PETALING JAYA: FGV Holdings Bhd
is set to be delisted from the Main Market of Bursa Malaysia after the Federal Land Development Authority (Felda) secured valid acceptances under its unconditional voluntary takeover offer.
In a filing with Bursa Malaysia yesterday, FGV said Felda and its persons acting in concert (PACs) collectively held 3.35 billion shares, or 91.73% of FGV’s total issued shares, as at 5pm yesterday.
In a notice issued by Maybank Investment Bank Bhd on behalf of Felda, it noted that as Felda and the PACs collectively hold more than 90% of the FGV shares and the former does not intend to maintain the listing status of FGV on the Main Market.
It said the trading of the FGV shares will immediately be suspended by the local exchange upon the expiry of five market days from the final closing date of Aug 15.
Earlier this year, FGV Holdings received an unconditional voluntary takeover offer from Felda for all the remaining shares in FGV Holdings that Felda does not already own at RM1.30 per share.
The cash offer of RM1.30 per share remains open for acceptance until 5pm on Aug 15. The previous deadline was July 7.
This move is part of Felda’s long-term strategic plan to privatise FGV and consolidate its control over the plantation company.
The takeover exercise comes after Bursa rejected FGV’s request in March 2025 for more time to resolve its low public shareholding issue, which has remained below the 25% threshold since February 2021.
For the first quarter ended March 31, 2025 (1Q25), FGV Holdings saw a net profit of RM36.48mil from a previous net loss of RM13.49mil in 1Q24, or earnings per share of one sen. Revenue was also up by 11% year-on-year to RM5.04bil.
The group said the plantation division remained the main contributor, supported by a 6% improvement in fresh fruit bunch (FFB) yield and a 24% increase in FFB price. Meanwhile, the average crude palm oil price registered was higher, reaching RM4,784 per tonne at that time.
