Friday 29 Mar 2024
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KUALA LUMPUR (April 3): FGV Holdings Bhd's shares rose 3.3% this morning following the Dubai Court of First Instance's decision in favour of its subsidiary Delima Oil Products Sdn Bhd on March 23.

Delima Oil had first sought the same amount in March 2018 over alleged outstanding payments owed by Safitex General Trading LLC, which had entered into contracts with Delima Oil for the purchase of refined crude palm oil and margarine.

At 11:04am, FGV rose 4 sen to RM1.26 with 17.3 million shares traded.

Issues surrounding Safitex's dealings with Delima Oil had been among the accusations against former FGV group president and chief executive officer Datuk Zakaria Arshad.

In a bourse filing on April 1, FGV said the court had ordered Safitex to pay Delima Oil US$11.7 million with 9% annual interest from the date of judgment until the full settlement of judgment debt.

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