FGV says Anak’s claim is incorrect and based on a misunderstanding over different transactions.
FGV Holdings Bhd says it acquired Felda’s 49% stake in Felda Holdings Bhd for RM1.57 billion cash, not RM6 billion. (File pic)
KUALA LUMPUR: FGV Holdings Bhd (FGV) has denied claims by Persatuan Anak Peneroka Felda Kebangsaan (Anak) that it bought a 51% stake in Felda Holdings Bhd (FHB) below market price.
FGV said it a statement today that Anak’s claims were incorrect and that they arose from misunderstanding and confusion over separate transactions that occurred at different times.
Anak had posted a video on YouTube saying FGV had acquired a 51% stake in FHB from its substantial shareholder Koperasi Permodalan Felda (KPF) for RM2.2 billion, The Edge reported.
The RM2.2 billion was alleged to have been far below the market value of the 51% block in FHB. Anak also alleged that it was far less than the RM6 billion paid to Felda for a 49% stake in the same company.
FGV said today it acquired Felda’s 49% stake in FHB for RM1.57 billion cash, not RM6 billion.
Subsequent to its listing, FGV went on to buy the remaining 51% stake in FHB from KPF in 2013 for RM2.2 billion cash, it said.
FHB was jointly owned by Felda and KPF. FGV, meanwhile was a wholly-owned subsidiary of Felda, prior to its listing.
“Following FGV’s listing in 2012, Felda raised RM5.5 billion as part of its offer for sale of shares in FGV,” The Edge quoted FGV as saying.
It said the transactions were guided by independent advisers, approved by the boards and shareholders of FGV, KPF, and Felda, and were appropriately and publicly disclosed
The Edge reported that at midday break, FGV dipped 0.66% or 1 sen to RM1.51, with 1.21 million shares transacted. - FMT
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