KUALA LUMPUR, Nov 7 — FGV Holdings Bhd is expected to announce details on its shareholding by the Federal Land Development Authority (Felda) before the middle of next year.
Felda holds 82 per cent interest in FGV and it exceeds Bursa Malaysia’s requirement for a minimum public holding of 25 per cent of the total shares.
Felda chairman Datuk Seri Ahmad Shabery Cheek, who was appointed in July, said discussions with Bursa Malaysia are ongoing and the decision on the issue is expected to be announced within a few months.
“We are considering whether to delist FGV from the Main Market of Bursa Malaysia or reduce Felda’s stake,” he told Bernama after he was a guest of an exclusive interview entitled “Felda’s Goals to Spur the Country’s Economy” on Bernama Radio today.
Bursa Malaysia has granted FGV an extension of time to comply with the public shareholding requirements for another six months from September 3, 2023 until March 2, 2024 after taking into account the company’s circumstances.
FGV is one of the companies that did not meet the conditions of having a sufficient public spread for a long period.
As of February 2021, the plantation company’s public shareholding amounted to 13.09 per cent, less than 25 per cent, thus violating listing rules.
The situation comes after Felda Holdings launched a mandatory general offer for FGV in 2020 and ended up with more than 75 per cent of the company. — Bernama
