Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 1): The Federal Land Development Authority (FELDA) bought a further 3.22 million shares in FGV Holdings Bhd from the open market between July 26 to 28.

In a Bursa Malaysia filing on Monday (Aug 1), FGV said the latest acquisition raised the statutory body’s direct shareholding to 68.62%.

FELDA has an indirect stake of 12.415% in FGV, bringing its combined shareholdings to 81.03% as at July 29, the final trading day of the month.

FELDA had been mopping up FGV’s shares in the open market since its failed attempt to privatise the plantation group last year.

The series of shares acquisitions paused in February this year as FGV’s share price rallied along with crude palm oil prices, after the world's largest palm producing country Indonesia limited its export of the tropical oil, followed by Russia’s invasion into Ukraine, which also disrupted global vegetable oil supplies.

FELDA only resumed its acquisition in late June, when FGV’s share price fell back to about RM1.50 per share on June 29, after trending downwards from its year-to-date high of RM2.04 in April.

Edited ByLam Jian Wyn
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