PETALING JAYA: Plantation giant FGV Holdings Bhd has appointed RHB Investment Bank Bhd as its independent adviser, following the takeover offer by Federal Land Development Authority (Felda).
In a Bursa Malaysia filing yesterday, FGV’s board of directors said that RHB Investment will advise the company on the “fairness and reasonableness” of the offer.
It, however, said the appointment of RHB Investment as an adviser is subject to the clearance of eligibility by the Securities Commission Malaysia.
On Dec 8, Felda launched an unconditional mandatory takeover offer for FGV at RM1.30 per share. It also said that it plans to take the oil palm grower private.
The mandatory takeover offer was triggered as Felda’s equity interest in FGV rose to 50.49%, following the former’s move to acquire a 6.1% stake held by Retirement Fund Inc and a 7.78% stake from Urusharta Jamaah Sdn Bhd for RM658mil.