The drop in Felda Global Ventures Holdings (FGV) share price was only temporary as it was dependent on global oil palm commodity prices, said Felda chairperson Isa Abdul Samad.     

"The situation (drop in share prices) is not worrying as it's a food item which is always in high demand by consumers," he said at a health programme in Felda Lembah Klau, near Raub today.

FGV shares dropped to RM 4.74 per unit yesterday.

Isa also denied that Felda had made deductions from FGV shareholders as claimed by some settlers and the opposition.  

FGV share price has hovered at RM4.70 over the past two weeks after it fell to a new post-IPO (initial public offering) low of RM4.57 last month - just two sen above its issuing price of RM4.55.

The share went back up, likely due to heavy buying from the Employees Provident Fund (EPF), which raised its stake in the company from 5.4 percent to 7.57 percent.

However, it is still way down from its post-IPO peak of RM5.50 in July.