MARKET DEVELOPMENT
FGVH To Ink Share Purchase Deals For Upstream Activities
FGVH To Ink Share Purchase Deals For Upstream Activities
08/07/2013 (The Star) - Plantation group Felda Global Ventures Holdings Bhd (FGVH) will hold a signing ceremony on Tuesday on its share purchase agreements.
The company said on Monday the agreements were pertaining to its upstream plantation activities.
On June 27, StarBiz reported FGVH was mulling over 12 acquisition proposals both in Malaysia and overseas and was set to announce its first series of acquisitions.
Its chairman Tan Sri Isa Abdul Samad was quoted saying the proposals would involve acquisitions from the upstream business in oil palm, sugar and rubber as well as the downstream business such as oils and fats, buying up palm oil mills and refineries.
Isa pointed out that FGVH's gross proceeds from its initial public offering (IPO) in June last year totalled RM4.5bil, but as at March 31 this year, the remaining gross proceeds stood at RM3.85bil.
Of the remaining proceeds, he said FGVH was aiming to spend almost 60% or RM2.2bil to acquire plantation assets, RM840mil to buy selective mills and refineries and RM780mil to expand on oils and fats downstream businesses.
The company said on Monday the agreements were pertaining to its upstream plantation activities.
On June 27, StarBiz reported FGVH was mulling over 12 acquisition proposals both in Malaysia and overseas and was set to announce its first series of acquisitions.
Its chairman Tan Sri Isa Abdul Samad was quoted saying the proposals would involve acquisitions from the upstream business in oil palm, sugar and rubber as well as the downstream business such as oils and fats, buying up palm oil mills and refineries.
Isa pointed out that FGVH's gross proceeds from its initial public offering (IPO) in June last year totalled RM4.5bil, but as at March 31 this year, the remaining gross proceeds stood at RM3.85bil.
Of the remaining proceeds, he said FGVH was aiming to spend almost 60% or RM2.2bil to acquire plantation assets, RM840mil to buy selective mills and refineries and RM780mil to expand on oils and fats downstream businesses.