FGV announces boardroom changes

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KUALA LUMPUR (Jan 20): Felda Global Ventures Holdings Bhd (FGV) today appointed two new directors into its board, replacing three others who resigned effective today.

In its filings with Bursa Malaysia, FGV (fundamental: 2.1; valuation: 2.4) has appointed Datuk Mohamed Suffian Awang and Datuk Mohd Zafer Mohd Hashim as independent & non-executive directors.

Mohamed Suffian is incumbent vice president to chairman of Perumahan Rakyat 1 Malaysia (PR1MA); while Mohd Zafer was formerly president and group managing director of Bank Pembangunan Malaysia Bhd.

Both of them are replacing three outgoing independent & non-executive directors, namely Fazlur Rahman Ebrahim, Tan Sri Dr Wan Abdul Aziz Wan Abdullah, and Tan Sri Ismee Ismail.

Fazlur Rahman currently holds the role as corporate advisor to Johor Corporation, and Wan Abdul Aziz is the chairman of Malaysia Airports Holdings Bhd.

Ismee is the incumbent group managing director & chief executive officer of Lembaga Tabung Haji, and a director in 1Malaysia Development Bhd.

Both Fazlur Rahman and Wan Abdul Aziz’s resignation were due to personal commitments; while Ismee’s resignation was due to the streamlining exercise in FGV’s board composition.

FGV’s share price fell one sen or 0.46% to RM2.15 today, giving it a market capitalisation of RM7.88 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for more details on a company's financial dashboard.)