KUALA LUMPUR, March 16 — FGV Holdings Bhd’s shares soared 25.4 per cent after the Federal Land Development Authority’s (Felda) privatisation proposal of the main board agri-commodity company fell through.
MIDF Research, in a note on Tuesday, said one of the factors that contributed to the unsuccessful attempt to take over FGV was the unattractive offer price of RM1.30.
At 11.10am, FGV stock surged by 33 sen to RM1.63, making it among the highest so far for the day.
About 42.52 million shares changed hands, with the counter emerging among the top three gainers on Bursa Malaysia.
Based on Bursa Malaysia’s announcement on Monday, Felda only managed to obtain 80.99 per cent of the total issued shares (excluding treasury shares) in FGV.
Felda needs to increase its shareholding to up to 90 per cent in FGV to take the company private.
— Bernama
