June 19, 2024

New Malaysia Times

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Felda acquires additional 4.63 mln FGV shares from open market


KUALA LUMPUR, Jan 4 — The Federal Land Development Authority (Felda) has acquired an additional 4.63 million shares of FGV Holdings Bhd (excluding treasury shares) in the open market for RM1.30 per offer share.

In a statement on Thursday, Maybank Investment Bank Bhd (Maybank IB), the principal adviser to Felda on its takeover offer for FGV shares, said the shares were purchased on Wednesday.


Maybank IB said the acquisition also included all FGV shares under its long-term incentive plan.

On Dec 8, Felda announced that it intends to make a mandatory takeover offer to FGV’s minority shareholders at RM1.30 per share, should it be able to raise its stake in the FGV. 

With the shares acquired, Felda, which already had a 21.24 per cent stake in FGV, increased its stake in the company to 35.12 per cent.