FGV receives unconditional takeover offer from Felda at RM1.30 per share
As of May 20, 2025, FGV Holdings Bhd's total issued share capital stood at RM7.02 billion, comprising 3.64 billion ordinary shares and one special share held by MoF Inc.
KUALA LUMPUR : FGV Holdings Bhd (FGV) has received an unconditional voluntary takeover offer from the Federal Land Development Authority (Felda), which seeks to acquire all remaining shares in the company not already under its control.
In a notice issued by Maybank Investment Bank Bhd on behalf of Felda, the offer proposes a cash consideration of RM1.30 per share for all outstanding ordinary shares of FGV not currently held by Felda.
As of May 20, 2025, FGV's total issued share capital stood at RM7.02 billion, comprising 3.64 billion ordinary shares and one special share held by the Minister of Finance Incorporated (MoF Inc).
Felda currently owns 69.50% of FGV's equity, amounting to 2.53 billion shares.
With this new offer, Felda and its parties acting in concert (PACs) would collectively hold a controlling stake of 86.93% in the plantation and agribusiness giant.
The PACs include Felda's wholly-owned subsidiary, Felda Asset Holdings Company Sdn Bhd and the Pahang state government.
Other PACs include Koperasi Kakitangan Felda Malaysia Bhd, whose board consists of Felda management, as well as Sulong Jamil Shariff and his wife, Salina Samsudin.
The offer would be formally presented to shareholders via an offer document, which outlines the terms, conditions, and acceptance procedures.
'This document, along with the relevant forms, will be dispatched once the Securities Commission (SC) confirms that it has no further comments on its contents,' it said.
The move signals Felda's continued efforts to consolidate control over FGV, following previous strategic manoeuvres to increase its stake in the company.
The offer by Felda to acquire the remaining shares in FGV would remain open for acceptance for a minimum of 21 days from the posting date.
The offer period may be extended at Felda's discretion, with any changes to the closing date to be announced by Maybank Investment Bank at least two days in advance.
The offer may only be withdrawn with written consent from the SC, in which case all obligations under the offer would be voided.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
10 hours ago
- Free Malaysia Today
Jakarta expects to conclude free trade talks with EU this month
Indonesia and the EU previously disagreed on trade rules for products with links to deforestation. (EPA Images pic) JAKARTA : Indonesia said today that free trade negotiations with the European Union, which have been going on for nine years, are expected to finish by the end of June. Airlangga Hartarto, the chief economic minister for Southeast Asia's biggest economy, met with EU commissioner for trade Maros Sefcovic in Brussels yesterday. 'Indonesia and the European Union have agreed to conclude outstanding issues and we are ready to announce a conclusion of substantial negotiations by the end of June 2025,' Airlangga said in a statement. He did not disclose details about what agreements may have been reached. Denis Chaibi, EU ambassador to Indonesia, said: 'Negotiations are ongoing and substance will determine timing. We will communicate in details when we have an outcome.' The EU is Indonesia's fifth biggest trade partner, with total trade between the two reaching US$30.1 billion last year. Indonesia had a US$4.5 billion trade surplus, Airlangga said. Indonesia and the EU have previously disagreed on EU trade rules for products with potential links to deforestation that could affect Indonesian palm oil, as well as Jakarta's ban on exports of raw minerals. Indonesian officials have been motivated to accelerate talks on free trade agreements, keen to diversify the country's export destinations as they deal with US tariff challenges. Seeking to end US trade deficits worldwide, US President Donald Trump announced sweeping 'reciprocal' tariffs that have since been paused until July. Indonesia is facing a 32% tariff rate.
Free Malaysia Today
10 hours ago
- Free Malaysia Today
Issues over Petros nothing to do with Petronas layoffs, says Fadillah
Deputy prime minister Fadillah Yusof said Petronas is relooking its entire operation because of the decline in crude oil prices. KUCHING : Petroliam Nasional Bhd's (Petronas) move to trim its workforce stems from global challenges and is not connected to the national oil firm's issues with Petroleum Sarawak Bhd (Petros). Deputy prime minister Fadillah Yusof said Petronas's restructuring plan is necessary amid the decline in crude oil prices. He said he plans to meet with the company to get more details of the exercise. 'That (the decline in crude oil prices) is why Petronas has to relook its entire operation. I'm planning a meeting with them to get a briefing on the matter and to ensure that the number of layoffs can be reduced, if not avoided,' he told reporters attending the Aidiladha sacrificial event at Taman Hussein Mosque here today. On June 5, Petronas president and CEO Tengku Muhammad Taufik Aziz said the national oil firm is cutting 10% of its workforce to cope with challenging operating conditions, particularly because of falling crude prices. He said the number of staff involved in the downsizing process stands at about 5,000, and those affected will be notified in stages next year. On May 21, the federal and state governments reached an understanding on matters involving Petronas and Petros. According to the joint declaration, Petronas will continue its functions, activities, responsibilities and obligations entrusted to the company in Malaysia under the Petroleum Development Act 1974 and its regulations. Any agreements and arrangements between Petronas and its subsidiaries with third parties for the purpose of liquefied natural gas sales from upstream operations through to LNG exports to foreign parties remain unaffected. A media statement by the Prime Minister's Office following the joint declaration said all relevant federal and state laws relating to gas distribution in Sarawak are to co-exist and be respected by all parties.
Free Malaysia Today
11 hours ago
- Free Malaysia Today
MACC to file application to forfeit Ilham Tower
MACC seized Ilham Tower yesterday for the second time. (Website pic) PETALING JAYA : The Malaysian Anti-Corruption Commission will file an application to forfeit the Ilham Tower in Kuala Lumpur next week, says its chief, Azam Baki. Azam said the forfeiture application would be filed under Section 55 or 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla), Utusan Malaysia reported. Section 56 of Amla provides for the forfeiture of property where there is no prosecution, if a High Court judge is satisfied that the asset was the subject-matter or evidence relating to the commission of an offence under the Act, the proceeds of an unlawful activity, or the instrumentalities of an offence. MACC first seized the 274m-tall tower owned by the late Daim Zainuddin and his family under the MACC Act in December 2023. It previously said it could seize the tower for up to 18 months pending investigations. Yesterday, it announced it had seized the tower again, this time under Amla. Daim's widow, Naimah Khalid, plans to challenge the seizure in court. Last month, MACC opened eight new investigation papers into 'high-value' assets linked to Daim and his family members after receiving new information from overseas.
