FGV up for re-rating after calling off purchase of Indonesia’s Eagle High

PETALING JAYA: Top planter Felda Global Ventures Holdings Bhd (FGV) is due for a positive re-rating, following news that the group has called off its RM2.9bil acquisition of Indonesia-based PT Eagle High Plantations Tbk, analysts say.

Since early this month, FGV shares have performed well, rising by over 17% given the continued buying interest from major shareholders, and a potential turnaround in the near term under the leadership of new group president and chief executive officer Datuk Zakaria Arshad.