Fima Corp shares fall after unit buys Java Plantations

PETALING JAYA: Shares of Fima Corporation Bhd fell 0.93% this morning, after announcing that its subsidiary FCB Plantation Holdings Sdn Bhd acquired the entire stake in Java Plantations Sdn Bhd from Java Bhd for RM5.2 million cash.
At 11.26am, the stock stood at RM2.14 with 7,000 shares traded. It has a market capitalisation of RM520.75 million.
Fima Corp said the acquisition will allow it to realise its strategy to expand its plantation business, particularly in Malaysia, and capitalise on the bright prospects of the palm oil industry, which in turn, would provide a broader earnings base for the group.
The group's main growth driver has been its wholly owned subsidiary, Percetakan Keselamatan Nasional Sdn Bhd, which contributes substantially to its revenue and profitability via its security and confidential documents businesses.