Analysts positive about Sulaiman, FGV shares up
KUALA LUMPUR: Felda Global Ventures Holdings Bhd’s (FGV’s) shares rose nearly five per cent in active trade on Bursa Malaysia yesterday as investors responded warmly to the appointment of a new chairman.
FGV gained as much as 6.3 per cent at RM1.87 before settling 4.54 per cent or eight sen higher to close at RM1.84, from Friday’s close of RM1.76.
It was one of the most active stocks, with 34.72 million shares traded.
Analysts are positive on the appointment of Tan Sri Sulaiman Mahbob as FGV’s acting chairman in place of Tan Sri Mohd Isa Abdul Samad.
This was based on Sulaiman’s long-standing track record as chairman of Telekom Malaysia Bhd, as well as other senior positions in various agencies.
“Looking at Sulaiman’s track record as chairman of another government-linked company, we expect the news is positive for FGV’s share price moving forward,” an Affin Hwang Capital Research analyst told the New Straits Times yesterday.
The board of FGV had yesterday confirmed Isa’s resignation as chairman of the group, its subsidiaries, associates and jointventure companies.
Earlier, the Prime Minister’s Office (PMO) issued a statement, saying that Sulaiman had been appointed acting chairman for FGV, in place of Isa, who has been appointed as acting chairman of the Land Public Transport Commission.
The PMO also said the government and FGV had received Datuk Seri Idris Jala’s independent report on the FGV board’s decision and action to suspend its chief executive officer, chief financial officer and two other senior management officials.
Meanwhile, Bursa Malaysia, in a statement to NST and Berita Harian yesterday, said it took cognizance of the developments pertaining to the (FGV) matter and would continue to monitor the issue.
“Listed issuers are required to make timely disclosures of all material developments as stipulated under the Listing Requirements to enable investors to make informed investment decisions.
“Bursa Malaysia will not hesitate to take appropriate action against any listed issuer, or its directors, should there be a breach under the Listing Requirements.
“In the event the breach detected is in respect of other laws, the necessary referral will be made to the relevant authorities,” it said.