Latest news with #ListingRequirements
The Star
29-07-2025
- Business
- The Star
Felda's shareholding in FGV increases to over 90%, plans for delisting
KUALA LUMPUR: The Federal Land Development Authority (Felda) has received valid acceptances for all the remaining ordinary shares in FGV Holdings Bhd and has acquired the offer shares representing 91.73 per cent of the total issued shares of FGV as of 5pm. FGV said in a filing with Bursa Malaysia today that Felda holds more than 90 per cent of its shares and does not intend to maintain FGV's listing status on the Main Market of Bursa Securities. It added that this offer is still open for acceptance until 5pm Aug 15, 2025 and Felda encourages all shareholders who have not yet accepted the offer to do so before the deadline expires. "Bursa Securities will suspend the trading of the FGV shares immediately upon the expiry of five market days from the final closing date in accordance with subparagraph 16.02(3) of the Listing Requirements,' it added. In 2020, Felda triggered a mandatory takeover offer after increasing its stake in FGV from 33.66 per cent by acquiring shares from Retirement Fund Inc (KWAP) and Urusharta Jamaah for RM658 million. FGV, which made its debut in 2012 at RM4.55 a share, raised RM10.5 billion in one of Malaysia's largest initial public offerings. Its share price has since declined significantly, prompting repeated privatisation efforts. Felda said the acquisition of FGV shares not only paves the way towards a more sustainable and focused Felda Group, but is also in line with Felda's aspirations in achieving the Felda Group's Strategic Plan and Direction 2025-2030. "This effort is believed to enhance competitiveness and guarantee long-term returns to settlers and all stakeholders," it added. - Bernama
Malaysian Reserve
15-07-2025
- Business
- Malaysian Reserve
MACC raids NationGate subsidiary over scrap metal smuggling allegations
KUALA LUMPUR — The Malaysian Anti-Corruption Commission (MACC) has raided the premises of NationGate Holdings Bhd's wholly-owned subsidiary, NationGate Solution (M) Sdn Bhd, as part of an ongoing investigation into allegations of scrap metal smuggling. 'The board views these allegations with utmost seriousness and has taken proactive steps to ensure full cooperation with the MACC and to safeguard the integrity of the investigation. 'Our company remains steadfast in its commitment to the highest standards of corporate governance, accountability, and transparency,' NationGate said in a Bursa Malaysia filing today, adding that the raid took place on Monday. It assured stakeholders that they will use their reasonable endeavours to ensure business operations remain unaffected, and appropriate interim measures have been put in place. The board will make further announcements on material developments in compliance with Bursa Malaysia Securities Bhd's Listing Requirements and as required by law. At lunch break, NationGate's share prices had risen by eight sen to RM1.69, with 27.12 million shares traded. — BERNAMA
Borneo Post
11-07-2025
- Business
- Borneo Post
Sarawak Cable to be delisted on July 15 after Bursa rejects appeal
SCB will continue to exist but as an unlisted entity. KUCHING (July 11): Sarawak Cable Bhd (SCB) will be delisted on July 15 after Bursa Malaysia rejected the company's appeal for more time until Dec 31, 2025 to submit its regularisation plan. In a filing on Thursday, SCB said Bursa Securities based its decision on several key reasons, including the company's failure to show material progress in finalising and submitting the regularisation plan, and the lack of clarity and certainty on the way forward. 'Since the first announcement on Sept 30, 2022, SCB has had approximately 2 years and 9 months to regularise the Company's financial condition in accordance with paragraph 8.04 of the Listing Requirements and PN17. 'The requirement for companies to have an adequate level of financial condition served to ensure that companies listed on the Official List are of a certain minimum quality as well as to preserve and sustain market integrity and investors' confidence. 'In Bursa Securities' opinion, adequate time and opportunity had been accorded to SCB to regularise the Company's financial condition,' it said. The company will continue to exist but as an unlisted entity. SCB said it is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the Company's performance. However, shareholders will be holding shares that are no longer quoted or traded on Bursa Securities. Their interests and rights remain protected under the Companies Act 2016, it added. For securities currently deposited with Bursa Malaysia Depository Sdn Bhd, SCB said they will be withdrawn following the delisting. The company will continue to update and maintain its shareholders' information in the register. Sarawak Cable has been under PN17 status since Sept 30, 2022 and is currently managed by an interim judicial manager appointed by the High Court. On March 28, its external auditor issued a disclaimer of opinion on the company's audited financial statements for the financial period ended Nov 30, 2024 (FY2024), citing multiple material uncertainties that cast significant doubt on its ability to continue as a going concern. This was the third consecutive disclaimer of opinion from its auditor, following similar flags for FY2022 and FY2023. Bursa Malaysia corporate news delisting Sarawak Cable Berhad
