KUALA LUMPUR (May 14): Felda Global Ventures Holdings Bhd (FGV)'s 72%-owned indirect unit Felda Palm Industries Sdn Bhd is planning to sell its 30% stake in Taiko Clay Chemical Sdn Bhd (TCC) for RM145 million, which will net FGV a disposal gain of RM16.06 million.

TCC is principally involved in manufacturing and sale of activated bleaching earth and related products, production of sulphuric acid, oleum and battery acid, and general trading and manufacturing of aluminium sulphate.

FGV told Bursa Malaysia via a filing today that the proposed disposal is in line with its 2020 goals and ambitions, under which it has outlined the divestment and liquidation of identified non-core businesses.

FPI, which is parked under Felda Holdings Bhd, inked a sale and purchase agreement with Orient View Sdn Bhd for the stake sale. Proceeds from the proposed disposal will be used for general working capital, said FGV.

"The proposed disposal is not expected to have any significant impact on the EPS (earnings per share) of FGV Group. The proposed disposal is also not expected to have any significant impact on the future earnings of FGV Group," it added.

The group expects the disposal to be completed by the second half of 2018.

FGV shares closed 11.8% or 19 sen higher at RM1.80 today, giving it a market capitalisation of RM6.57 billion.