Closing date for acceptance of FGV acquisition extended

 Publish date: Tue, 16 Feb 2021, 2:34 PM

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) has further extended the closing time and date for the acceptance of offer from the Federal Land Development Authority (Felda) for the acquisition of FGV Holdings Bhd to 5pm on March 2, 2021 from 5pm on Feb 16.
"We also wish to notify the holders that the board had on Feb 5 announced that the public shareholding spread of FGV is at 23.93 per cent of the total issued FGV shares (excluding treasury shares) based on the record of depositors of FGV as at Feb 4," said Maybank IB in a filing with Bursa Malaysia on behalf of Felda.
Accordingly, FGV does not comply with the minimum public shareholding spread requirement of 25 per cent pursuant to Paragraph 8.02(1) of the listing requirements, it said, adding that as set out in Section 4.1 of the offer document, the offerer has stated that it does not intend to maintain the listing status of FGV.
Maybank IB said in the event the offerer receives valid acceptances resulting in the offerer and its associates holding in aggregate 90 per cent or more of FGV shares (excluding treasury shares), an immediate announcement will be made by FGV.
Upon such announcement, Bursa will suspend the trading in FGV shares immediately upon expiry of five market days from the closing date, it added.
"Thereafter, the offerer will submit a request to FGV to take the necessary procedures to withdraw its listing status from the Official List in accordance with Chapter 16 of the Listing Requirements," said Maybank IB.
 - Bernama
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