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Thursday, December 22, 2016

EPF no longer has stake in Felda Global Ventures



The Employees Provident Fund (EPF) has sold off all its shares in the troubled Felda Global Ventures (FGV).
"In line with best practices, we have been closely monitoring the equity performance of FGV over the years and have gradually sold down our shareholding.
"As of today, the EPF no longer holds any share in FGV," the fund said in a statement today.
On the RM6.5 billion loan that EPF provided to Felda Holdings, the fund said repayments on the loan were regularly being made.
"The EPF confirms that the RM6.5 billion loan taken by Felda Holdings is not in default and Felda continues to service the loan in accordance with the agreed terms and conditions," the statement said.
The fund also urged EPF members to not be misled by rumours.FGV was listed on Bursa Malaysia with much fanfare in mid-2012, debuting at RM5.39. At the time, it was touted as one of the biggest initial public offerings in the world for that year.

Within two years, FGV's share price halved, following a drop in commodity prices and downstream losses. At the time of writing, it is priced at RM1.62.
EPF was among the early investors in FGV, reportedly having up to a 6.8 percent stake.
FGV remains the third largest palm oil producer in the world. However, the company has been in the red in recent years.- Mkini

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