KUALA LUMPUR (June 13): Felda Global Ventures Holdings Bhd (FGV) rose 3.61% or 6 sen to RM1.72 per share in active trade today as the counter continued to draw interest a week after its CEO Datuk Zakaria Arshad was asked to go on forced leave.

At 11.39am, the stock had seen as many as 31.35 million shares traded, making it the third most actively traded counter this morning.

Last week, FGV shares lost over 5% to close at a six-month low of RM1.62 on June 6 after non-executive chairman Tan Sri Mohd Isa Abdul Samad allegedly proposed to remove Zakaria at a recent board meeting held without the CEO present.

The counter has since gained 6.17% after FGV also saw Datuk Seri Idris Jala appointed by the prime minister to oversee the internal investigations into the US$11.7 million owed by Safitex to FGV's subsidiary, Delima Oil Products Sdn Bhd.

The Edge weekly in its latest edition reported that since early last month, FGV's share price has shed 21%. The stock closed last Friday at RM1.66, giving the company a market capitalisation of just above RM6 billion.

The weekly said that at its peak, FGV hit an intra-day high of RM4.842 on July 6, 2012, just after its listing on June 28. Its market capitalisation stood at RM19.846 billion then, which means shareholders have seen more than RM13 billion wiped out from the value of the company.

According to a local remisier who declined to be named, investors could be bottom fishing on expectations that the boardroom tussle would be resolved soon.

"It is a politically-linked counter, so the market seems to be taking a stand that indicates it should benefit from the upcoming election," the remisier told theedgemarkets.com.

He added that without the current feud, the counter could trade near RM2.50 on a fundamental level.

However, the stock had been downgraded to "reduce" from "hold" by CIMB Research on June 6, with a target price of RM1.45.