KUALA LUMPUR – FGV Holdings Bhd (FGV) has announced that the Federal Land Development Authority (Felda) has acquired another 467,300 of FGV’s shares at RM1.30 a share via the open market.
In a filing with Bursa Malaysia today, it said the exercise was pursuant to the unconditional mandatory takeover offer by Felda to acquire all remaining FGV shares.
According to recent news reports, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said that Felda, which already owns a 77% stake in FGV, only needed another 13% equity interest in the plantation group to delist the company from Bursa Malaysia.
The move was in line with the government’s aspiration to help Felda revive and strengthen its financial position, which would also benefit the settlers, he said. – Bernama, March 12, 2021
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