FGVH offer becomes unconditional

PETALING JAYA (Sept 2, 2013): Felda Global Ventures Holdings Bhd's (FGVH) offer to buy Pontian United Plantations Bhd has become unconditional after 50.25% of the company's shareholders accepted the deal.

In a filing with Bursa Malaysia today, FGVH said it has collectively received acceptances for a total of 4.35 million Pontian shares, including the acceptances based on the irrevocable undertakings from Bisa Jaya Sdn Bhd, Chin Leong Thye Sdn Bhd, Lee Chin Hwa, Lee Min Huat, Lee Sep Pian and Lee Ming Keong, for their 2.06 million Pontian shares or 23.81% of the share capital of Pontian.

The offer will remain open for acceptances until 5pm on Sept 17, 2013

Last July, FGVH had launched a conditional takeover offer for non-listed plantation company Pontian for RM1.21 billion or RM140 per share.

Pontian owns 16,188ha plantation, which is mostly in Sabah. In addition, it owns a CPO processing mill with capacity of 90 tonnes per hour.