Closing date for FGV’s takeover extended to Feb 16


THE Federal Land Development Authority’s (Felda) takeover offer of FGV Holdings Bhd has been extended another two weeks from Feb 2 to Feb 16, 2021.

In a filing to Bursa Malaysia yesterday, FGV noted that the cut-off time for the shareholders to accept the offer is now 5pm on Feb 16, but the offer price remains unchanged at RM1.30 a share.

“The offer will remain open for acceptances until 5pm on the extended closing date unless further extended in accordance with the rules, or as the offeror may decide and as may be announced by Maybank Investment Bank Bhd, on behalf of the offeror, at least two days before the extended closing date.

“If you wish to accept the offer, you are advised to refer to the offer document for the details, terms and conditions of the offer and the procedures for acceptance of the offer.

“You are also advised to carefully consider the Independent Advice Circular dated Jan 22, 2021, before making any decision,” the note to FGV shareholders stated. According to FGV’s announcement on the local bourse yesterday, Felda is currently holding a 53.5% stake in the plantation company, or 2.4 billion shares as of the last shares transaction on Feb 1, 2021.

In December last year, Felda announced its plans to fully acquire FGV’s shares that it had not owned for RM1.30 per share to raise its stakes in the plantation company.

To initiate the acquisition, Felda has bought 222.48 million shares from Retirement Fund Inc, or 6.1% of FGV shares for RM289.2 million at RM1.30 per share and 283.71 million shares from Urusharta Jamaah Sdn Bhd, or 7.78% of FGV shares for RM368.8 million at a similar price.