KUALA LUMPUR, FGV Holdings Bhd will be delisted from Bursa Malaysia’s Main Market after the Federal Land Development Authority (Felda) secured almost 92% of the company’s shares, surpassing the 90% threshold required under its unconditional voluntary takeover offer.
In a filing to Bursa Malaysia, FGV said Felda and its concert parties collectively held 3.35 billion shares, or 91.73% of FGV’s total issued shares as of 5:00 pm today.
Felda had previously stated it did not intend to retain FGV’s listing status. As a result, Bursa will suspend trading of FGV shares five market days after the final offer closing date on August 15, after which Felda will begin the process of delisting the plantation company.
The update was communicated to FGV through a press notice from Maybank Investment Bank Bhd, which is acting on Felda’s behalf.
Felda launched its takeover bid in June, offering RM1.30 per share for all remaining shares it did not own—a cash offer representing a 9.91% premium over FGV’s six-month volume-weighted average price prior to the notice.
This move is part of Felda’s long-term strategy to privatise FGV and strengthen its control over the company. It marks Felda’s second attempt to take FGV private, following a similar bid in December 2020, when it acquired more than 82% of the shares at the same offer price of RM1.30.
