KUALA LUMPUR (Dec 9): FGV Holdings Bhd said today that it is unaware of any proposals and discussions about tycoon Tan Sri Syed Mokhtar Al-Bukhary buying a stake in the plantation group.

“FGV wishes to clarify that after checking with its Board of Directors and Senior Management, it is unaware of the proposals and discussions described in the articles,” the group said in a stock exchange filing.

"FGV strives to create value for its stakeholders and explores all opportunities that would benefit the group and its shareholders," it added.

FGV said it was referring to media reports that said Syed Mokhtar was taking up a stake in FGV.

On Sunday (Dec 8), Tun Dr Mahathir Mohamad was reported as saying he is not aware of any discussions of a third-party acquisition of FGV stakes. "If there was a discussion, probably it was between Felda and Syed Mokhtar. It is Felda's job, not mine," he was quoted as saying to reporters.

If the stake sale involved "a lot of money" for the government, the prime minister indicated that he is not opposed to it, saying: "The government wants money. What we can sell, we sell. As long as we don't sell Malaysia." Dr Mahathir  was asked to respond to the matter that was reportedly raised by Amanah central committee member Datuk Mazlan Aliman earlier that day.

In September, The Edge Malaysia Weekly reported that Syed Mokhtar was developing a plan to purchase a 20% stake in FGV which could eventually see him take control of the group, citing sources familiar with the matter. The publication said the tycoon's representatives had been meeting with financial institutions to secure more than RM1 billion in funding to facilitate the acquisition.

FGV shares closed 9.85% or 13 sen higher at RM1.45 sen today, giving it a market capitalisation of RM5.29 billion. The counter saw 46.13 million shares traded. The stock has jumped near 84% from a year ago.