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).
Felda currently owns 69.50 per cent of FGV’s equity, amounting to 2.53 billion shares.
With this new offer, Felda and its parties acting in concert (PACS) collectively hold a controlling stake of 86.93 per cent in the plantation and agribusiness giant.
The PACS include Felda’s wholly owned subsidiary, Felda Asset Holdings Company Sdn Bhd, together with the Pahang state government.
Other PACs include Koperasi Kakitangan Felda Malaysia Bhd, whose board consists of Felda management, as well as Sulong Jamil Mohamed 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 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 remaining shares in FGV would remain open for acceptance for a minimum of 21 days from the posting date, with a closing time of 5 pm.
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The offer may only be withdrawn with written consent from the Securities Commission, in which case all obligations under the offer would be voided. - Bernama