Where to, Felda Global Ventures?

Remember Felda Global Ventures? Its share price continues to hovers around its IPO price of 4.55, well below its high of close to RM5.50.

Felda Global Ventures Holdings Bhd

The reason for the bearish trend touted by Felda chairman Isa Samad is the uncertain crude palm oil price.

Meanwhile, a couple of FGV’s substantial shareholders, EPF and Kumpulan Wang Persaraan (Diperbadankan), have been frequently going into the market to transact shares. See the listing below for the transactions in recent weeks.

EPF has gradually raised its shareholding to 8.4 per cent now compared to 5.1 per cent on 29 June 2012.

KWP, for its part, has raised its stake to 6.9 per cent compared to 5.3 per cent on 28 June 2012.

For the quarter ended 31 March 2013, FGV posted a profit before tax of RM208m (7.8 per cent) on the back of turnover of RM2.7bn, compared to RM281m (16.3 per cent) on the back of turnover of RM1.7bn in the corresponding quarter of the previous year.

Meanwhile, Felda is involved in a string of legal suits classified as ‘material litigation’.

One such case, Abdul Rashid bin Abdul Wahab & 350 others v Felda and Felda Palm Industries Sdn Bhd, is due to come up for trial in the Temerloh High Court on 17-19 March 2014.

In this case, 351 settlers had commenced legal proceedings against the two entities alleging that Felda had defrauded them and/or conspired to defraud them over the sale of oil palm fruits they had cultivated through manipulation of the weighing system of the palm fruits and the grading of the graded extraction rate. They are claiming special damages from 1995 to now, general and punitive damages for fraud and breach of trust, interest and costs.

The other cases include:

SEREMBAN HIGH COURT SIVIL NO. :S7-22-219-2010.
KARIP BIN MOHD SALLEH & 765 OTHERS VS FEDERAL LAND DEVELOPMENT AUTHORITY (“FELDA”) AND FELDA PALM INDUSTRIES SDN. BHD.

KUANTAN HIGH COURT SIVIL NO. : 22NCVC-129-6/2012.
MD HAMIDIN BIN AB RANI & 956 OTHERS VS FEDERAL LAND DEVELOPMENT AUTHORITY (“FELDA”) AND FELDA PALM INDUSTRIES SDN. BHD.

FEDERAL COURT OF MALAYSIA CIVIL APPLICATION NO. 08 (f)-639-12/2011(J) (COURT OF APPEAL CIVIL APPEAL NO. J-01-285-2010)
(JOHOR BAHRU HIGH COURT WRIT OF SUMMONS NO. MT3-22-453-2009)
RAHMAN BIN JAMRI & 644 OTHERS … APPLICANTS/PLAINTIFFS
AND 1. LEMBAGA KEMAJUAN TANAH PERSEKUTUAN (FELDA) 2. FELDA PALM INDUSTRIES SDN BHD … RESPONDENTS/DEFENDANTS

KUANTAN HIGH COURT SUIT NO: 22NCVC-104/4/12
MOHD SALEH BIN ISHAK & 769 OTHERS V. FEDERAL LAND DEVELOPMENT AUTHORITY (FELDA) AND FELDA PALM INDUSTRIES SDN BHD

TEMERLOH HIGH COURT SUIT NO: 22NCVC-39-09/2011
MAT NAPI BIN SAAID & 549 OTHERS V. FELDA AND FELDA PALM INDUSTRIES SDN BHD

A couple of other cases to look out for:

KUALA LUMPUR HIGH COURT CIVIL SUIT NO: S-21-208-2010 FEDERAL LAND DEVELOPMENT AUTHORITY (“FELDA”) AND FELDA GLOBAL VENTURES HOLDINGS BERHAD (“FGVH”) VS DATUK SERI WAN AZIZAH BINTI WAN ISMAIL & 5 OTHERS

KUALA LUMPUR HIGH COURT. CIVIL SUIT NO: S-21NCVC-27-2011 COURT OF APPEAL : W-01(NCVC)-551-20/2011 APPLICATION FOR LEAVE TO APPEAL TO FEDERAL COURT: 08(f)-348-04-2012 FEDERAL LAND DEVELOPMENT AUTHORITY (“FELDA”) AND FELDA GLOBAL VENTURES HOLDINGS BHD (“the Appellants”) VS DR TAN KEE KWONG (“the Respondent”)

-anilnetto