Co-op: Timely to take profit when FGV share price tops holding cost

KUALA LUMPUR: It is timely to realise some profits from Felda Global Ventures Holdings Bhd (FGV) shares when the price moves above the holding cost.
In a statement issued yesterday, Koperasi Permodalan Felda Malaysia Bhd (KPF) said it is also looking to accumulate the shares should the price start to consolidate. “This is done across our portfolios and is not limited to FGV but to any other portfolios as well,” it said.
In a filing to Bursa Malaysia yesterday, KPF said, it disposed of 3.77 million FGV shares on Feb 6, 2017 leaving it with a direct interest of 5.52%.
“Recent sale transactions by KPF have sparked a negative view by the media on FGV. The said transactions were merely trading activity,” it said.
KPF said, being part of Felda Group, it believes that FGV is in good hands under the helm of Datuk Zakaria Arshad, the CEO/group president, and the management.
“Therefore, KPF is confident that there will be more positive impact on FGV’s performances soon, especially under the current situation where crude palm oil prices have increased to over RM3,000 per tonne,” it said.
KPF said it is one of the substantial institution shareholders in FGV and currently has a stake of about 5.8%.
“The shares are managed under two funds – ‘held for trading’ and ‘available for sale’,” it said, adding that share trading is one of the cooperative’s routine activities. – Bernama