Felda Global Ventures Holdings Bhd (FGV) said possible speculative reaction from the special economic incentives announced by the government could have triggered the sharp increase of its share price yesterday.

Responding to Bursa Malaysia Securities’ usual market activity (UMA) query issued yesterday, FGV said there was no corporate development relating to the group’s business that was yet to be announced that might account for the UMA.

FGV shares surged 38 sen yesterday to close at RM1.64.

Prime Minister Najib Abdul Razak yesterday announced proactive economic measures, including reactivating ValueCap Sdn Bhd with a RM20 billion injection to boost underperforming shares.

“The board is not aware of any rumour or report concerning the business or affairs of FGV Group that may account for the UMA yesterday,” FGV said.

At 4.29pm, FGV shares declined one sen to RM1.63 after opening at RM1.66 and moving at the highest level at RM1.80 and the lowest point at RM1.58.

- Bernama