IN mid-October, when Tan Sri Syed Mokhtar Albukhary’s Perspective Lane (M) Sdn Bhd (PLSB) expressed interest in FGV Holdings Bhd, via an injection of plantation assets in exchange for shares, the valuation of FGV was at RM1.50 per share, say sources.
The plan was for PLSB to inject Tradewinds Plantation Bhd into FGV in return for a controlling block of shares in the company, but some sources who were privy to the details of the proposed deal questioned the valuation of Tradewinds. “It [Tradewinds’ valuation] was high, but I’m not sure how the talks went. I know FGV [officials] met up with them [Syed Mokhtar’s executives],” says one of the sources.
KUALA LUMPUR (Dec 23): Bursa Malaysia ended the morning session on a firm note, with the key index staying in positive territory as sentiment in the market recovered following rising hope for a Covid-19 vaccine.
At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.64 points to 1,640.56 after moving between 1,627.53 and 1,644.5 throughout the session.
The overall market breadth was positive with gainers leading losers 688 to 382, while 709 counters were unchanged, 369 untraded and 38 others suspended.
Volume stood at 3.72 billion units worth RM1.82 billion.
Pharmaceutical company AstraZeneca announced that the first deliveries of its Covid-19 vaccine, AZD1222, to Malaysia would likely be in the first half of 2021.
KUALA LUMPUR (Dec 23): FGV Holdings Bhd topped Bursa Malaysia’s most active list and rose among leading gainers in morning trade today after the plantation group said yesterday it had received an unconditional mandatory takeover offer notice at RM1.30 a share from the Federal Land Development Authority (FELDA), which intends to delist FGV from the local bourse.
FELDA’s takeover offer for FGV became unconditional after the collective FGV shareholding of FELDA and persons acting in concert with it rose past 50%.
As at 10.30am today, FGV was trading at RM1.28, up 10 sen, with 91.86 million shares changing hands.
FELDA said in the filing with Bursa yesterday that it had completed the proposed share acquisition announced on Dec 8. Its shareholding in FGV had increased to 50.49% from 36.61% previously. Hence, the conditional mandatory takeover offer, which was also unveiled on Dec 8, is now an unconditional offer.
Mandatory takeover on FGV 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.
Tuesday, 22 Dec 2020 10:07 PM MYT
The FGV logo is pictured at its headquarters in Kuala Lumpur October 9, 2019. Picture by Choo Choy May
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KUALA LUMPUR, Dec 22 ― 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 the Felda, it said in the event Felda receives valid acceptances resulting in Felda and its associates holding in aggregate 90 per cent or more of the FGV shares, an immediate announcement will be made by FGV.