Business News

Friday, 23 December 2016 | MYT 12:30 PM

FGV falls 5% as EPF ceases to be substantial shareholder

Datuk Zakaria Arshad

Datuk Zakaria Arshad

KUALA LUMPUR: Shares in Felda Global Ventures Holdings Bhd (FGV) fell 8 sen, or 4.94% in the morning session after the Employees Provident Fund (EPF) said it no longer has any stake in FGV.

At 12.30pm, FGV fell 8 sen to RM1.54 with 6.98 million shares traded. It warrants also fell following the latest news.

“We respect the views of our shareholders and we are cognizant of their prerogative to buy or sell our shares as per their investment priorities,” FGV group president and CEO Datuk Zakaria Arshad said in a statement on Friday.

“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.

“We continue to do this while adhering to the relevant governance procedures in a transparent and responsible manner,” Zakaria said.

He added that the group was steadfast in its commitment to the above to unlock our full potential and bring value to FGV shareholders.

“We will continue to engage with EPF and the investing community to update on our business improvement progress.

“We join EPF in urging our stakeholders and the public at large to refer their questions directly to our respective organizations and not to be misled by social media and unsubstantiated online sources,” Zakaria said.

It has been reported that the EPF no longer has any stake in FGV. The fund also confirmed that the RM6.5bil loan taken by Felda Holdings Bhd is not in default and that Felda continues to service the loan.

“The EPF would like to assure all members that we practice high standards of corporate governance, with robust policies on risk control and on our strategic asset allocation.

“As of today, the EPF no longer holds any shares in FGV,” it said in an internal statement that went viral yesterday.

Tags / Keywords: FGV

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