KUALA LUMPUR (Sept 20): Felda Global Ventures Holdings Bhd's (FGV) largest shareholder Federal Land Development Authority (FELDA) said it hopes for its unit to turnaround as soon as possible, particularly within the next six months to one year.

Felda has a 33.7% stake in FGV.

"I had a look at their turnaround plans and I told them that it could be improved. FGV should prioritise on their immediate issues," Felda chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said. 

He said FGV had appointed a dedicated turnaround manager to lead the initiative.

"Those who know me, know that I like to take a systematic approach. To find out what are the causes, priorities for improvement and that we have the right capabilities to implement. Too often in turnaround plans, there are wishful thinking with little success," he said at his first media briefing today, since being appointed on July 27. 

Felda is also set to turnaround in at least the next 2 years, Megat Zaharuddin added.

Annually, FGV contributes about RM400 million to Felda via land lease agreements, profit and dividends, he said. 

"It should be higher. However, we know this will depend on the company's productivity, as well as the palm oil price and yield of fresh fruit bunches. It is currently lower than the national average. So this needs to be addressed," he added.

At noon, FGV's share price closed three sen lower or 1.94% to RM1.52, with 1.61 million shares traded, for a market value of RM5.62 billion.