MARKET DEVELOPMENT
Koperasi Permodalan Felda Sells More FGV Shares
Koperasi Permodalan Felda Sells More FGV Shares
08/02/2017 (The Star) - Koperasi Permodalan Felda Malaysia Bhd (KPF) has sold another 1.5 million shares in Felda Global Ventures Holdings Bhd (FGV) days after selling some five million shares in the plantation group.
In a Bursa Malaysia filing yesterday, FGV disclosed that KPF had brought down its shareholding to 5.63% following the disposals. The current stake consists of some 205.26 million shares.
The latest disposal of 1.5 million shares occurred on Feb 2. The co-operative sold the block of five million shares on Jan 27. As in the previous disclosure, the transaction price for the disposal was not disclosed.
KPF, a co-operative body which shares a common shareholder with FGV in the Federal Land Development Authority (Felda), has owned FGV shares since FGV’s listing back in June 2012.
It is also authorised to make strategic investments and already holds stakes in various public-listed companies.
For the most part, the shares have been on a downward trajectory, with the stock losing more than half its value compared to the initial public offering price of RM4.55 per share.
In late 2013, KPF sold its 51% in Felda Holdings Bhd (FHB) to FGV for RM2.2bil. The acquisition of FHB’s palm oil assets was part of FGV’s efforts to streamline its operations and consolidate all its plantation-related holdings under a single entity.
Aided by buoyant crude palm oil prices and a substantial decrease in the country’s palm oil inventory, FGV’s shares have been on an upward trajectory since the beginning of the year.
Between Jan 3 and Feb 7, its stock price rose from RM1.55 to RM1.85, representing a 19% increase.
In a Bursa Malaysia filing yesterday, FGV disclosed that KPF had brought down its shareholding to 5.63% following the disposals. The current stake consists of some 205.26 million shares.
The latest disposal of 1.5 million shares occurred on Feb 2. The co-operative sold the block of five million shares on Jan 27. As in the previous disclosure, the transaction price for the disposal was not disclosed.
KPF, a co-operative body which shares a common shareholder with FGV in the Federal Land Development Authority (Felda), has owned FGV shares since FGV’s listing back in June 2012.
It is also authorised to make strategic investments and already holds stakes in various public-listed companies.
For the most part, the shares have been on a downward trajectory, with the stock losing more than half its value compared to the initial public offering price of RM4.55 per share.
In late 2013, KPF sold its 51% in Felda Holdings Bhd (FHB) to FGV for RM2.2bil. The acquisition of FHB’s palm oil assets was part of FGV’s efforts to streamline its operations and consolidate all its plantation-related holdings under a single entity.
Aided by buoyant crude palm oil prices and a substantial decrease in the country’s palm oil inventory, FGV’s shares have been on an upward trajectory since the beginning of the year.
Between Jan 3 and Feb 7, its stock price rose from RM1.55 to RM1.85, representing a 19% increase.