KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) has clarified that the unusual stock losses in Felda Iffco Gida Sanayi, Turkey are currently recorded at RM57 million.
In a filing to Bursa Malaysia today, it said the losses were not part of the RM200 million to RM300 million adjustments stated by its president and chief executive officer, Datuk Zakaria Arshad as reported in a financial weekly recently.
It said any further changes to the unusual to the unusual stock loss amount would be subjected to the result of the forensic audit.
FGV was clarifying the weekly report that it might register a write off of up to RM300 million in its fourth quarter ending Dec 31, 2016.
FGV said the RM200 million to RM300 million potential adjustments were related to the management’s plan to improve the group’s future income by undertaking a rationalisation plan for some of its assets.
The plan is aimed at improving utilisation and reducing fixed cost, as well as impairment of loss-making entities, it said.
“If FGV board and management decide to proceed with the rationalisation plan, it will be carried out with full transparency, accountability and in the best interest of our stakeholders,” it said. --Bernama