Farmers co-op to buy 10 pct of Malaysia's Felda Global-report
KUALA LUMPUR Oct 21 (Reuters) - A co-operative of smallholders plan to buy a 10 percent stake in Malaysia's Felda Global Ventures Holdings Bhd (FGV), the world's third-largest palm plantation operator, according to a report by The Edge Malaysia over the weekend.
The Felda Investment Cooperative will use proceeds from the 2.2 billion ringgit ($696.97 million) sale of its 51 percent stake in Felda Holdings Bhd, which runs the downstream and midstream business of FGV.
"Instead of holding such a large block in a midstream company like Felda Holdings, we might as well have an interest in the whole stream-lined structure, which is FGV itself," The Edge Malaysia quoted Faizoull Ahmad, director-general of the Federal Land Development Authority.
The Federal Land Development Authority is the parent firm of Felda Global. ($1 = 3.1565 ringgit) (Reporting By Al-Zaquan Amer Hamzah; Editing by Niluksi Koswanage)
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