FGV Holdings Berhad (

Abbreviation An abbreviation (from Latin ''brevis'', meaning ''short'') is a shortened form of a word or phrase, by any method. It may consist of a group of letters or words taken from the full version of the word or phrase; for example, the word ''abbrevia ...

: FGV, sometimes FGVH; or formerly Felda Global Ventures Holdings Berhad; ) is a

Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...

n-based global agribusiness and food company. It is an affiliate of the

Federal Land Development Authority The Federal Land Development Authority (Felda; ms, Lembaga Kemajuan Tanah Persekutuan. LKTP) is a Malaysian government agency that was founded to handle the resettlement of rural poor into newly developed areas (''colonies'', ''settlements'' ...

(FELDA). With operations worldwide, FGV produces

oil palm ''Elaeis'' () is a genus of palms containing two species, called oil palms. They are used in commercial agriculture in the production of palm oil. The African oil palm ''Elaeis guineensis'' (the species name ''guineensis'' referring to its co ...

and

rubber Rubber, also called India rubber, latex, Amazonian rubber, ''caucho'', or ''caoutchouc'', as initially produced, consists of polymers of the organic compound isoprene, with minor impurities of other organic compounds. Thailand, Malaysia, and ...

products,

oleochemicals Oleochemistry is the study of vegetable oils and animal oils and fats, and oleochemicals derived from these fats and oils. The resulting product can be called oleochemicals (from Latin: oleum "olive oil"). The major product of this industry is soap, ...

and sugar products, with materials sourced from FELDA colonies throughout the country.

Background

Its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

in 2012 was the third largest in the world that year after

Facebook Facebook is an online social media and social networking service owned by American company Meta Platforms. Founded in 2004 by Mark Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin M ...

and biggest IPO in Asia which raised USD 3.1 billion. FGV-WISMA-1-scaled

It is the third largest

palm oil Palm oil is an edible vegetable oil derived from the mesocarp (reddish pulp) of the fruit of the oil palms. The oil is used in food manufacturing, in beauty products, and as biofuel. Palm oil accounted for about 33% of global oils produced from ...

company in the world by planted acreage. FGV manages a total land bank of 439,230 hectares in Malaysia and Indonesia including land under Land Lease Agreement (LLA) with

Felda The Federal Land Development Authority (Felda; ms, Lembaga Kemajuan Tanah Persekutuan. LKTP) is a Malaysian government agency that was founded to handle the resettlement of rural poor into newly developed areas (''colonies'', ''settlements'' ...

. The company produces approximately 3 million metric tonnes (MT) of CPO annually. In 2009, FGV purchased 51% of the largest sugar refiner in Malaysia, MSM Malaysia Holdings from

PPB Group Berhad PPB Group Berhad is a Malaysian diversified conglomerate which engages in food production, agriculture, waste management, film distribution, property investment and development. PPB is also the single largest shareholder, through an 18 percent ...

(founded by

Robert Kuok Robert Kuok Hock Nien (; Hokchew: ''Guoh24 Houk5 Nieng55''; born 6 October 1923), is a Malaysian business magnate and investor. Since 1973, Kuok has lived in Hong Kong. According to ''Forbes'', his net worth is estimated at $12.6 billion as of ...

) for RM1.25 billion. On July 3, 2018, the company dropped the phrase "Felda Global Ventures" from their corporate name and renamed as FGV Holdings Berhad.

US sanctions

On 1 October 2020, the company's products were banned by

U.S. Customs and Border Protection United States Customs and Border Protection (CBP) is the largest federal law enforcement agency of the United States Department of Homeland Security. It is the country's primary border control organization, charged with regulating and facilit ...

, citing forced labour and human rights abuses, including "physical and sexual abuse, debt bondage and abusive conditions.""US bans Malaysian palm oil producer over forced labour"
''

BBC News BBC News is an operational business division of the British Broadcasting Corporation (BBC) responsible for the gathering and broadcasting of news and current affairs in the UK and around the world. The department is the world's largest broadca ...

'', 1 October 2020

Notes

References

External links

* Conglomerate companies of Malaysia Government-owned companies of Malaysia Agriculture companies of Malaysia Palm oil companies of Malaysia Malaysian companies established in 2007 Agriculture companies established in 2007 Companies listed on Bursa Malaysia {{Malaysia-company-stub