A Kadir Jasin
LATEST, June 12 - Felda Global Ventures Holdings Bhd (FGV) has requested for a suspension in the trading of its shares on Bursa Malaysia with effect from 9am today, pending a material announcement, according to Bernama.
FGV was last traded at RM1.86 compared to its 2012 IPO price of RM4.55.
I am made to understand that the “material announcement” could be related to the purchase of plantation assets in Indonesia.
On May 28, Reuters reported that the Rajawali Group, one of Indonesia's biggest conglomerates, planned to divest part of its stake in oil palm plantation company, PT Eagle High Plantations Tbk, to a foreign investor.
Rajawali is controlled by billionaire Peter Sondakh, who is building the high-end St Regis Hotel and international convention centre in Langkawi. Sondakh is a close friend of the Prime Minister.
|The PM, his wife and Sondakh at St Regis ground-breaking|
ALMOST all commentators attributed Mohd Najib Abdul Razak’s no show at the “Nothing2Hide” (N2H) city hall dialogue on June 5 to the presence of Tun Dr Mahathir Mohamad.
|Arul Kanda Spooks the PM|
The Zeti, Arul Kanda Posers
|Zeti's reputation is at stake|
Zeti responded by saying that it is temporary and blame the “external environment”. She said emerging market currencies, including the ringgit, continue to be affected by external uncertainties, adding that ringgit is trading at levels that are not reflective of the fundamentals of the Malaysian economy.
It may all sound so clever. But in reality, the effects of the falling ringgit and the lost of confidence in Mohd Najib’s administration are already being felt by the rakyat. Strong economic fundamentals means nothing to them if they are not reflected by the stronger ringgit, net capital inflow, cheaper goods and services, rising income and ample jobs.
On the contrary the ringgit could fall to as low as RM3.90 or even RM4 to a dollar should the US decide to raise interest rates.