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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”.
has formally turned down an offer from Tan Sri Syed Mokhtar Albukhary to inject his plantation assets into the company for new shares.
The tycoon, via his investment vehicle Perspective Lane (M) Sdn Bhd (PLSB), had made the offer to acquire a major stake in FGV via a letter dated Oct 12, 2020. The Board of Directors of FGV wishes to announce that this proposition will not be pursued any further due to the unconditional mandatory take-over from Maybank Investment Bank Bhd on behalf of Federal Land Development Authority (Felda) to acquire all the remaining ordinary shares in FGV which are not held by the Offeror and its persons acting in concert, the company said in a Bursa Malaysia filing today.