Felda buys 10 million more FGV shares from open market

Felda buys 10 million more FGV shares from open market
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KUALA LUMPUR (Jan 20): The Federal Land Development Authority (Felda) has bought 10 million more shares in FGV Holdings Bhd from the open market for RM13 million.

In a filing with Bursa Malaysia today, FGV said the shares were purchased yesterday at RM1.30 per share.

This raised the number of FGV shares acquired by Felda so far this week to 51 million shares. On Monday, the agency bought 41 million shares via the open market for RM53.3 million, or RM1.30 each.

Last week, Felda announced in two filings that it had bought a total of 27.15 million FGV shares from the open market for RM1.29 apiece, or RM35.02 million.

This came after the agency issued its offer document last Tuesday in relation to its unconditional mandatory takeover offer for all the remaining shares in FGV which it did not own, except treasury shares.

Its offer of RM1.30 per share will be open for acceptance until 5pm on Feb 2, unless extended or revised.

On Dec 8, 2020, Felda, which already owned 21.24% equity interest in FGV, increased its stake in the company to 35.12% and proposed to take FGV private at RM1.30 a share.

The additional 13.88% stake was bought from the Retirement Fund (Inc) (6.1%) and Urusharta Jamaah Sdn Bhd (7.78%).

FGV shares were flat at RM1.30 at midday today with 5.97 million shares transacted.