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KUALA KUBU BHARU (March 9): The Federal Land Development Authority (Felda) now owns a 77% stake in FGV Holdings Bhd, Minister in the Prime Minister s Department (Economy) Datuk Seri Mustapa Mohamed said.
He said, following this, Felda only needed another 13% equity interest in the plantation group to delist the company from Bursa Malaysia.
According to him, the majority shareholding in FGV was in line with the government s aspiration to help Felda revive and strengthen its financial position, which would also benefit the settlers.
“One of the ways towards the recovery process is to restructure loans by issuing sukuk guaranteed by the government amounting to RM9.9 billion.
Tuesday, 09 Mar 2021 10:23 PM MYT
Datuk Seri Mustapa Mohamed speaks to members of the media during his visit to the National Food Warehouse site in Sungai Tengi Selatan, near Kuala Kubu Baru, March 9, 2021. Bernama pic
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KUALA KUBU BARU, March 9 The Federal Land Development Authority (Felda) now owns a 77 per cent stake in FGV Holdings Bhd, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said.
He said, following this, Felda only needed another 13 per cent equity interest in the plantation group to delist the company from Bursa Malaysia.
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.