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FGV unaware of Syed Mokhtar’s proposal

KUALA LUMPUR: FGV Holdings Bhd claimed that they are unaware of proposals by tycoon Tan Sri Syed Mokhtar Albukhary to buy a 20% stake in the plantation company.

After checking with its board of directors and senior management, “it is unaware of the proposals described in the article”, FGV said in a statement to Bursa Malaysia.“FGV strives to create value for its stakeholders and explores all opportunities that would benefit the group and its shareholders,” it said.

According to reports, Syed Mokhtar could eventually take control of the company. Financial institutions had met with the tycoon for the funding of more than RM1bil to facilitate the acquisition.

Syed Mokhtar was offering land in Nusajaya, Johor valued at more than RM1.5bil as well as shares in FGV, which would be pledged after the acquisition was concluded, reports added.

Reports said that in the proposals, he could acquire a block of shares from the Federal Land Development Authority (Felda) and buying out Koperasi Permodalan Felda Malaysia. Felda owns 33.6% of FGV while KPF owns 5.25%.

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