable FGV to address and resolve any remaining gaps in its practices.

“A conference call between FGV and the CBP was held on Oct 8. However, the CBP could not reveal any information about the findings except that its research had identified the 11 International Labour Organisation indicators of forced labour in FGV’s practices, ” it said.

“The CBP did not disclose any further information about its findings, including the nature or locations of any incidence linked to such indicators, ” it added.

FGV noted CBP had informed the company that it would consider a petition for the revocation of the WRO together with information or reports arising from audits from credible, unbiased, third party auditing firms.

“In relation to this, FGV is already in communication with several independent organisations to explore options for an audit of FGV’s operations, ” it said.

On Sept 30, CBP detained all palm oil and palm oil products made by FGV, its subsidiaries or joint ventures based on information that indicated alleged use of forced labour.

FGV also said it remained committed to implementing its action plan under its affiliation with the Washington-based Fair Labor Association.

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