FGV shares up 1.09% on VSS announcement

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGV) saw its share price rise 1.09% this morning after announcing a Voluntary Separation Scheme (VSS) last Friday.
At 10.29am, the stock rose 1.09% or 2 sen to RM1.85 with a total of 1.25 million shares traded.
Last Friday, the group announced a VSS which extends to 236 senior managers, and a 15% cut in allowances for those who stay, as part of its manpower optimisation and frugal cost management exercise.
"This initiative has to begin from the top and it is a signal that we are making tough decisions in order to enhance the confidence of our shareholders and stakeholders," group president and CEO Datuk Zakaria Arshad said in a statement.
Zakaria is also taking the allowance cut. The group expects a 15% take-up of the VSS.
FGV said the initiatives are in line with its strategic intent to deliver sustainable performance in the face of a challenging industry and to improve the operational and financial performance of its core business.