KUALA LUMPUR, Feb 25 — Federal Land Development Authority (Felda) has extended its offer period to March 15, 2021 in obtaining the 90 per cent of shares of FGV Holdings Bhd in its mandatory take-over.

Maybank Investment Bank Bhd (Maybank IB) on behalf of Felda said as of 5pm today, Felda had managed to secure 76.32 per cent or 2.78 million shares from the 90 per cent needed.

"On behalf of the offerer, we, Maybank IB, wish to notify the holders that the closing time and date for the acceptance of the offer has been further extended from 5 pm (Malaysian time) on March 2, 2021 to 5 pm (Malaysian time) on March 15, 2021 (final closing date),” it said in a statement.

In the event the offerer receives valid acceptances resulting in the offerer and its associates holding in aggregate 90 per cent or more of the FGV shares (excluding treasury shares), an immediate announcement will be made by FGV.

"Upon such announcement, Bursa Securities will suspend the trading in FGV shares immediately upon expiry of five market days from the closing date,” Maybank IB said.

The offer price by Felda to its shareholders involved to conduct the takeover was RM1.30. — Bernama