BUSINESS

FGV SHARES UP ON ASSETS DISPOSAL ANNOUNCEMENT

15/01/2019 10:23 AM

KUALA LUMPU, Jan 15 (Bernama) – Shares of FGV Holdings Bhd on Bursa Malaysia rose this morning,  after the plantation company said it planned to dispose of RM350 million worth of non-core businesses and assets.

At 10.04 am, FGV shares bagged three sen for 85 sen with 9.54 million shares transacted.

In a letter to shareholders filed with Bursa Malaysia yesterday, FGV Chairman Datuk Wira Azhar Abdul Hamid said the company had identified several areas for the development of strategic alliances or partnerships to capitalise on its strengths and plug capacity gaps, if any.

He said through its transformation plan, FGV would correct legacy issues over the next few years and restore operational integrity, to benefit shareholders.

Several initiatives were being implemented, including a group-wide review of procurement policies and practices.

“We are also reviewing our capital structure and financing costs. Additionally, the group is looking at right sizing our manpower requirements.

“It is estimated that FGV will be able to save at least RM150 million in 2019 from plugging leaks and addressing inefficiencies,” Azhar added.

-- BERNAMA

 


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