We refer to the announcements dated 5 February 2021, 16 March 2021, 24 March 2021, 5 August 2021, 30 August 2021, 30 November 2021, 31 January 2022, 28 February 2022, 31 May 2022, 5 August 2022, 23 August 2022, 30 August 2022, 30 November 2022, 27 February 2023, 4 April 2023 and 30 May 2023, 28 August 2023, 4 September 2023, 29 November 2023 and 26 February 2024 on FGV Holdings Berhad's ("FGV" or "Company") non-compliance with the public shareholding spread requirement pursuant to Paragraph 8.02(1) of the Main Market Listing Requirements ("Listing Requirements") of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Public Spread Requirement").
Pursuant to Paragraphs 3.3 and 3.4 of Practice Note 19 of the Listing Requirements, the Company currently does not comply with the Public Spread Requirement. As of 16 February 2024, the public shareholding spread of the Company was at 13.09%.
Bursa Securities, vide its letter dated 18 March 2024, granted the Company an extension of time to comply with the public shareholding spread requirement for a further six (6) months from 3 March 2024 until the expiration of the extension on 2 September 2024 after taking into consideration of all circumstances of the matter.
In view of Bursa Securities’ approval on the Company’s extension of time application, the Company is aware that Bursa Securities may take or impose on the Company for a breach of Paragraph 8.02(1) of the Bursa Securities Listing Requirements any type of action or penalty pursuant to Paragraph 16.19 of the Bursa Securities Listing Requirements and suspend trading in the Company’s securities pursuant to Paragraph 16.02 of the Listing Requirements.
FGV intends to comply with the public shareholding spread and its rectification plan had been announced to Bursa Securities on 30 June 2023, 15 August 2023, 22 September 2023, 2 October 2023, 11 October 2023, 30 October 2023, 1 November 2023, 15 December 2023, 13 February 2024 and 21 February 2024. The Company will continue to make the quarterly announcements on the status of its efforts to comply with the Public Spread Requirement in compliance with the Listing Requirements.
This announcement is dated 19 March 2024.