FGV scraps collaboration plan with Sabah Forestry Department

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KUALA LUMPUR (Dec 31): FGV Holdings Bhd has aborted its plan to collaborate with the Sabah Forestry Department to explore the rehabilitation of riparian and forest buffer zone which lies between the forest reserve and the FGV estate in Sahabat, Sabah.

In a filing with Bursa Malaysia today, FGV said both parties have agreed not to renew the Memorandum of Understanding (MoU) entered into on Nov 8, 2016 upon its expiry on Dec 7, 2018.

"The expiry of this MoU would not have any financial impact to FGV and its subsidiaries," it added.

FGV shares closed unchanged at 71.5 sen today, with 18.97 million shares done, bringing it a market capitalisation of RM2.61 billion.