THE Federal Land Development Authority (Felda) has increased its stake in FGV Holdings Bhd to 82.24%, including shares held by parties acting in concert, in its second bid to privatise the plantation giant.
The move follows an unconditional voluntary takeover offer launched on May 26, priced at RM1.30 per share.
Between May 27 and June 3, Felda acquired 2.25 million shares, raising its direct stake to 69.82%.
To delist FGV, Felda must raise its holding to 90% by July 8, after which trading will be suspended and the company removed from Bursa Malaysia’s Main Market.
This follows a failed privatisation attempt in 2020, when Felda secured only around 81% of shares.
FGV’s public shareholding currently stands at 13.09%, well below the 25% minimum spread required by Bursa Malaysia.
The RM1.30 offer, made through Maybank Investment Bank, is seen as fair and attractive, offering investors a 10% premium over FGV’s one-year volume-weighted average price.
Kenanga Investment Bank has been appointed as the independent adviser. — TMR
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