KUALA LUMPUR (July 3): The closing date for acceptance of the voluntary takeover offer by FGV Holdings Bhd's (KL:FGV) majority shareholders for the shares that are not already owned by the offeror has been extended to Aug 15 from July 7.
This will be the final closing date of the offer, said Maybank Investment Bank Bhd in a notice issued on Thursday on behalf of the offeror, the Federal Land Development Authority (Felda).
As at July 3, Felda and parties acting in concert (PACs) collectively owned 89.08% of FGV’s equity, amounting to 3.25 billion shares.
Under the takeover offer launched on May 26, Felda is offering RM1.30 for each FGV share, This marks Felda's second attempt to privatise FGV following a previous offer in 2020.
The second attempt came as Felda and the PACs controlled 86.93% of FGV’s issued shares –— up from 33.66% during its previous failed privatisation attempt in 2020 at the same price.
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. 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 Samsudin.
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.
FGV conducted one of Malaysia’s biggest IPOs and it debuted in 2012 at RM4.55 per share and raised RM10.5 billion.
The share price of FGV has declined over the years.
On Thursday, FGV's share price closed at RM1.30, valuing the group at RM4.74 billion.