Felda secures near 95% stake in FGV as offer period closes
KUALA LUMPUR (Aug 15): FGV Holdings Bhd’s (KL:FGV) 13-year stint on Bursa Malaysia is set to draw to a close, after the Federal Land Development Authority (Felda) secured 94.97% of the plantation group’s shares as the agency's privatisation offer period ended on Friday.
The shareholding of Felda, together with parties acting in concert (PACs), had already crossed the 90% threshold on July 29, paving the way for FGV's delisting from Bursa's Main Market.
The 94.97% stake on the final closing date comprises 3.46 billion shares, according to a statement by Maybank Investment Bank Bhd on behalf of the offeror.
Bursa Malaysia will proceed to suspend trading in FGV shares upon the expiry of five market days from Friday, and this will be followed by the company's delisting, the statement noted.
Under the takeover offer launched on May 26, Felda offered RM1.30 for each FGV share.
This was Felda’s second attempt to privatise FGV after its first bid in 2020 failed to secure enough acceptances. The current offer price matches its earlier bid but is well below the independent valuer’s range of RM1.83 to RM1.99 per share in the latest exercise.
Felda’s wholly owned subsidiary, Felda Asset Holdings Company Sdn Bhd, took the lead in the takeover offer, together with the Pahang state government. Other PACs include Koperasi Kakitangan Felda Malaysia Bhd (Felkop) — whose board consists of Felda management, as well as Sulong Jamil Mohamed Shariff and his wife Salina Samsudin.
The second takeover offer followed Bursa Securities' rejection in March 2025 of FGV’s request for more time to fix its low public shareholding, which has been below 25% since February 2021.
FGV — then Felda Global Ventures Holdings Bhd — made headlines in 2012 when it listed at RM4.55 per share in one of the world’s biggest IPOs that year, raising RM10.5 billion.
But its fortunes faltered amid underperforming acquisitions, culminating in losses in 2018 and 2019.
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