KUALA LUMPUR: FGV Holdings Bhd
could be ready to submit a petition to the US Customs and Border Protection (USCBP) within the next couple of months as the independent assessment of the plantation's group's remediation plan is almost at an end.
Hong Leong Investment Bank (HLIB) Research, which recently conducted a virtual meeting with FGV, reported that Lloyd's Register Quality Assurance's (LRQA) assessment report is expected to be completed in April 2024, following which FGV is targeting to submit its petition to the USCBP by end-June.
"While timing of the modification/lifting of Withhold Release Order (WRO) by USCBP is beyond FGV’s control, management shared it will typically take six to 12 months to review the report and validate the estates," said HLIB in a company update.
FGV has been working towards lifting an import ban on its palm oil and palm oil products in the US after it was hit by a WRO by the customs agency on Sept 30, 2020.
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