TERMINATION OF LAND LEASE AGREEMENT

We refer to the FGV Holdings Berhad’s (“FGV”) Media Statements dated 20, 27 and 29 October 2020 and the last announcement on 29 October 2020. 

The Board of Directors of FGV wishes to reiterate that FGV has yet to receive a written notice from Federal Land Development Authority (FELDA) regarding the termination of the said LLA and its intention to take over FGV’s palm oil mills nationwide as announced by the Chairman of the FELDA Special Task Force on 30 October 2020.

On 2 November 2020, the Chairman of FGV has written to the Chairman of FELDA informing that the notice to terminate the LLA in accordance with the terms and conditions of the LLA is still not forthcoming from FELDA up to this date and suggested FELDA to stop any further media releases on this matter and to discuss prior to releasing a joint statement on the agreed terms in accordance with the terms and conditions of the LLA.

ARTICLE TITLED “FELDA SAID TO OPPOSE SYED MOKHTAR’S PROPOSED INJECTION OF PLANTATION ASSETS INTO FGV”

We refer to the above article which was published by The Edge Malaysia today and FGV’s announcement dated 15 October 2020 entitled Perspective Lane (M) Sdn Bhd's ("PLSB") proposal to be a shareholder of FGV.

The Board of Directors of FGV wishes to inform that on 21 October 2020, the individual directors of FGV did indeed receive a letter from the Chairman of FELDA informing that the Board of FELDA will not support any proposal which will result in the dilution of its shareholdings in FGV. 

In respect of the expression of interest letter from PLSB to participate in FGV via an injection of plantation assets into FGV, for share consideration as announcement on 15 October 2020, PLSB did not mention whether the plantation assets it intends to inject into FGV are parked under Tradewinds Plantations Berhad and there is also no mention about whether Central Sugar Refinery Sdn Bhd which is parked under PLSB is part of the plantation assets to be injected into FGV.   

The Company shall make further announcements if there are any further material development in respect of the above matters.

This announcement is dated 2 November 2020.