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Tuesday, February 14, 2017

Terengganu won't sell stake in FGV



The Terengganu government has no intention to sell its stake in Felda Global Ventures Holdings Bhd (FGV) as there is no requirement to do so.
Menteri Besar Ahmad Razif Abdul Rahman said the stake was fully funded through Terengganu Islamic Foundation's (YIT) profits, which were derived from its investments without involving state funds or loans from any quarters.
"So, why we have to sell the stock as we are getting dividends every year? If we continue to hold the investment, we will eventually get back our capital, The stock is an asset and investment that can help the next generation.
"The state government will not be swayed by other parties who sell FGV shares because there is no need to do. Instead, we will continue to hold the stock as an investment," he said.
He was commenting on a call from Terengganu PAS Felda Affairs chairperson Naraza Muda for the state government to sell its stake in FGV in order to minimise the risk of making bigger losses.
Meanwhile, in a statement, YIT said it had garnered profits exceeding RM200 million from 1990 to 2016 and received RM7.26 million dividends from FGV.
It said the FGV current asset value of RM1.70 per share did not reflect its true value and it was optimistic of a positive development soon.

"YIT is confident that FGV will be able to pay a higher dividend as the CPO price has risen above RM3,000 per tonne, while its share price has increased from RM1.20 to RM1.90.
"In 2016, YIT made a profit of RM12.3 million and in 2017, the profit is expected to reach at least RM10 million," the statement said.
YIT, which owns a 12-storey tower, has built shop lots in major town across the state for rent at lower rates to Malay entrepreneurs.
- Bernama

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