Felda buys 9.97m more FGV shares from open market

Felda bought 9.97 million more shares in FGV Holdings Bhd from the open market for RM12.96 million. — Picture by Choo Choy May

KUALA LUMPUR, Jan 22 — The Federal Land Development Authority (Felda) bought 9.97 million more shares in FGV Holdings Bhd from the open market for RM12.96 million. 

In a filing with Bursa Malaysia today, FGV said the shares were purchased yesterday at RM1.30 apiece.

This raised the number of FGV shares acquired by Felda so far this week to 75.97 million shares.

Earlier in the week, the agency bought 66 million shares via the open market at RM1.30 each for a total of RM85.8 million.

Last week, Felda announced in two filings that it purchased a total of 27.15 million FGV shares from the open market for RM1.29 each, or RM35.02 million.

This came after the agency issued its offer document on Tuesday last week (Jan 12) in relation to its unconditional mandatory takeover offer for all the remaining shares in FGV which it does not own, except treasury shares.

Its offer of RM1.30 per share will be open for acceptances until 5pm on February 2, unless extended or revised.

On December 8, 2020, Felda, which already owned 21.24 per cent equity interest in FGV, increased its stake in the company to 35.12 per cent and proposed to take FGV private at RM1.30 a share.

The additional 13.88 per cent stake was bought from the Retirement Fund (Incorporated) (6.1 per cent) and Urusharta Jamaah Sdn Bhd (7.78 per cent).

FGV shares were flat at RM1.30 at midday today with 5.97 million shares transacted. — Bernama