KUALA LUMPUR (Oct 23): Felda Global Ventures Holdings Bhd (FGV) announced today that it has received valid acceptances of 45.44 million offer shares or 97.2% of the total number of issued shares in London-listed Asian Plantation Ltd (APL) on its voluntary unconditional cash offer for all the ordinary shares (excluding treasury shares) in the issued capital of APL for GBP 2.20 per share or a total of GBP 120 million.

The acceptance rate from APL, which is listed on the Alternative Investment Market (AIM) of the London Stock Exchange, was as at 4.30pm (UK time) on Oct 22, FGV told Bursa Malaysia in a filing today.

FGV has on Aug 29 announced that it intends to take over APL, and will then delist the latter. 

It had said then that the acquisition will enable it to capitalise on APL's oil palm plantation operations in Sarawak. The Singapore-incorporated APL owns 24,622 ha or 60,840 acres of oil palm plantations through its five wholly-owned estates within Miri and Bintulu in Sarawak.

APL's major shareholders of APL comprises of Keresa Plantations Sdn Bhd, Steadfast Capital LP, American Steadfast LP, Steadfast International Master Fund Ltd, East Pacific Capital Ltd, Dennis Nicholas Melka, Waddell Holding Ltd, Graeme lain Brown and Tan Sri Amar Leonard Linggi.

They collectively own about 59.9% of APL and FGV will need to secure more than 75% of APL's voting rights for the takeover offer to succeed.

FGV said its offer remains open for acceptance until 4.30pm on Oct 27 (Monday, UK time) and that it does not intend to extend the offer beyond that.