Thursday 28 Mar 2024
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KUALA LUMPUR (May 7): Shares in Felda Global Ventures Holdings Bhd (FGV) were down 10 sen or 6.1% at an intraday low of RM1.54 today, two days before the country goes to the polls.

Compared to its closing price of RM1.71 on April 23, FGV's intraday low price today marks an almost 10% decline in market value for the plantation giant, with some RM620 million in market capitalisation erased.

At 4.07pm, FGV shares and its call warrants (FGV-C41) were both down, and among the top actives on Bursa Malaysia, with FGV-C41 down 0.5 sen at 1.5 sen.

Last week, The Edge Financial Daily reported that FGV had denied talks that it will be announcing a large scale restructuring, or be taken over before the May 9 election.

This is in response to a report on April 30 by International Palm Oil Monitor (Ipom) which suggested such a move would take place before May 9.

The Ipom report had stated that two parties — one linked to Tan Sri Syed Mokhtar Albukhary and another, a joint venture between Tan Sri Peter Sondakh's Rajawali group and representatives of PT Gama Plantation, owned by Indonesian Chinese tycoon, Martua Sitorus, one of the founders of Wilmar International Ltd — were looking at injecting assets into FGV for shares.

FGV's official statement to The Edge Financial Daily read: "There is no truth in this story. It is not only false, it is also mischievous."

 

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