Felda Global Ventures Holdings Bhd (FGV) generic photo. FGV billboard seen along the Kesas highway. (Photo by M. Hafidz Mahpar for Star Online)
KUALA LUMPUR: Shareholders of Felda Global Ventures Holdings Bhd (FGV) do have the right to vote on its unit Felda Global Ventures Downstream Sdn Bhd's (FGVD) proposed purchase of 55% in Zhong Ling Nutri-Oil Holdings Ltd for RM976.25mil in cash.
In a filing with the stock exchange on Monday, the agri-business giant said Bursa Malaysia Securities had informed it, via a letter dated March 7, that the proposed acquisition of China-based edible oil producer would be subject to its shareholders’ approval in compliance with Chapter 10 of the Main Market Listing Requirements.
In its first announcement to the bourse on the matter on Feb 26, FGV had stated that the proposed purchase was not subject to its shareholders’ approval.
FGVD plans to acquire 55% of the paid-up capital of Zhong Ling Nutri-Oil for RM976.25mil through two conditional sale and purchase agreements with various vendors.
In a separate filing with the bourse, FGV announced that its unit Pontian United Plantations Bhd
and Golden Land Bhd had mutually agreed to extend by a week (to March 14) the completion period of Pontian United’s RM655mil proposed acquisition of the latter’s subsidiaries and 836.1ha plantation land in Beluran, Sabah.
FGV shares fell 4 sen to close at RM1.48 on Monday.
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