Felda Global's Asian Plantations take-over offer turns unconditional

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KUALA LUMPUR (Oct 14): Felda Global Ventures Holdings Bhd's (FGV) planned take-over offer for UK-listed Asian Plantations Ltd has become unconditional.

In a statement to Bursa Malaysia today, FGV said the offer had turned unconditional as the plantation firm had secured valid acceptance involving 93.9% of Asian Plantations' issued shares as at 4.30 pm yesterday (UK time).

FGV said it had also secured valid acceptance for 3.8 million options in Asian Plantations.

"Since FGV has acquired or agreed to acquire a total of 75% of the voting rights attached to the shares in issue, FGV intends to seek the cancellation of admission to trading of the depositary interests on AIM in accordance with the AIM Rules by taking steps to procure that APL (Asian Plantations) makes an application for cancellation to the London Stock Exchange as soon as practicable, and a further announcement will be made giving at least 20 clear business days notice prior to the anticipated cancellation of admission to trading on AIM," FGV said.

FGV said in August this year it planned to make a take-over offer for Asian Plantations at GBP2.20 (RM11.50) a share. The privatisation of Singapore-based Asian Plantations will result in the delisting of the company.

The acquisition of Asian Plantations will enable FGV to capitalise on the former's oil palm plantation operations in Sarawak.