KUALA LUMPUR (March 14): In an about turn, Felda Global Ventures Holdings Bhd (FGV) said it is now deliberating on the change of its chief executive officer (CEO), which is currently held by Datuk Mohd Emir Mavani Abdullah.
"The board of FGV will deliberate on the appointment/change of FGV CEO and will make the requisite announcement immediately upon the receipt of the nomination letter from the relevant authority," it said in a filing with Bursa Malaysia today.
FGV had on Friday issued a statement, saying Emir will continue to serve as its CEO and president, after local media reported that he may be replaced next month.
According to The Star newspaper, Emir, who was appointed to his current post on Jan 1, 2013, is expected to be replaced by Datuk Zakaria Arshad, the head of the group's downstream operations.
In a separate filing with Bursa, FGV said the terms and conditions of its two sale and purchase agreements (SPA 1 and SPA 2) regarding the proposed acquisition of a 55% stake in Zhong Ling Nutril-Oil Holdings Ltd for RM976.25 million were made at "arm's length and in the ordinary course of commercial negotiations".
FGV had on Feb 26 announced that it had entered into two conditional SPAs with Zhong Hai Investments Holdings Ltd and other vendors, for the transfer of 26.4% and 28.6% stake in Zhong Ling for RM537.05 million and RM439.2 million respectively.
"As a result of the negotiations and based on parties having commenced the application process for approvals from the regulators in April 2015, parties agreed that the conditions precedent are to be fulfilled within five business days," it added.
FGV noted that however, the application to one of the regulators was cancelled pending more information on the investment from the group.
"To date, no subsequent application has been submitted to the said regulator," it said.
"Under no circumstances whatsoever does the board of FGV imposes an express or implied obligation on the regulators to process and approve any approvals in connection with the proposed acquisition within any time period agreed by the parties in SPA 1 and SPA 2," it added.
FGV shares closed three sen or 2.03% higher at RM1.51 today, with a market capitalisation of RM5.51 billion.