FGV active, up 3.05% on identifying assets for disposal

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KUALA LUMPUR (Jan 15): FGV Holdings Bhd rose 3.05% in active trade this morning after it identified RM350 million worth of non-core assets for disposal, as well as several areas for partnerships to capitalise its strengths and plug capacity gaps, said chairman Datuk Wira Azhar Abdul Hamid.

At 9.10am, FGV gained 2.5 sen to 84.5 sen with 3.67 million shares traded.

The troubled plantation group could save at least RM150 million in 2019 alone from plugging leaks, Azhar said in a letter to shareholders. 

He also noted several headwinds for the moving forward, including the resolution of its land lease agreement with Felda and a public sanction from the Roundtable on Sustainable Palm Oil (RSPO).

A new management team, including a new chief executive officer, should be announced in the next few days, noted Azhar.