FGV shares soar 19pct in market debut

  • Search efforts for MH370 to be intensified, says Hishammuddin
    Search efforts for MH370 to be intensified, says Hishammuddin

    All efforts related to the underwater search of MH370 will be intensified in the next few days, acting Transport Minister Datuk Seri Hishammuddin Hussein said today. “The JACC has narrowed the search area and it’s imperative that we focus on this now,” Hishammuddin said at a press conference today. “Today and tomorrow are imperative to... …

  • Penang to rename Jelutong sea front ‘Karpal Singh Drive’
    Penang to rename Jelutong sea front ‘Karpal Singh Drive’

    GEORGE TOWN, April 19 — A newly-built park facing the sea along Jelutong here will be renamed after the late Karpal Singh, Lim Guan Eng announced today. The Penang chief minister said the... …

  • Underwater search for MH370 to be completed in 5 to 7 days, say Australian officials
    Underwater search for MH370 to be completed in 5 to 7 days, say Australian officials

    Australian officials supervising the search for missing Malaysia Airlines flight MH370 told Reuters today that an underwater search for the black box recorder based on "pings" possibly from the device could be completed in five to seven days. A US navy deep-sea autonomous underwater vehicle (AUV) is scouring a remote stretch of the Indian... …

  • Young Karpal was curious and had claws, says brother
    Young Karpal was curious and had claws, says brother

    GEORGE TOWN, April 19 — The “Tiger of Jelutong” who shook his adversaries in Parliament and court had been a “brilliant” child who had no qualms about showing his claws and fangs even to family.... …

  • Penang to rename road to honour Karpal
    Penang to rename road to honour Karpal

    Penang Chief Minister Lim Guan Eng today proposed that the IJM Promenade in Seri Pinang be renamed to Persiaran Karpal Singh, in honour of the late DAP leader who died in a road crash last Thursday. Announcing this to reporters at Karpal's house along Jalan Utama, Lim said renaming the road was a fitting way to honour the veteran lawyer and... …

  • He was our role model, our hero, say Karpal’s sons
    He was our role model, our hero, say Karpal’s sons

    As the patriarch of a close-knit family, Karpal Singh was a devoted father and grandfather, his sons said. Jagdeep Singh Deo, 43, recalled that when he and his four siblings were growing up, his father’s legal and political careers took up so much of his time that he was hardly at home. So whenever the family was together, it was truly... …

Felda Global Ventures Holdings' (FGV) share price recorded a 19 percent increase barely twenty minutes after opening on Bursa Malaysia today, peaking at 20 percent.

Offering at RM4.55, FGV shares were up 18 percent to RM5.41 at 9.19am, making the company the most traded stock in the market.

After hitting a peak at RM5.46 the share price closed at RM5.30, a 16.48 percent rise from its opening price.

FGV is Asia's biggest IPO (initial public offering) and the world's second biggest, behind that of Facebook .

The Malaysian palm oil giant has already attracted a high-powered list of cornerstone investors, including the global investment arm of the Qatar Investment Authority and Hong Kong insurance company AIA Group Ltd.

FGV has estimated it would raise RM9.93 billion (US$3.12 billion) from the IPO, which has been heavily oversubscribed.

Ranked as the world’s third-largest palm oil plantation operator, FGV is an arm of the Federal Land Development Authority (Felda), a government agency that provides land to the rural poor.

FGV currently sells palm fruit or crude palm oil and processed palm oil to third parties.

According to FGV, funds raised from the listing will be used to replant mature oil palms and further expand into downstream businesses to create a more self-contained global player.

At 12.45pm, the shares price however fell back slightly and hovered at RM5.29, which is an increase of 16 percent from its offering price.

[More to follow]

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  • Karpal’s car crashed into lorry, not the other way around, says Perak police The Malaysian Insider
    Karpal’s car crashed into lorry, not the other way around, says Perak police

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  • Told to ‘shut up’ on Twitter, Zul Noordin lashes back at Khairy The Malay Mail Online
    Told to ‘shut up’ on Twitter, Zul Noordin lashes back at Khairy

    KUALA LUMPUR, April 18 — A feud is breaking out between former Perkasa vice president Datuk Zulkifli Noordin and Umno Youth chief Khairy Jamaluddin on Twitter. Told unequivocally by the minister... …

  • Zulkifli shoots back at Khairy in Twitter row The Malaysian Insider
    Zulkifli shoots back at Khairy in Twitter row

    Former Perkasa vice-president Zulkifli Noordin continued his Twitter row with Khairy Jamaluddin today, taking a swipe at him with a belittling tweet and telling him not to be a knee-jerk politician. Khairy, the Youth and Sports Minister, had told Zulkifli yesterday to 'shut up' after the latter had made insensitive tweets about the death of... …