KUALA LUMPUR, Dec 29 — Felda Global Ventures Holdings Bhd (FGV) has signed a share sale agreement to sell the its stake in Asian Plantations Ltd (APL) to its wholly-owned unit, Felda Global Ventures Plantations Sdn Bhd (FGVP), for RM567.89 million.
In a filing to Bursa Malaysia today, FGV said, the unit would then sell the shares to its wholly-owned subsidiary, Felda Global Ventures Plantations (M) Sdn Bhd (FGVPM), for the same price.
“The transaction is an internal re-organisation exercise whereby APL becomes a direct subsidiary of FGVPM and an indirect subsidiary of FGV,” it said.
It said the exercise was not expected to have any effect on the issued and paid-up capital of FGV or FGV’s substantial shareholders’ shareholdings or any material effect on the earnings, net assets or gearing on a consolidated basis. — Bernama
