Koperasi Permodalan Felda Raises Stake In Furniture Maker Tafi Industries

TAFI Industries Berhad’s biggest shareholder is now Koperasi Permodalan Felda Malaysia 2 Berhad which increased its shareholdings to 12,647,570 shares, which represents 10.205% of TAFI’s share capital excluding treasury shares.

The Koperasi had acquired the shares from controlling shareholder, Armani Synergy Sdn Bhd via direct business transaction. Armani Synergy still remains the controlling shareholder of TAFI via its holdings of 64,861,430 TAFI shares which represent 52.335% of TAFI’s share.

Koperasi Felda was incorporated in 2011 and has 19,112 members, the agency is mainly involved in making investments from members’ contributions into high returning equity shares, properties, trading, and in the agro business.

In its statement, the Board Members of KPF2 said they are optimistic about the future prospects of the furniture and property development industry and had invested in TAFI to gain exposure to the industries to enhance investment returns for its members.

TAFI Group Managing Director, Dato’ Sri Azlan bin Azmi said that the investment by institutional investors such as KPF2 is a vote of confidence in the long-term prospects in the furniture and property development businesses and will strive to deliver the greatest return to its stakeholders and investors.

With the increase in shareholding, KPF2 will be seeking Board representation in the company, TAFI had also stated that the cooperative members will able to purchase furniture products on subscription plans.

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