FGV Annual Report 2016

FELDA GLOBAL VENTURES HOLDINGS BERHAD 40 The Sugar Cluster operates mainly through the Group's wholly-owned subsidiary FGV Sugar Sdn Bhd and its 51%-owned MSM Holdings. Through MSM Holdings, FGV is the leading refined sugar producer in Malaysia with approximately 60% domestic market share. MSM Holdings is the largest standalone sugar refiner in Malaysia with approximately 60% domestic market share. CLUSTER PERFORMANCE: SUGAR MANAGEMENT DISCUSSION & ANALYSIS