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FGV Holdings Bhd, one of the world's largest palm oil producers, has announced it will be delisted on 28 August, following its acquisition by a state-owned entity.
The company announced last week that the Federal Land Development Authority (Felda) had acquired more than 90% of its shares, the threshold required to complete the takeover. The offer period runs until 15 August.
Felda plans to restructure the company, with Prime Minister Datuk Seri Anwar Ibrahim saying on Saturday that FGV would return to its original purpose of prioritising the interests of Felda settlers.
Felda settlers, who are smallholders, own shares in FGV but have not reaped the returns they were promised when the company was listed on the stock exchange in 2012. These settlers are considered a key source of votes for the government.
It is worth noting that FGV has faced a US import ban since 2020 over allegations of forced labour on its plantations.
Source: Reuters