jumped over 17% in early trade Tuesday after the Federal Land Development Authority (Felda) failed in its bid to take FGV private at RM1.30 per share.
The planter, one of the top gainers on Bursa Malaysia, surged 17.69%, or 23 sen to RM1.53 with 12.6 million shares done.
According to a filing with Bursa Malaysia, Felda only obtained 81% equity, or 2.955 billion shares interest in FGV as the offer closed at 5pm on Monday.
Felda was required to obtain 90% of the shares it did not own from the acceptance of its takeover offer in order to trigger a compulsory share acquisition and to take the listed company private.
Shares in Malaysia's FGV Holdings Bhd closed almost 21% higher on Tuesday after state-owned Felda failed in its bid to take the world's largest crude palm oil producer private.
Felda becomes majority shareholder of FGV with 81pct stake
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The Federal Land Development Authority (Felda) has managed to control an 81 percent stake in FGV Holdings Bhd and its affiliates, including Koperasi Permodalan Felda Malaysia Bhd (KPF).
This is following the mandatory offer period on the remaining unowned shares which expired Monday.
In a statement today, Felda said 987.3 million or 27.1 percent shares were.
All Access Plan
KUALA LUMPUR (March 16): FGV Holdings Bhd said its controlling shareholder the Federal Land Development Authority (Felda) needs more time to formulate a firm plan on the plantation group s listing status.
In the filing with Bursa Malaysia today, FGV noted that it has requested an extension of time to rectify the shortfall in its public shareholding spread, as Felda s shareholding has bumped up to an 80.99% stake after its mandatory takeover offer at RM1.30 per share.
The takeover offer aimed at taking FGV private at RM1.30 per share. The privatisation exercise, however, fell through as Felda did not obtain enough shares to trigger compulsory share acquisition.
KUALA LUMPUR (March 16): Based on corporate announcements and news flow today, companies in focus on Wednesday (March 17) may include: Berjaya Corp Bhd (BCorp), Classic Scenic Bhd (CScenic), Complete Logistic Services Bhd, Daya Materials Bhd, FGV Holdings Bhd, My E.G. Services Bhd (MyEG), Sime Darby Plantation Bhd, Superlon Holdings Bhd, Time dotCom Bhd, Top Glove Corp Bhd and United Malacca Bhd.
Berjaya Corp Bhd has appointed Abdul Jalil Abdul Rasheed as its new chief executive officer, the first time someone outside the Tan family will hold the position. The former CEO of Permodalan Nasional Bhd will take over from Datuk Seri Robin Tan, who was promoted to executive deputy chairman of the conglomerate.