Latest news with #FGV
The Star
5 days ago
- Business
- The Star
Felda dispatches offer documents for FGV privatisation plan, closing july 7
KUALA LUMPUR: The Federal Land Development Authority (Felda) today said it has dispatched the offer documents for its plan to privatise FGV Holdings Bhd , with the offer closing at 5 pm on Monday, July 7, 2025, unless extended. In a filing with Bursa Malaysia, Felda said the offer, made via Maybank Investment Bank, will remain open for acceptance until the first closing date or such later date as may be determined and announced by Maybank on its behalf. The offer forms part of Felda's unconditional voluntary takeover bid to acquire all remaining FGV shares at RM1.30 each. Despite holding a collective 82.34 per cent stake through Felda and its subsidiary, Felda Holdings Company Sdn Bhd, the agency said it has limited influence over FGV's management as it does not control the board. "Upon successful privatisation, Felda will be better positioned to enhance FGV Group's operational and financial efficiencies by streamlining its upstream and downstream plantation operations. "Accordingly, Felda is offering holders the opportunity to realise their investment in the offer shares for cash at the offer price, representing a 9.91 per cent premium over the six-month volume-weighted average market price of RM1.1828 as at the latest practicable date (LPD),' it added. The latest bid, launched on May 26 at RM1.30 per share, mirrors Felda's earlier, unsuccessful attempt to privatise FGV in 2020. That year, Felda triggered a mandatory takeover offer after increasing its stake in FGV from 33.66 per cent by acquiring shares from Retirement Fund Inc (KWAP) and Urusharta Jamaah for RM658 million. FGV, which debuted in 2012 at RM4.55 a share, raised RM10.5 billion in one of Malaysia's largest initial public offerings. Its share price has since declined significantly, prompting repeated privatisation efforts. - Bernama
Malay Mail
5 days ago
- Business
- Malay Mail
Felda dispatches offer documents for FGV privatisation plan, closing July 7
KUALA LUMPUR, June 16 — The Federal Land Development Authority (Felda) today said it has dispatched the offer documents for its plan to privatise FGV Holdings Bhd, with the offer closing at 5 pm on Monday, July 7, 2025, unless extended. In a filing with Bursa Malaysia, Felda said the offer, made via Maybank Investment Bank, will remain open for acceptance until the first closing date or such later date as may be determined and announced by Maybank on its behalf. The offer forms part of Felda's unconditional voluntary takeover bid to acquire all remaining FGV shares at RM1.30 each. Despite holding a collective 82.34 per cent stake through Felda and its subsidiary, Felda Holdings Company Sdn Bhd, the agency said it has limited influence over FGV's management as it does not control the board. 'Upon successful privatisation, Felda will be better positioned to enhance FGV Group's operational and financial efficiencies by streamlining its upstream and downstream plantation operations. 'Accordingly, Felda is offering holders the opportunity to realise their investment in the offer shares for cash at the offer price, representing a 9.91 per cent premium over the six-month volume-weighted average market price of RM1.1828 as at the latest practicable date (LPD),' it added. The latest bid, launched on May 26 at RM1.30 per share, mirrors Felda's earlier, unsuccessful attempt to privatise FGV in 2020. That year, Felda triggered a mandatory takeover offer after increasing its stake in FGV from 33.66 per cent by acquiring shares from Retirement Fund Inc (KWAP) and Urusharta Jamaah for RM658 million. FGV, which debuted in 2012 at RM4.55 a share, raised RM10.5 billion in one of Malaysia's largest initial public offerings. Its share price has since declined significantly, prompting repeated privatisation efforts. — Bernama
The Star
11-06-2025
- Business
- The Star
FGV's plan to take control of KPF units deemed fair
