December 23, 2016 / 4:12 AM / 3 years ago

Malaysia's EPF sells stake in Felda Global Ventures

KUALA LUMPUR, Dec 23 (Reuters) - Malaysia’s Employees Provident Fund (EPF) said it has sold its stake in Felda Global Ventures Holdings Bhd, the world’s third largest palm plantation group.

The pension fund, which was among the cornerstone investors in Felda’s IPO in 2012, had held 3.85 percent in Felda as of March 18 and was its seventh biggest shareholder, according to Reuters data.

Felda said last month it would have to rationalise its operations after reporting a third-quarter loss and predicting a loss for the full-year.

“We have been closely monitoring the equity performance of Felda over the years and have gradually sold down our shareholding,” EPF said in a statement, adding that the sale was in line with its efforts to practice high standards of corporate governance and manage risk.

EPF also said a 6.5 billion ringgit ($1.5 billion) loan taken out by Felda Global Ventures’ parent, Felda Holdings, is not in default and that Felda continues to service the loan. ($1 = 4.4770 ringgit) (Reporting by Liz Lee; Editing by Edwina Gibbs)

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