KOTA KINABALU, Oct 4 Sabah Chief Minister Datuk Seri Hajiji Noor believes that the East Malaysia Crude Palm Oil Futures (Fepo) contract by Bursa Malaysia Derivatives Bhd (BMD) will create more business and employment opportunities. Hajiji, who is also Sabah Finance Minister, said the launch of.
KUALA LUMPUR (March 16): FGV Holdings Bhd said its controlling shareholder the Federal Land Development Authority (Felda) needs more time to formulate a firm plan on the plantation group s listing status.
In the filing with Bursa Malaysia today, FGV noted that it has requested an extension of time to rectify the shortfall in its public shareholding spread, as Felda s shareholding has bumped up to an 80.99% stake after its mandatory takeover offer at RM1.30 per share.
The takeover offer aimed at taking FGV private at RM1.30 per share. The privatisation exercise, however, fell through as Felda did not obtain enough shares to trigger compulsory share acquisition.
THE Federal Land Development Authority’s (FELDA) offer of RM1.30 per share to Kumpulan Wang Amanah Diperbadankan (KWAP) and Urusharta Jamaah Sdn Bhd (UJSB) for their stakes in FGV Holdings Bhd has triggered a mandatory takeover offer and raised many questions.
To recap, last week, FELDA which had a 33.66% stake in FGV as at March 20, 2020 sought to acquire UJSB’s 7.78% for RM368.8 million and KWAP’s 6.1% for RM289.2 million. In a nutshell, FELDA is increasing its shareholding by 13.88%, which will cost it RM658 million. (Note that there has not been any announcement on changes in FELDA’s interest in FGV since March.)