Felda menara Felda buys out FGV minority shareholders THE Federal Land Development Authority (Felda) on Tuesday signed a conditional share purchase agreement with Retirement Fund Inc and Urusharta Jammah Sdn Bhd to acquire a total of 13.88% stake in FGV Holdings Bhd. Felda also said it would extend its offer to buy out other minority shareholders in FGV Holdings Bhd at RM1.30 a share after raising its stake in the plantation company to over 50% following deals with the two government-linked investment companies. It was estimated that it would cost RM3.1bil for Felda to gain full control of FGV, based on the offer price. The equity deal and takeover offer are conditional upon Felda securing financing for the acquisition. The success of the takeover will largely depend on the take-up rate for the mandatory general offer. FGV sold its shares to the public at RM4.55 a piece in one of the world’s largest initial public offering (IPO) in 2012. Public Bank bonus issue PUBLIC Bank on Tuesday announced it would issue four new shares for every one existing share, increasing the total number of shares from 3.9 billion currently to 19.4 billion after the bonus issue. Analysts said the exercise would increase the trading liquidity of Public Bank shares, and the lower share price post-bonus issue would be perceived by retail investors as being more affordable. CGS CIMB Research, in a note on Wednesday, raised its target price for the bank from RM20.50 to RM25 a share, citing the bank’s defensive qualities amid the pandemic and improved trading liquidity as key drivers for the upgrade. Public Bank had a one-for-two stock split in 2004 and its last bonus issue was in 2003.
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