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FGV winds up 2 of its companies

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FGV has offered severance packages to a total of 135 employees from the two companies.

PETALING JAYA: FGV Holdings Berhad has liquidated two companies in its stable — Felda Engineering Services Sdn Bhd and Felda Properties Sdn Bhd .FGV currently has about 100 companies, of which 93 are active and operational, though several are not profitable or well-managed.

Since FGV’s listing in 2012, Felda’s subsidiary, Felda Investment Corp , has undertaken much of the work previously undertaken by Felda Engineering and Felda Properties. “FGV was in discussions with Felda for almost a year, from February 2018, and also with the settlers’ cooperative, Koperasi Permodalan Felda Malaysia Berhad , from November 2018, on the possible takeover of Felda Engineering and Felda Properties,” it said in the statement.Pursuant to the planned liquidation of the two companies, FGV has offered severance packages to a total of 135 employees, in accordance with Malaysia’s labour laws and regulations.

 

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