Felda: The presence of the Pahang government as a key player in the Federal Land Development Authority's (Felda) unconditional voluntary takeover of the remaining shares of FGV Holdings Bhd (FGV) is poised to enhance FGV's strategic position significantly.
According to BERNAMA News Agency, Felda chairman Datuk Seri Ahmad Shabery Cheek emphasized that this collaboration accelerates Felda's efforts to achieve a 90 percent share ownership as mandated by Bursa Malaysia. The involvement of the Pahang government not only showcases its willingness to collaborate with the federal agency but also contributes to the development of the national plantation sector.
This partnership provides an avenue for greater synergy, enabling the empowerment of settlers' economic status. Felda currently holds an 82 percent stake, while the Pahang government, as one of the largest shareholders, holds five percent. This five percent is crucial for Felda to meet the 90 percent threshold required by Bursa Malaysia to take over FGV.
Datuk Seri Ahmad Shabery Cheek highlighted the importance of this agreement in fostering a close and significant relationship between the Pahang government and Felda. He noted that many decisions would be made collaboratively, given this strengthened partnership. This statement was made during a media conference following a Felda gathering with Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail, which was also attended by Felda managing director Datuk Dr. Suzana Idayu Wati Osman.
Meanwhile, Datuk Seri Wan Rosdy Wan Ismail expressed that Pahang's participation in the takeover reflects its commitment to supporting the national agenda, state economic growth, FGV's continuity, and the welfare of Felda settlers. He assured continued support for Felda's main agendas, including the redevelopment of old settlements, upgrading public infrastructure, assessing property values, and improving settlers' quality of life, particularly for the new generation.
FGV accepted the voluntary unconditional takeover offer from Felda, aimed at reclaiming the remaining unowned shares. A notice from Maybank Investment Bank Bhd, on behalf of Felda, proposed a cash payment of RM1.30 per share for all FGV ordinary shares not held by Felda. As of May 20, the total value of FGV's issued shares is RM7.02 billion, comprising 3.64 billion ordinary shares and one special share held by the Minister of Finance (Incorporated).
In addition to the Pahang government, other Persons Acting in Concert (PACs) include Felda's wholly-owned subsidiary, Felda Asset Holdings Company Sdn Bhd.