FGV Holdings Bhd topped the list of Bursa Malaysia's most active counters after the Federal Land Development Authority (Felda) decided to take over the entity through a mandatory acquisition offer at RM1.30 per share.
At 10.30am, FGV shares traded at RM1.28, up 10 sen with 91.86 million shares changing hands.
Felda through its notification to Bursa Malaysia yesterday said, the firm has completed the proposed acquisition of shares announced on December 8.
Its shareholding in FGV has increased to 50.49% from 36.61% previously. Therefore, the conditional mandatory takeover offer, which was revealed on December 8, is now an unconditional offer.
Bernama reported that on December 8, Felda entered into two conditional share purchase agreements (CSPA) with vendors of the Retirement Fund (Incorporated) (KWAP) and Urusharta Jamaah Sdn Bhd to buy a total equity stake of 13.88% representing 506.19 million shares for cash consideration RM658.04 million or RM1.30 per share of FGV.
Felda added that the company does not intend to maintain FGV's listing status on the Main Market of Bursa Malaysia, which was listed in 2012 with a public issue (IPO) of RM4.55.
"News of the mandatory acquisition of FGV at RM1.30 per share may trigger some trading activity," Rakuten Trade Sdn Bhd analysts said in a note today.
