BENTONG: The presence of the Pahang government as one of the persons acting in concert (PAC) in the unconditional voluntary takeover of FGV Holdings Bhd (FGV) remaining shares by the Federal Land Development Authority (Felda) is capable of strengthening FGC’s strategic position.
Felda chairman Datuk Seri Ahmad Shabery Cheek said the move not only sped up Felda’s efforts to achieve 90 per cent share ownership as stipulated by but also showed the Bursa Malaysia, but showed the Pahang’s willingness to work together with the federal agency to develop the national plantation sector.
The close cooperation with the state government provides room for more synergy in empowering the economic status of settlers.
“Now Felda has 82 per cent and the other biggest shareholders are the state government of Pahang, with five per cent. Without that five per cent, we can’t meet the 90 per cent threshold set by Bursa Malaysia (to take over FGV).
“With this, the process of obtaining 90 per cent is closer, and at the same time, this agreement will make ties between the Pahang government and Felda a close and important one where many decisions will be considered together,” he said at a media conference after a Felda gathering with Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail here today, which was also attended by Felda managing director Datuk Dr Suzana Idayu Wati Osman.
Meanwhile, Wan Rosdy said Pahang’s participation in the takeover demonstrated its commitment to be part of the national agenda to support state economic growth, FGV’s continuity and the welfare of Felda settlers.
“I would like to assure that the state government will continue to support all of Felda’s main agendas, including redevelopment of old settlements, upgrading public infrastructure, assessing property values and uplifting the quality of life for settlers, especially the new generation,” he said.
FGV accepted the voluntary unconditional takeover offer from Felda, which is aimed at regaining the remaining unowned shares.
A notice issued by Maybank Investment Bank Bhd on behalf of Felda stated that the offer suggested a cash payment of RM1.30 per share for all FGV ordinary shares not held by Felda.
As of May 20, the total of FGV issued shares is valued at RM7.02 billion, including 3.64 billion ordinary shares and one special share held by Minister of Finance (Incorporated).
Besides the Pahang government, other PACs include Felda wholly-owned subsidiary, Felda Asset Holdings Company Sdn Bhd.