The price of Felda Global Ventures Holdings Berhad (FGV) shares are at its lowest level since the company was unveiled on Bursa Malaysia on June 28, 2012.

 

FGV which made its debut on Bursa Malaysia at RM5.39 lost almost half of its value to close at RM2.85 today.

 

During its Initial Public Offering (IPO), FGV had a retail price of RM 4.45 and an institutional price of RM4.55.

 

The value of the shares was weighed down by weak commodity prices and downstream losses.

 

General sell down by foreign funds on Bursa Malaysia due to the weak ringgit aggravated matters for the flagship stock.

 

On Oct 28, Petaling Jaya MP Tony Pua had  warned  that FGV may go the way of ailing Proton or Malaysia Airlines if the government did not intervene to turn the company around.

 

FGV's share price closed at RM3.47 when Pua issued the warning.

 

The company's IPO was plagued by controversy due to political pressure from the opposition opposed to its listing.

 

Felda had been a largely successful scheme which brought together villagers for oil palm cultivation and uplifted community.

 

The government said Felda's listing was the "next step" but the move was vehemently opposed by political opponents, citing risks that would come with volatility in the market.