Kuala Lumpur: Bursa Malaysia Securities Bhd has approved FGV Holdings Bhd’s request for a suspension in the trading of its shares effective Monday, May 26, from 9 am to 5 pm, pending the release of a significant announcement. In a filing today, FGV disclosed that the suspension request was made under subparagraph 3.1(b) of Practice Note 2 on Requests for Suspension of the Main Market Listing Requirements of Bursa Securities. FGV’s shares last traded at RM1.28, giving the company a market value of RM4.7 billion.

According to BERNAMA News Agency, FGV announced last Friday its plan to acquire full ownership of eight subsidiaries through share purchases totaling RM229.75 million from Koperasi Permodalan Felda Malaysia Bhd (KPF). This move aims to streamline FGV’s business operations, facilitating faster decision-making, and aligning with the group’s strategic goals.

In a separate development, ICT Zone Asia Bhd filed that its shares will be suspended from trading on the LEAP Market of Bursa Malaysia Securities starting May 28, from 9 am, as per Rule 8.02(1) of the LEAP Market Listing Requirements (LEAP LR). Following this suspension, ICT Zone’s entire issued share capital will be removed from the LEAP Market on June 3 at 9 am, under Rules 8.05 and 8.06 of the LEAP LR. This action is to facilitate the transfer of its entire issued shares from the LEAP Market to the ACE Market.

ICT Zone had previously reported that its initial public offering was oversubscribed by 1.89 times by public investors, ahead of its ACE Market listing on June 3. The offering included 154 million shares, comprising 133 million new shares and an offer for sale of 21 million shares.