FGV unaware Syed Mokhtar making move on company


  • Corporate News
  • Tuesday, 24 Sep 2019

FGV said after checking with its board of directors and senior management, “it is unaware of the proposals described in the article”.

KUALA LUMPUR: FGV Holdings Bhd is unaware of proposals by tycoon Tan Sri Syed Mokhtar Albukhary to buy a 20% stake in the plantation company as reported in a business weekly.

In a statement to Bursa Malaysia on Tuesday, FGV said after checking with its board of directors and senior management, “it is unaware of the proposals described in the article”.

“FGV strives to create value for its stakeholders and explores all opportunities that would benefit the group and its shareholders,” it said.

The report stated Syed Mokhtar could eventually take control of the company. The tycoon had met with financial institutions for funding of more than RM1bil to facilitate the acquisition.

The report also stated Syed Mokhtar was offering land in Nusajaya, Johor valued at more than RM1.5bil as well as shares in FGV, which would be pledged after the acqusition was concluded.

Under the proposals, he could acquire a block of shares from the Federal Land Development Authority (Felda) and buying out Koperasi Permodalan Felda Malaysia. Felda owns 33.6% of FGV while KPF owns 5.25%, according to the report.
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