FGV unaware of Syed Mokhtar's move for the plantation giant

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KUALA LUMPUR (Sept 24): FGV Holdings Bhd says it is unaware of a plan by tycoon Tan Sri Syed Mokhtar Al-Bukhary to buy a 20% stake in the plantation giant.

It was responding to a The Edge article published on Sept 21, quoting sources, that the plan could see Syed Mokhtar eventually taking control of FGV.

"FGV wishes to clarify that after checking with its board of directors and senior management, it is unaware of the proposals described in the article," said FGV in a bourse filing today.

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

The Edge reported that the plan includes the businessman acquiring a block of FGV shares from the Federal Land Development Authority (Felda) and buying out Koperasi Permodalan Felda Malaysia Bhd (KPF). Felda has a 33.66% stake in the plantation group, while KPF has 5.25%.

FGV ended up 0.5 sen or 0.55% at 92 sen in morning trade today, with 2.55 million shares done, bringing a market capitalisation of RM3.36 billion.