The Petaling Jaya Utara MP said the move would see FGVH forking out RM976 million for 55% of shares of the Cayman Island registered company Zhong Ling Nutri-Oil Holdings Ltd.

“FGVH has been the worst plantation stock performer since its initial public offering (IPO) in July 2012. The battered government-linked stock closed at RM1.51 per share yesterday, representing a whopping 66% decline in its share price compared with RM4.45 when it was listed in 2012.

“Despite its acquisition spree since then, FGVH’s net profits have tanked from RM1.33 billion in 2011 to RM117 million in 2015. Before the dust even settled, FGVH is now acquiring Zhong Ling which has failed to complete its audited accounts since December 2013.”

Pua, at a press conference at the Parliament lobby, said Zhong Ling’s alleged failure to complete its financial audit in a timely manner should serve as a warning that something was not particularly right with the company.

“If Zhong Ling is indeed financially sound, why couldn’t FGVH just have requested the company to complete its missing audit first before negotiating the acquisition?”

Pua called on FGVH’s board of directors to protect its shareholders by terminating the acquisition.

“The deal should only be considered after Zhong Ling has regularised its audit shortcomings, and even so, only if the latter allows a separate independent audit to be carried out to verify the financial statements,” Pua added.