Felda Dumping AXA

Felda Global Ventures Holdings Bhd (FGV), which posted a 35% jump in earnings for the second quarter ended June 30, 2016, is mulling the disposal of its non-core and non-performing assets, including its 16% stake in Axa Affin General Insurance Bhd.

“We’ve identified a few, one of them is Axa Affin which is not related to our business. We try to conclude some deals this year,” FGV group president and CEO Datuk Zakaria Arshad (pix) told a results briefing here yesterday.

He said for other disposals, he is looking at reducing the stake to a minimum level.
According to filings with the Companies Commission of Malaysia, FGV, through Felda Marketing Services Sdn Bhd, owns a 16% stake in Axa Affin General Insurance.


Axa and Affin Holdings Bhd hold 42.7% and 33.8% equity interests respectively, in Axa Affin General Insurance.