KUALA LUMPUR: The Federal Land Development Authority’s (Felda) acquisition of a majority stake in FGV Holdings Bhd (FGV) will pave the way for full ownership and restructuring of the company, and Felda settlers will stand to benefit from the profits, says deputy prime minister Ahmad Zahid Hamidi.
Speaking to reporters after attending the Felda settlers’ appreciation ceremony here today, he noted that the Pahang and Sabah governments have also become shareholders in FGV following the company’s delisting from Bursa Malaysia.
He said the full acquisition process will be finalised by Bursa Malaysia, and the profits thereof will be channelled to the settlers.
In a filing with Bursa Malaysia on July 29, FGV announced that Felda has acquired 91.73% of its total issued shares.
The offer of RM1.30 per share “will remain open” until 5pm on Aug 15. Felda urged shareholders who have not accepted the offer to do so before the deadline.
FGV’s shares are expected to be suspended from trading five market days after the offer closes.