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Felda can't do it alone It needs a capable partner to privatise FGV, say analysts PETALING JAYA: Felda, the parent company of Felda Global Ventures Holdings Bhd (FGV), would require a capable partner to share the burden of financing should the listed plantation entity be taken private, analysts say.
However, the federal body will first gather all opinions and consider all options available as well as weighing the risks involved in pursuing such an exercise, he added. takeover offer is not palatable at current prices given that darlene smith atlanta louis vuitton FGV was listed at RM4.55 a share four years ago. Shareholders and especially Felda settlers would expect fair compensation given the underperformance of FGV shares since listing, said an analyst. For example, if a takeover were priced at RM4 per share, the quantum of financing needed could be in the RM8 9bil range should Felda choose to undertake the exercise alone. This seems unlikely given the massive cash flow requirement in order to service such a large debt. Felda is already in the midst of acquiring a 37% stake in PT Eagle High Plantations Tbk in a RM2.26bil deal louis vuitton alma pm size which is being financed by one of its associate companies. This means that any privatisation would require a partner with the requisite balance sheet and cash flow ability to finance the takeover, said the analyst. Felda and its associates collectively own the biggest piece of FGV with a stake of 36.69% according to the group latest annual report. Aside from Felda direct 17.29% shareholding, Felda Asset Holdings Co Sdn Bhd and Koperasi Permodalan Felda Malaysia Bhd (KPF) own stakes of 13.66% and 5.74% respectively in FGV. Among the insitutional funds that still hold stakes louis vuitton agenda cover replica in FGV include Lembaga Tabung Haji (7.78%), Kumpulan Wang Persaraan (Diperbadankan) (KWAP) (4.98%) and Amanahraya Trustees Bhd (4.13%). It is believed that the proposal to take FGV private was one of the options considered following an analysis made by an entity called Felda Lab which had thoroughly analysed FGV business operations over the past few months. The Felda Lab initiative was led by the Performance Management Delivery Unit (Pemandu), which is part of the Prime Minister Office (PMO). is too early to say where this (the proposal) is going. We are bound by Bursa Malaysia requirements and the proposal has to go through FGV board. I can say that we are very confident the worst is over for FGV and that we are on track to meet our cost cutting and asset consolidation goals, he told StarBiz when contacted. Since its celebrated listing that raised about RM10.5bil which was ranked as the second largest initial public offering (IPO) in the world behind Facebook Inc 2012, it has been a tumultuous journey for the company, as reflected in its undervalued shares. With an IPO price of RM4.55, FGV share price gradually weakened to RM1.77 as of yesterday. This was mainly due to the sharp fall of crude palm oil prices over the years but FGV has also failed to soundly utilise its IPO proceeds to provide a sustainable return to its major shareholder, Felda. Felda is the government owned agency tasked to look after the welfare of the country 112,635 palm oil smallholders and its second and third generation family members. FGV deal to acquire 37% stake in PT Eagle High Plantations Tbk also fell through following the termination agreement with Rajawali Group on Dec 23, 2016. The investment is now undertaken by FIC Properties Sdn Bhd, an entity under Felda, with a a 26% discount to the original price tag. It had also incurred stock losses amounting to RM57mil due to the discovery of manipulated final stock values related to 50% owned Felda Iffco Gida. This reportedly contributed to FGV net loss for its third quarter ended Sept 30, 2016 widening to RM94.86mil from RM33.9mil in the corresponding period in 2016.
FGV, the world largest palm plantation operator, is expecting to record a loss for the full financial year of 2016. CIMB Research, in its November 2016 report has maintained a call on the louis vuitton button bracelet company share price, view the fraud issue as a negative in the short term but positive in the medium term as it would allow FGV to improve on efficiency and profitability. The research house said most negatives have been priced in and that the potential write offs would see the company reporting its worst performance since listing after a forecast net loss of RM373mil for 2016.
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