KUALA LUMPUR: FGV Holdings Bhd is in negotiations with seven potential buyers to sell its plantation assets worth RM1bil in Trurich Resources Sdn Bhd – its 50:50 joint-venture company with Lembaga Tabung Haji – by end-September. FGV chief executive officer Datuk Haris Fadzilah Hassan said the group would sell the plantation estates as a package. By end-2019, the divestments of three non-core assets with an estimated value of RM150mil are expected to be finalised. On FGV’s strategy to return to profitability after four quarterly losses, Haris said the group would focus on the downstream sector, as CPO prices are low. Currently, revenue contribution of the upstream and downstream sector to the company is 60:40, with the upstream sector contributing a majority of the revenue.

Source: The Star May 30, 2019 00:33 UTC