Felda does not intend to maintain FGV s listing status
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The Federal Land Development Authority (Felda) does not intend to maintain the listing status of FGV Holdings Bhd on the Main Market of Bursa Malaysia upon mandatory takeover offer.
In a press release issued by Maybank Investment Bank Bhd (Maybank IB) on behalf of Felda, it said in the event Felda receives valid acceptances resulting in Felda and its associates holding in aggregate 90 percent or more of FGV shares, an immediate announcement will be made by FGV.
Upon such announcement, Bursa Securities will.
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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.
KUALA LUMPUR (Dec 22): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Dec 23) include: FGV Holdings Bhd, Jiankun International Bhd, Pecca Group Bhd, Kossan Rubber Industries Bhd, Alliance Bank Malaysia Bhd, Ranhill Utilities Bhd, UOA Development Bhd, UOA Real Estate Investment Trust, Mitrajaya Holdings Bhd, Tan Chong Motor Holdings Bhd, and Fintec Global Bhd.
The Federal Land Development Authority (Felda) is eyeing to take
FGV Holdings Bhd private after its unconditional takeover offer for the latter s shares.
Felda said it does not intend to maintain the listing status of FGV on the Main Market of Bursa Malaysia.
No plans by Felda to maintain FGV listing status thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
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KUALA LUMPUR, Dec 11 (Reuters) - Some Malaysian palm oil plantations are discouraging foreign workers from going home at the end of their contracts and are asking them to keep working as the novel coronavirus exacerbates a chronic labour shortage, rights groups say.
Malaysia’s two biggest palm planters said they were not forcing workers to stay but efforts to repatriate migrants had been slowed by novel coronavirus travel restrictions.
Malaysian plantations have long faced accusations of mistreating the 330,000 or so migrants who make up 84% of the workforce producing palm oil, which is used in everything from food to soap. The crop has also drawn criticism from environmentalists over the clearing of forests to plant it.