FGV Holdings Bhd rose as much as 7.48% or eight sen to RM1.15 this morning after the plantation unit received buying interest from Perspective Land (M) Sdn Bhd (PLSB), which is wholly-owned by Tan Sri Syed Mokhtar Albukhary’s privately-held Restu Jernih Sdn Bhd.
At 10.57am, the counter had pared some gains, but was still up five sen or 4.67% at RM1.12. It saw 10.12 million shares change hands.
Hong Leong Investment Bank (HLIB) Research analyst Chye Wen Fei in a note today maintained the research house's "hold" rating for FGV, with an unchanged target price (TP) of RM1.08, given the sketchy details provided thus far.
According to FGV's filing with the bourse exchange yesterday, PLSB intends to participate in FGV via an injection of plantation assets in exchange for shares.
PLSB owns the Tradewinds group of companies, including Tradewinds Plantation Bhd and Central Sugars Refinery Sdn Bhd, which are in the same businesses FGV is involved in.
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