FGV slips 4.94pct as EPF ceases to be shareholder

Felda Global Ventures Holdings Bhd's (FGV) share price slipped 4.94 percent at lunch break today, following the
announcement by the Employees Provident Fund (EPF) that it no longer has any stake in the company.

At 12.30pm, the shares slipped eight sen to RM1.54 with 6.98 million shares changing hands. The shares moved between RM1.54 and RM1.60 throughout the morning session.

In a statement today, FGV said it respected the views of its shareholders and was cognisant of their prerogative to buy or sell their shares as per their investment priorities.

"FGV shall continue with our focus on core business, improving productivity of existing assets and divesting non-core assets to deliver returns to shareholders and fulfill our obligation to our stakeholders," said group president and chief executive officer Zakaria Arshad.

Yesterday, the EPF said it no longer held any stake in FGV as it assured its members that it practises high standards of corporate governance in its investments, with robust policies on risk control and asset allocation.

Meanwhile, a dealer said despite the setback, FGV's business operations was expected to be stable supported by the higher crude palm oil price which is currently hovering at above the RM3,000 per tonne level.

"The negative sentiment may be temporary, and I believe the company's share price would stabilise," the dealer said.

- Bernama