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KUALA LUMPUR (March 8): FGV Holdings Bhd said it will not be pursuing a proposal by Perspective Lane (M) Sdn Bhd, a company controlled by tycoon Tan Sri Syed Mokhtar Albulkhari, to inject its plantation assets in exchanges for shares.
The group said its directors have decided not to pursue the proposal any further, in view of the takeover offer by the Federal Land Development Authority (Felda) to acquire the remaining stake in FGV.
Last October, FGV had received an expression of interest from Perspective Lane “to participate in FGV via an injection of plantation assets into FGV, for share consideration (after which) Perspective Lane would potentially become the single largest shareholder of FGV”.