KUALA LUMPUR (Oct 17): Khazanah Nasional Bhd’s representative on the board of Farm Fresh Bhd (KL:FFB) has resigned following the sovereign wealth fund’s exit as a substantial shareholder.
Effizal Faiz Zulkifly, 46, stepped down as non-independent non-executive director effective Friday (Oct 17) following a change in the shareholding of Khazanah's wholly-owned unit, Agrifood Resources Holdings Sdn Bhd, in Farm Fresh, according to the Johor-based dairy group's bourse filing.
Agrifood Resources disposed of 65 million shares in Farm Fresh early September, cutting its stake from 6.49% to 3.02% — below the 5% threshold required to be deemed a substantial shareholder.
Effizal currently serves as head of energy transition at Khazanah. He joined Farm Fresh’s board in June 2021, representing Khazanah, which first invested in the group in 2011 as part of its effort to strengthen Malaysia’s food security and dairy self-sufficiency initiatives.
Khazanah has been gradually paring down its stake since Farm Fresh’s listing in 2022, which was among the year’s largest, raising approximately RM1 billion at an issue price of RM1.35 per share.
The dairy producer’s managing director and chief executive officer Loi Tuan Ee remains its largest shareholder with a combined 40.1% interest held through Rainforest Capital Sdn Bhd and Farmchoice Foods Sdn Bhd.
Other substantial institutional shareholders include Kumpulan Wang Persaraan (Diperbadankan) (KWAP), with a 10.02% stake, followed by Cahaya Bintang Ltd (9.38%) Aberdeen Group PLC (8.31%) and the Employees Provident Fund (7.5%), according to Bloomberg data.
Farm Fresh shares closed up two sen or 0.83% to RM2.42 on Friday, valuing the group at RM4.55 billion.