Lembaga Kemajuan Tanah Persekutuan proposed to acquire remaining 12.6% in FGV Holdings Berhad (KLSE:FGV) for MYR 600 million on May 26, 2025. A cash consideration valued at MYR 1.3 per share will be paid by Lembaga Kemajuan Tanah Persekutuan. As part of consideration, an undisclosed value is paid towards common equity of FGV Holdings Berhad. Upon completion, Lembaga Kemajuan Tanah Persekutuan will own 100% stake in FGV Holdings Berhad. As of June 4, 2025, Lembaga Kemajuan Tanah Persekutuan acquired almost, 4.13 million shares in FGV Holdings Berhad. As on June 9, 2025, Lembaga Kemajuan has acquired 520,600 shares.

The offer is not conditional upon the receipt of an minimum level of valid acceptance. The offer period will remain open for acceptance until 5 pm for a period not less than 21 days after the posting date. As of July 3, 2025, The Closing date for the acceptance of the offer has been extended from July 7, 2025 to August 15, 2025. As of July 29, 2025 as the Offeror and the PACs collectively hold more than 90.0% of the FGV Shares and the Offeror does not intend to maintain the listing status of FGV on the Main Market of Bursa Securities, Bursa Securities will suspend the trading of the FGV Shares immediately upon the expiry of five market days from the Final Closing Date. The Offeror intends to invoke the provisions to compulsorily acquire any remaining Offer Shares from Dissenting Holders in the event the Offeror receives Valid Acceptances of not less than nine-tenths (9/10) of the nominal value of the Offer Shares (excluding FGV Shares already held by the Offeror and its PACs as at the date of the Offer) on or before the Closing Date.

MAYBANK INVESTMENT BANK BERHAD acted as financial advisor to Lembaga Kemajuan Tanah Persekutuan in the transaction. Kenanga Investment Bank Berhad acted as financial advisor to FGV Holdings Berhad.