Pahang Takeover Of Shares Strengthens Fgv S Position Shabery

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The Pahang government, being one of the parties acting in concert in the takeover of FGV Holdings Bhd’s remaining shares by the Federal Land Development Authority (Felda), was said to be capable of strengthening FGV’s position.
Felda chairperson Ahmad Shabery Cheek said the move not only sped up Felda’s efforts to achieve 90 percent share ownership, but also showed Pahang’s willingness to work with the federal agency to develop the national plantation sector.
“Now Felda has 82 percent, and the other biggest shareholders are the state government of Pahang, with five percent. Without that five percent, we can’t meet the 90 percent threshold set by Bursa Malaysia (to take over FGV).
“With this, the process of obtaining 90 percent is closer, and at the same time, this agreement will make ties between the Pahang government and Felda a close and important one where many decisions will be considered together,” he said.
ADSShabery was speaking at a media conference after a Felda gathering with Pahang Menteri Besar Wan Rosdy Wan Ismail in Bentong yesterday.
Also present at the gathering was Felda managing director Suzana Idayu Wati Osman.
Meanwhile, Wan Rosdy said Pahang’s participation in the takeover demonstrated its commitment to be part of the national agenda to support state economic growth, FGV’s continuity, and the welfare of Felda settlers.
“I would like to assure that the state government will continue to support all of Felda’s main agendas, including redevelopment of old settlements, upgrading public infrastructure, assessing property values, and uplifting the quality of life for settlers, especially the new generation,” he said.
FGV accepted the voluntary unconditional takeover offer from Felda, which is aimed at regaining the remaining unowned shares.
A notice issued by Maybank Investment Bank Bhd on behalf of Felda stated that the offer suggested a cash payment of RM1.30 per share for all FGV ordinary shares not held by Felda.
As of May 20, the total of FGV issued shares was valued at RM7.02 billion, including 3.64 billion ordinary shares and one special share held by Minister of Finance (Incorporated).
Besides the Pahang government, other parties acting in concert include Felda’s wholly owned subsidiary, Felda Asset Holdings Company Sdn Bhd.
- Bernama

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