FGV Holdings Bhd is set to be delisted from Bursa Malaysia’s Main Market after the Federal Land Development Authority (Felda) acquired more than 90% of its total issued shares as of 5pm.
In a filing with Bursa Malaysia, FGV confirmed that Felda now holds 91.73% of its shares, above the 90% threshold required to take the plantation firm private.
Felda, along with parties acting in concert (PACs), launched its takeover offer on May 26, marking its second attempt to privatise FGV following a previous offer in 2020.
The earlier offer, also at RM1.30 per share, failed to attain the 90% shareholder acceptance threshold for a mandatory compulsory acquisition.
The current offer remains open until 5pm on Aug 15. Felda urged shareholders who have not accepted the offer to do so before the deadline.
Felda said the acquisition supports its 2025–2030 strategic plan and it aims to create a more sustainable and focussed group.
It also said the move would improve competitiveness and ensure long-term benefits for settlers and stakeholders.
Bursa Securities will suspend trading of FGV shares five market days after the final closing date as per listing requirements.
FGV was listed on Bursa Malaysia 13 years ago to great fanfare. The initial public offering (IPO) raised about RM10.5 billion, giving it a market capitalisation in excess of RM16 billion.
It was hailed as the world’s second-largest IPO that year after Facebook, and its shares traded as high as RM5.46 on its debut – a 20% premium to its IPO price of RM4.55.
Its share price has since declined, leading to repeated privatisation attempts.
