KUALA LUMPUR (Dec 30): FGV Holdings Bhd said today RHB Investment Bank Bhd (RHB IB) has been appointed as the independent adviser of the proposed unconditional mandatory takeover offer for FGV shares at RM1.30 each by the Federal Land Development Authority (Felda).
In a statement to Bursa Malaysia today, plantation group FGV said RHB IB has been appointed to advise the group’s non-interested directors and holders of the offer shares in respect of the fairness and reasonableness of the offer.
FGV said the appointment is subject to the Securities Commission Malaysia's clearance of RHB IB’s eligibility as the independent adviser of the takeover offer.
On Dec 22, 2020, FGV said it had received the unconditional mandatory takeover offer notice at RM1.30 a share from Felda, which intends to delist FGV from the local bourse.
Felda’s takeover offer for FGV became unconditional after the collective FGV shareholding of Felda and persons acting in concert with it rose past 50%.
It was reported that at the offer price of RM1.30 a share, FGV is valued at some RM4.75 billion based on its issued share capital of about 3.65 billion.
At Bursa’s 12:30pm break today, FGV’s share price settled down one sen or 0.78% at RM1.28.
FGV’s latest-reported net assets per share stood at RM1.13.