29/01/2014 (Business Times) -  FELDA Global Ventures Holdings Bhd (FGV), which is the world's largest crude palm oil producer, will announce its first acquisition for the year as part of its plans to expand upstream and downstream businesses, either in Southeast Asia or Africa in the first quarter of this year.

FGV president and chief executive officer Mohd Emir Mavani Abdullah said the expansion could be its core operation spanning across palm oil, sugar or rubber and could also involve either local or foreign firms.

"For now, we are reviewing most of the proposals that we have received and once approved by the board of directors, we will inform the media.

"For the acquisition, we are looking at the whole value chain of FGV involving both upstream and downstream," Mohd Emir said yesterday after launching FGV's integrity plan.

FGV, which commands 10 per cent of the world's crude palm oil output, has a RM4.4 billion warchest comprising funds raised from its initial public offering in 2012.

It is looking to grow its assets as part of the plans to become one of the world's top agribusiness firms.

Mohd Emir said the number of proposals is not important, but the asset quality is.

He added that FGV has drawn up strategies to grow the business and it could either be via landbank acqusition, buying over another firm that has certain kind of assets or both.

Meanwhile, on its integrity plan, Mohd Emir said FGV plans to embark on a plan that will be part and parcel of the organisation from the top level to the bottom.

"It will start with educating the workers on the importance of integrity before we start enforcing it in two years."