KUALA LUMPUR (May 26): The Federal Land Development Authority (Felda) has launched a fresh bid to privatise FGV Holdings Bhd (KL:FGV) at RM1.30 a share, similar to its failed bid in 2020. The offer is two sen higher than the last traded price. The stock almost reached a one-year high of RM1.35 in mid-May after rising since late April.
The announcements confirms The Edge Malaysia weekly’s earlier report, published in its May 5–11, 2025 edition, that Felda is revisiting an earlier plan to privatise FGV, with Maybank Investment Bank being appointed to assist in the exercise.
The offer comes as Felda and its parties acting in concert (PACs) now control 86.93% of FGV’s issued shares — up from Felda’s 33.66% during its previous failed privatisation attempt in 2020 at the same price.
The RM1.30 offer is 1.56% higher than FGV’s last price of RM1.28, and 10.06% above its one-year average price of RM1.18.
The plantation group is valued at RM4.7 billion at its last traded price of RM1.28. Year-to date the stock is up 12%. Trading in FGV shares was suspended earlier on Monday, pending the announcement.
Felda’s wholly owned subsidiary, Felda Asset Holdings Company Sdn Bhd, is taking the lead in the bid, together with the Pahang state government, under an acting-in-concert agreement, according to FGV’s filing with Bursa Malaysia on Monday.
Other PACs include Koperasi Kakitangan Felda Malaysia Bhd (Felkop) — whose board consists of Felda management, as well as Sulong Jamil Mohamed Shariff and his wife Salina Hj Samsudin.
The offer will remain open for at least 21 days, or until June 15, with the acceptance period closing at 5pm on the designated deadline — unless extended or withdrawn, with approval from the Securities Commission Malaysia.
Felda may revise the offer, in which case Maybank Investment Bank, acting on behalf of Felda, will announce any changes to the offer price or acceptance period, at least two days before the closing date.
The takeover follows Bursa Malaysia’s rejection in March 2025 of FGV’s request for more time to fix its low public shareholding, which has been below 25% since February 2021.
In 2020, Felda triggered a takeover offer, after raising its stake in FGV from 33.66% by buying shares from Retirement Fund (Incorporated) or KWAP, and Urusharta Jamaah for RM658 million. At the same time, Felda also sought Cabinet approval to end its 99-year land lease agreement with FGV, which allowed FGV to manage Felda’s land, in return for lease payments.
FGV is one of Malaysia’s biggest IPOs, priced at RM4.55, raising RM10.5 billion about 13 years ago
Felda was set up on July 1, 1956, to develop rural land and reduce poverty through resettlement schemes.
Its current board members include Datuk Seri Ahmad Shabery Cheek, Datuk Abd Shukor Mahmood, Datuk Shahrol Anuwar Sarman, Sulong Jamil Mohamed Shariff, Abd Halim Abd Majid, Ahmad Nizam Hamid, and Anuar Abd Manap.