KUALA LUMPUR: Malaysia’s FGV Holdings , one of the world’s largest palm oil producers, will be delisted on August 28 after being taken over by a state-owned body.
FGV said last week the Federal Land Development Authority (Felda) had gained more than the 90% of the company’s shares required for a takeover. The offer runs to August 15.
Felda plans to restructure the company and Prime Minister Anwar Ibrahim said on Saturday that FGV would return to its original objective of prioritising the interests of Felda settlers.
Felda settlers, owners of small plots of land, own shares in FGV but have not seen the returns that they were promised when the company was listed in 2012. They are considered a major source of votes for the government.
FGV has, since 2020, been hit with a U.S. import ban on its products due to allegations of forced labour at its plantations.
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