February 23, 2018 / 8:12 AM / 22 days ago

Malaysian palm oil firm FGV aims to increase land bank this year - CEO

KUALA LUMPUR, Feb 23 (Reuters) - Malaysia’s Felda Global Ventures Bhd (FGV), the world’s third biggest palm plantation operator, aims to increase its land bank this year, its chief executive said on Friday.

FGV is looking at land acquisitions in Africa, Indonesia and Malaysia, Zakaria Arshad told reporters, adding that it was at a preliminary stage and had yet to conduct due diligence on prospective purchases.

Zakaria said FGV was looking at adding 20,000 hectares to its land bank, but gave no timeframe for this figure.

Earlier on Friday, FGV reported net profits for its last quarter ended December fell by a third year-on-year. (Reporting by Emily Chow Editing by Clarence Fernandez)

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