KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) has sold its wholly-owned subsidiary, Asian Plantations Ltd (APL), to another wholly-owned subsidiary, Felda Global Ventures Plantations Sdn Bhd (FGVP), for RM567.9 million.
In a filing to the stock exchange, two days ago, FGV said this is part of its internal re-organisation.
The restructuring exercise will not have any effect on the issued and paid-up capital of FGV or FGV’s substantial shareholders’ shareholdings, or any material effect on the earnings, net assets or gearing of FGV on a consolidated basis.
APL, which was listed on London’s AIM market, was acquired by FGV in August 2014 for 120 million pounds, or RM628 million. Since then, FGV has restructured APL’s RM500 million debt into a Shariah-compliant loan.