Quantephi said it recommends that shareholders vote in favour of the resolution at the forthcoming EGM. PETALING JAYA: Independent adviser Quantephi Sdn Bhd has deemed FGV Holdings Bhd 's proposed RM229.8mil acquisition of full control of eight subsidiaries from Koperasi Permodalan Felda Malaysia Bhd (KPF) as 'fair and reasonable' and not detrimental to non-interested shareholders. The assessment was provided in an independent advice letter included in FGV's shareholder circular filed with Bursa Malaysia yesterday. The deal, first announced on May 23, will see FGV, through its 72%-owned unit FGV Palm Industries Sdn Bhd (FGVPI) and wholly owned subsidiary Felda Holdings Bhd (FHB), acquiring the remaining stakes in several companies involved in palm oil milling, refining, logistics, research and development, and ancillary services from KPF. KPF is the investment arm of the Federal Land Development Authority (Felda) and also FGV's largest shareholder. FGVPI will acquire the remaining minority interests in three companies – FGV Kernel Products Sdn Bhd (16.67%), FGV Refineries Sdn Bhd (33.33%) and FGV Marketing Services Sdn Bhd (49%) – for RM54.7mil. Meanwhile, FHB will purchase the remaining stakes in five companies – FGV Agri Services Sdn Bhd (23.08%), FGV Transport Services Sdn Bhd (49%), FGV Security Services Sdn Bhd (49%), FGV Prodata Systems Sdn Bhd (20%) and FGV Rubber Industries Sdn Bhd (28.57%) – for RM175.05mil. 'We are of the opinion that, taken as a whole, the proposed acquisitions are fair and reasonable and are not detrimental to the interest of the non-interested shareholders and non-interested directors of FGV Group,' Quantephi said in its report. 'Accordingly, we recommend that they vote in favour of the resolution at the forthcoming EGM.' Quantephi noted that the purchase consideration exceeds the proportionate adjusted net asset value (NAV) of RM209.3mil primarily due to a 25% premium attributed to FGV Agri Services and the inclusion of FGV Rubber Industries, which has a negative NAV of RM8mil. It further explained that FGV Agri Services is one of Malaysia's largest producers of oil palm seeds with an estimated 40% share of the domestic market, and has recorded consistent profitability with an average profit after tax (PAT) margin of 15.6% and dividend yield of 7.7% over the past four financial years. In comparison, it said FGV Transport Services and FGV Kernel Products recorded average PAT margins of 2.4% and 0.5%, respectively, and lower average dividend yields of 4.2% and 5.5% over the same period. The circular comes after Felda, on May 26, launched a fresh unconditional voluntary takeover offer to acquire all FGV shares it and its parties acting in concert do not already own at RM1.30 a share – the same price as its failed bid in 2020. Felda's renewed push to privatise FGV followed Bursa Malaysia's rejection of its application for more time to rectify its low public shareholding spread, which has remained below the 25% minimum since 2021.
New Straits Times
04-06-2025
- Business
- New Straits Times
Felda lifts FGV stake past 82pct, needs 90pct by July 8 for delisting
KUALA LUMPUR: The Federal Land Development Authority (Felda) has raised its stake in FGV Holdings Bhd to more than 82 per cent, in its second attempt to privatise the plantation group ahead of the July 8 deadline. Felda acquired a total of 2.25 million FGV shares between May 27 and June 3, increasing its direct stake to 69.82 per cent or 2.55 billion shares, exchange filings showed. Including holdings by parties acting in concert (PACs), Felda now controls 82.24 per cent of FGV, or just over three billion shares. The transactions follow the state-backed rural development agency's unconditional voluntary takeover offer launched on May 26. The offer, priced at RM1.30 per share, is being made via Maybank Investment Bank Bhd on behalf of Felda to acquire all remaining shares not already owned by Felda and its PACs. The offer is classified as unconditional because Felda already holds more than 50 per cent of FGV's voting shares, giving it control without needing further shareholder approval. However, to delist the company, Felda must raise its stake to 90 per cent by the offer's closing date on July 8. If that threshold is reached, trading in FGV shares will be suspended five market days later, followed by a formal withdrawal from the Main Market. This is Felda's second attempt to privatise FGV. A similar offer made in December 2020 at the same price closed in March 2021 with Felda holding about 81 per cent, below the level needed to trigger a compulsory acquisition. FGV's public shareholding spread has remained below the 25 per cent minimum required by Bursa Malaysia ever since. As of May 13, the public float stood at 13.09 per cent. Kenanga Investment Bank Bhd has been appointed as the independent adviser. Trading in FGV shares has picked up sharply in recent weeks. The stock