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GLOBAL:
Felda Global Ventures (FGV), a subsidiary of the world’s largest palm
oil producer, FELDA Group, is reportedly in the process of selecting
banks for a US$1 billion US dollar-denominated exchangeable Sukuk
issuance. The company seeks to launch its Sukuk program later in the
year to finance its expansion strategies.
Capitalizing on Malaysia’s vibrant Sukuk market, FGV is looking to
raise funds for the purchase of more companies to support its existing
business. A portion from the Sukuk exercise has been earmarked for
potential acquisitions of landbank in Southeast Asia and Africa by 2015
to plant oil palm and rubber.
Mohd Emir Mavani Abdullah, the president and CEO of FGV, revealed to a
local daily that the company aims to manage more than one million
hectares of plantations. Through its new business acquisitions and
increase in plantation acreage, the company intends to hike up its
crude palm oil production to four million tonnes a year and achieve its
revenue target of RM100 billion (US$31.15 billion).
For the 2013 fiscal year, FGV recorded an increase of 21.72% in net
profits to RM980.99 million (US$305.44 billion) with revenue for the
full year accounting at RM12.6 billion (US$3.92 billion). According to
data provided by the Malaysia International Islamic Financial Center,
global outstanding Sukuk reached US$272.96 billion in the first quarter
of 2014, with Malaysia commanding more than half of that estimated
amount at approximately US$100 billion. As a pioneer in the industry,
Malaysia will be assisting Kazakhstan to establish Almaty, the largest
city in the republic, as a regional center of Islamic finance.
Malaysian prime minister, Najib Abdul Razak, has announced that a team
of experts from the country’s central bank will be sent to Almaty to
develop and strengthen the country’s Islamic banking and finance
market.
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