Felda buys 857,300 more FGV shares from open market

“Felda bought the FGV shares on Feb 11, ” Maybank Investment Bank Bhd (Maybank IB) said in a statement on behalf of Felda.

KUALA LUMPUR: The Federal Land Development Authority (Felda) has acquired 857,300 more shares in FGV Holdings Bhd worth RM1.11mil from the open market at RM1.30 per share.

“Felda bought the FGV shares on Feb 11, ” Maybank Investment Bank Bhd (Maybank IB) said in a statement on behalf of Felda.

The move was under the unconditional mandatory takeover offer by Felda, through Maybank IB, to acquire all the remaining shares in FGV (excluding treasury shares) not already held by Felda and the parties acting in concert (PAC) with it, including all FGV shares under FGV’s long-term incentive plan, it added.

On Feb 11, Maybank IB said the closing date for the acceptance of the takeover offer by the Felda to acquire the remaining shares in FGV had been further extended to March 2 from Feb 16.

As at Feb 10, the total shares held by Felda and the PAC in FGV amounted to 2.62 billion shares, which is equivalent to a 71.95% stake in the company.

According to Maybank IB, FGV does not comply with the minimum public shareholding spread requirement of 25% as it only accounted for 23.93% as at Feb 4.

It also said that Felda does not intend to maintain FGV’s listing status on the Main Market of Bursa Malaysia Securities. — Bernama

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