KUALA LUMPUR – FGV Holdings Bhd’s shares soared 25.4% after the Federal Land Development Authority’s (Felda) privatisation proposal of the main board agricommodity company fell through.
MIDF Research in a note today said one of the factors that contributed to the unsuccessful attempt to take over FGV is the unattractive offer price of RM1.30.
At 11.10am, FGV stock surged by 33 sen to RM1.63, making it among the highest, so far, for the day.
About 42.52 million shares changed hands, with the counter emerging among the top three gainers on Bursa Malaysia.
Based on the local stock market’s announcement yesterday, Felda managed to obtain only 80.99% of the total issued shares (excluding treasury shares) in FGV.
Felda needs to increase its shareholding to up to 90% in FGV to take the company private. – Bernama, March 16, 2021
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