KUALA LUMPUR (Dec 22): The Federal Land Development Authority (Felda) is eyeing to take FGV Holdings Bhd private after its unconditional takeover offer for the latter's shares.
In a filing with the bourse, Felda said it does not intend to maintain the listing status of FGV on the Main Market of Bursa Malaysia.
However, the delisting of FGV will only go through if Felda and its associates are able to acquire in aggregate 90% or more of FGV's shares in the takeover offer at RM1.30 per share.
On Dec 8, Felda announced that it was planning to launch the takeover offer if it succeeded in acquiring a 6.1% stake held by Retirement Fund Inc (KWAP) and a 7.78% interest held by Urusharta Jamaah Sdn Bhd for RM658 million cash.