,KUALA LUMPUR: FGV Holdings Bhd said it controlling shareholder, the Federal Land Development Authority (Felda), needed more time to formulate a plan on the group's listing status after failing to obtain sufficient shares to delist the company. Felda had amassed a total of 80.99% stake in FGV after the March 15 deadline of its offer to buyout minority shareholders in the company. This is short of the 90% threshold required for Felda to make a compulsory takeover to buyout the remaining shareholders. "In view of the above, FGV had on March 16 submitted an application to Bursa Securities for an extension of time in accordance with Paragraph 8.02(4) of the Listing Requirements to rectify the shortfall and to allow sufficient time for the Offeror to formulate a firm plan on FGV’s listing status," FGV said. The public shareholding spread of FGV as at March 15 was is 14.01%. As such, FGV continues to be deemed not in compliance with the stock exchange's public shareholding spread requirement of at least 25%. "FGV will make the necessary announcement in relation to the compliance status of the public shareholding spread requirement," it said. Shares in FGV jumped 20% to close at RM1.57 today after the takeover offer lapsed. In a separate statement today, Felda said 987.3 million or 27.1% shares were received following the mandatory general offer, while 125.6 million (3.4%) shares were purchased from the open market. This means that Felda and KPF now control 81% of FGV shares, the Pahang government owns 5%, and the Sabah government and its premier investment arm, Sawit Kinabalu, own 4% of FGV shares, it said. Felda chairman Datuk Seri Idris Jusoh said as a subsidiary, this would enable the management of FGV’s land lease agreement (LLA) estates together with oil palm mills, to be integrated with other Felda estates, rendering them more efficient and effective for mutual benefit. "I believe that the cooperation between Felda and FGV will form a synergy that will bring benefits to both organisations. "Moving forward, it is important that we hold on to the principle of we are one.”Felda director-general Datuk Amiruddin Abdul Satar said the cooperation between Felda and FGV is expected to provide added value to Felda, especially by focusing more on downstream activities that had been given less attention before. "Downstream activities will provide higher profit margins and will be able to strengthen Felda’s financial position more sustainably,” he said. The acquisition of FGV is viewed as an important step in the government-approved Felda Rehabilitation Plan for the benefit of 112,638 settlers and two million Felda senior citizens.
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