Shahrir: Felda unit FIC being reorganised, board members told to resign

(Bernama) – All members of Felda Investment Corporation Sdn Bhd (FIC)’s board have been ordered to resign to facilitate reorganisation of the company.

Newly-appointed Federal Land Development Authority (Felda) chairman Tan Sri Shahrir Abdul Samad said: “FIC is critical to Felda. I’ve asked all FIC board members to resign.”

FIC, a subsidiary of Felda, is engaged in non-plantation activities.

This is Felda’s first major move since Shahrir’s announcement that he would carry out a major management reshuffle of the agency.

Shahrir told Bernama the resignation of the board members would pave the way for FIC’s reorganisation.

“We’ve got to have good (corporate) governance implementation, so I’ve asked (them) to resign. (I will) fill up (vacant directors posts). Now we don’t even have a chief executive officer,” he said.

Incorporated on July 2, 2013, FIC is principally engaged in property development, hospitality and other strategic investments.

The main objective of FIC is to focus on strategic businesses via acquisitions or collaborations that may benefit the company and its stakeholders in the long run.

According to FIC’s website, over the brief course of its establishment, the company has entered into several strategic dealings, including an investment in IRIS Corporation Bhd, the takeover of property development company Encorp Bhd and an investment in Barakah Offshore Petroleum Bhd, which marked its first foray into the oil and gas industry.