Felda buys 22m FGV shares from open market


Felda bought 22 million shares of FGV Holdings Bhd from the open market on Wednesday.

KUALA LUMPUR: The Federal Land Development Authority (Felda) bought 22 million shares of FGV Holdings Bhd from the open market on Wednesday as it moves closer to take over the plantation company.

A filing with Bursa Malaysia on Thursday showed the shares were purchased at RM1.29 each.

At midday, FGV was down one sen to RM1.28.

Felda had on Tuesday issued an offer document in relation to its unconditional mandatory takeover offer for all of FGV shares which it does not own, except treasury shares.

The cash offer of RM1.30 per share would be opened for acceptances until 5pm on Feb 2,2021, unless extended or revised with an announcement to be made by Maybank Investment Bank Bhd (Maybank IB) two days prior to the closing date.

Maybank IB is the principal adviser to Felda.

According to Felda, an independent advice circular would be issued latest by Jan 22,2021.

“Felda does not intend to maintain the listing status of FGV on the Main Market of Bursa Securities, ” it said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Business News

AmInvestment maintains 'buy' on Serba Dinamik
World’s richest shake off crisis in record setback to inequality
Quick take: DNeX rises 9%, most heavily traded
Trading ideas: Toyo Ventures, DNeX, PLS Plantations, SC Estate, FGV
Kenanga maintains 'market perform' on CapitaLand
China was largest recipient of FDI in 2020
Saudi sovereign fund to double assets in next five years to US$1.07trl
Deutsche Bank starts probe in relation to engagement with some clients
Vietnam's Communist Party meets to pick new leadership, bolster economic policies
Online fashion retailer Boohoo to buy Debenhams brand

Stories You'll Enjoy