KUALA LUMPUR: FGV Holdings Bhd's proposed bonus issue of up to 364.82 million new Islamic redeemable preference shares will be delayed, as its controlling shareholder Federal Land Development Authority (Felda) asked for more time to secure Cabinet's approval for the exercise.
The bonus issue is on the basis of one Islamic preference share for every 10 ordinary shares in FGV.
Under the proposal, the FGV RPS-i is to be quoted and listed separately on the Main Market of Bursa Malaysia, allowing for shareholders to trade the Islamic preference shares.
In a filing with Bursa Malaysia Securities Bhd today, the company said it requested for time, until August 13, 2024, to issue a circular with regards to the bonus issue.
It said Felda asked FGV to apply for a further extension of time to issue the circular in relation to the bonus issue, as it is still in the process of obtaining the consents from the Minister in charge with responsibility for Felda and the Ministry of Finance, which are subject to the approval of the Cabinet of Malaysia.
FGV's share price was up four sen to RM1.46 a share, with some 657,500 shares changing hands, at midday.