Subscribe to our Telegram channel for the latest updates on news you need to know.
KUALA LUMPUR, Feb 15 — The Federal Land Development Authority (Felda) has acquired 857,300 more shares in FGV Holdings Bhd worth RM1.11 million from the open market at RM1.30 per share.
“Felda bought the FGV shares on Thursday, February 11,” Maybank Investment Bank Bhd (Maybank IB) said in a statement on behalf of Felda.
The move was under the unconditional mandatory takeover offer by Felda, through Maybank IB, to acquire all the remaining shares in FGV (excluding treasury shares) not already held by Felda and the parties acting in concert (PAC) with it, including all FGV shares under FGV’s long-term incentive plan, it added.
On February 11, Maybank IB said the closing date for the acceptance of the takeover offer by the Felda to acquire the remaining shares in FGV had been further extended to March 2 from February 16.
As at February 10, the total shares held by Felda and the PAC in FGV amounted to 2.62 billion shares, which is equivalent to a 71.95 per cent stake in the company.
According to Maybank IB, FGV does not comply with the minimum public shareholding spread requirement of 25 per cent as it only accounted for 23.93 per cent as at February 4.
It also said Felda does not intend to maintain FGV’s listing status on the Main Market of Bursa Malaysia Securities. — Bernama