Explanation on ‘ridiculous deals’ allegation by FGV CEO

We refer to above matter.
The Board Executive Committee on behalf of The Board of Directors of Felda Global Ventures Holdings Berhad (“FGV”) wishes to clarify that the GBP 100 million expansion of FGV Cambridge Nanosystems Ltd (FGV CNS) is not true and was never presented to the Board as alleged in the news article as quoted by Dato’ Zakaria Arshad. The RM117 million losses recorded by FGV CNS within the last three to four years is also not true. FGV took over FGV CNS in December 2013 and the losses incurred from 2014 to April 2017 was GBP5 million (RM27.5 million), being a start-up company at products development stage.


On another point in the same article, contrary to what was quoted by Dato’ Zakaria, the plan to invest RM300 million to acquire a 30 percent stake in a creamer factory was never approved by our Investment Committee (IC) as the accretive value of the venture to FGV and its synergy with FGV’s downstream business could not be ascertained

DATO’ DR OMAR SALIM
Board Executive Committee Chairman