Perlis sultan divests stake in F&N AgriValley for RM3m

04 Jun 2020 / 01:06 H.

PETALING JAYA: Fraser & Neave Holdings Bhd (F&N) has regained a 100% stake in its subsidiary, F&N AgriValley Sdn Bhd, following the divestment by the Raja of Perlis Tuanku Syed Sirajuddin Ibni Almarhum Tuanku Syed Putra Jamalullail of his 30% stake in the subsidiary for a consideration of RM3 million.

According to the group’s Bursa filing, it stated that Tuanku Syed Sirajuddin had acquired a stake in the company with the intention to promote and facilitate the development of the proposed integrated crop and dairy farming project together with F&N.

The project was to be developed on a piece of 4,453.92 hectares of leasehold land in Chuping, Perlis, acquired from MSM Perlis Sdn Bhd, a unit of MSM Malaysia Holdings Bhd.

However, on April 9, MSM Perlis said it would not grant F&N any extension of time to satisfy the conditions precedent under the sale and purchase agreement, and had subsequently rescinded the offer.

This was after F&N announced in February that it was unable to obtain relevant approvals from the government, following the implementation of the movement control order.

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