Felda, KPF may be stumbling block in takeover move for FGV, says CGS-CIMB Research

Felda, KPF may be stumbling block in takeover move for FGV, says CGS-CIMB Research

The Edge Markets - Malaysia·2019-09-24 12:05

KUALA LUMPUR (Sept 24): CGS-CIMB Research has maintained its "Reduce" rating on FGV Holdings Bhd at 92 sen and target price (TP) of RM1 following a report that tycoon Tan Sri Syed Mokhtar Albukhary is planning to buy a 20% stake in FGV.

In a note dated Sept 23, the research house's Ivy Ng said the corporate plan, as per the report in The Edge Weekly, involved Syed Mokhtar planning to buy a 20% stake in FGV, which could see him eventually take control of the company, and his plan could include acquiring a block of FGV shares from Federal Land Development Authority (Felda)'s 33.7% stake and buying out Koperasi Permodalan Felda Bhd's (KPF) 5.25% stake.

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