IOI Chairman: Need not to worry on foreign exchange

IOI Corp is keen to acquire more land in Malaysia than in Indonesia. Group executive chairman Tan Sri Lee Shin Cheng said: “Given the current market uncertainties, we prefer to increase our land bank in Malaysia but in Indonesia, we will continue with new planting efforts. He added that IOI Corp also did not expect bigger foreign exchange (forex) losses in the coming quarters. “There is no need to worry as 90% of the company’s products are for export. “We are taking risk on a basket of currencies. It’s just the ups and downs. Now it’s a little bit sharper,” Lee said. (Starbiz)