At 5pm yesterday, the stock ended five sen up to RM1.31, with 31.5 million shares done.
KUALA LUMPUR: Shares of plantation giant FGV Holdings Bhd
rose to a high of RM1.32 on Wednesday, the highest since November 2018 on fresh corporate news and also it was upgraded to a buy.
At 3.50pm, it was trading at RM1.30, up four sen, with 27.44 million shares done.
The FBM KLCI was up 7.24 points or 0.44% to 1,634.68. There were 533 gainers, 336 losers and 410 counters unchanged.
Bloomberg reported FGV and Lembaga Tabung Haji were considering selling plantation assets in Indonesia as the government-linked entities seek to improve their financial position.
The news wrire, quoting sources, said FGV and TH were working with an adviser to gauge potential buyer interest in Trurich Resources Sdn Bhd, which controls 42,000ha of oil palm estates in Kalimantan, Indonesia. They may seek to value Trurich at as much as US$1bil including debt.
Meanwhile, KAF Seagroatt & Campbell had on Wednesday had a buy on FGV with a target price of RM1.50.
DBS had a buy also with a TP of RM1.75 on April 11 while Kenanga Research has a market perform and TP of RM1.15 on April 15. Hong Leong Investment Research had a sell and a TP of 80 sen on April 16.
The 12-month target price was RM1.17.
Limited time offer:
Just RM5 per month.