began the year at RM1.12 and had mostly hovered between RM1.01 and RM1.16 prior to the takeover announcement. On May 2, shares jumped to RM1.19 from RM1.09, with volume surging to 3.97 million shares. It was the counter's busiest session in a year, fuelling talk that the market had already sniffed out Felda's return. The rally intensified in mid-May, with the stock hitting RM1.35 on May 16, its highest level since the early May spike. On May 27, a day after the offer was announced, volume rose to 6.96 million shares. This marked the stock's busiest trading day in more than two years, with the price closing at the offer level of RM1.30. At market close, FGV shares rose one sen, or 0.77 per cent, to RM1.31, with 652,300 shares traded. This gave the company a market value of RM4.74 billion. FGV made its debut on Bursa Malaysia in June 2012, raising RM10.4 billion at RM4.55 a share. The initial public offering, which valued the group at RM16.6 billion, was the world's second-largest that year after Facebook. Analysts have recommended that investors accept Felda's unconditional voluntary takeover offer to privatise FGV, describing the RM1.30 per share cash offer as fair and attractive, with a clear exit opportunity for shareholders. The offer is also seen as a near-term floor for the stock, representing a premium of about 10 per cent over its one-year volume-weighted average price.
New Straits Times
04-06-2025
- Business
- New Straits Times
Guinea-Bissau to be Malaysia's gateway into Africa, says Anwar
PUTRAJAYA: Malaysia and Guinea-Bissau are set to strengthen bilateral ties by positioning each other as regional hubs to boost trade, investment and cooperation, said Prime Minister Datuk Seri Anwar Ibrahim. He said Malaysia would serve as Guinea-Bissau's gateway to Asean, while Guinea-Bissau would act as Malaysia's entry point into Africa. "Of course, Guinea-Bissau and Malaysia have had very low-key engagements in the past. That's why I think President Umaro's (General Umaro Sissoco Embaló) visit is very significant. "He has that vision to work with us, to engage with Malaysia as a base for the Asean region, and we accept Guinea-Bissau's role in expanding our relations in trade, investment, and other fields. "He is meeting, hopefully, Petronas and FGV this evening to explore potential in both Malaysia and Guinea-Bissau — not only at the national level, but also to use this as a base to expand into the African subregion and continent, as well as Malaysia and beyond," Anwar said at a joint press conference held in conjunction with Embaló's visit today. He said both leaders had also discussed cooperation in halal certification, Islamic banking and finance, as well as training opportunities in fields such as semiconductors, oil and gas, and food technology. "We are ready to offer some assistance, as we have done under the MTCP (Malaysian Technical Cooperation Programme), a large programme which will be coordinated by Plantations and Commodities Minister Datuk Seri Johari Ghani," he said. Anwar said they also discussed international affairs, adding that Embaló maintained strong ties with the United Arab Emirates, France, Russia, the United States, and across Africa. "I think we, as a trading nation, and with Malaysia's and Asean's policy of centrality, engage with all countries — and this aligns closely with the position taken by President Umaro. "So I would say that this is going to be your second home, and we, my colleagues and the people of Malaysia, are extremely glad that you have now taken the initiative to forge this new, close relationship based on trust and affinity with Malaysia." Embaló pledged his commitment to implementing the discussions, saying he had instructed his foreign minister to work closely with Malaysia to realise the agreements. He also expressed admiration for Malaysia's achievements in education, healthcare, and industry, saying Guinea-Bissau hoped to learn from its experience. "We want to be the key for Malaysia in Africa, and Malaysia can be the key for us — not just in Asia, but in the world," he said. Malaysia and Guinea-Bissau established diplomatic relations in November 1974. Ties remain cordial, with cooperation on bilateral and multilateral platforms including the United Nations, the Organisation of Islamic Cooperation, and the Non-Aligned Movement. In 2024, Malaysia's total trade with Guinea-Bissau stood at RM4.1 million — with RM4.04 million in exports and RM60,000 in imports.
