KUALA LUMPUR – The closing date for the acceptance of the takeover offer by the Federal Land Development Authority (Felda) to acquire the remaining stake in FGV Holdings Bhd has been further extended to March 2 from February 16.
“The offer will remain open for acceptance until 5pm on the extended closing date, unless further extended in accordance with the rules or as Felda may decide…no later than two days before the extended closing date,” Maybank Investment Bank Bhd said in a statement on behalf of Felda.
As of yesterday, the total shares held by Felda and parties acting in concert in FGV amounted to 2.62 billion shares, or the equivalent of a 71.95% stake in the company.
According to Maybank Investment Bank, FGV does not comply with the minimum public shareholding spread requirement of 25% as it only accounted for 23.93% as at February 4.
It also said Felda does not intend to maintain FGV’s listing status on the Main Market of Bursa Securities. – Bernama, February 11, 2021
