FGV Audited Financial Statements 2020

60 SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD (continued) (iv) On 5 February 2021, the Board of Directors announced that the public shareholding spread of the Company was at 23.93% of the total issued the Company shares (excluding treasury shares) based on the Record of Depositors as at 4 February 2021. Accordingly, the Company does not comply with the minimum public shareholding spread requirement of 25% pursuant to Paragraph 8.02(1) of the Listing Requirements. Under Section 4.1 of the Offer Document, the Offeror has stated that it does not intend to maintain the listing status of the Company on the Main Market of Bursa Securities. In the event the Offeror receives valid acceptances resulting in the Offeror and its associates holding in aggregate 90% or more of the Company Shares (excluding treasury shares) an immediate announcement will be made by the Company. Bursa Securities will suspend the trading in the Company Shares immediately upon expiry of five market days from the closing date of the Offer. Thereafter, the Offeror will submit a request to the Company to take the necessary procedures to withdraw its listing status from the Official List in accordance with Chapter 16 of the Listing Requirements. (v) On 16 February 2021, the Offeror notified the shareholders that the closing date for the acceptance of the Offer has been further extended from 16 February 2021 to 2 March 2021. (vi) On 25 February 2021, the Offeror informed that the closing date for the acceptance of the Offer has been further extended from 2 March 2021 to 15 March 2021. (vii) On 16 March 2021, following the final closing date of the offer on 15 March 2021, the Board of Director of the Company announced that the Offeror has received valid acceptances in respect of the Offer Shares resulting in the Offeror and its PACs holding 2,954,688,691 of the Company shares, presenting 80.99% of the total issued shares of the Company. Accordingly, the public shareholding spread of the Company as at 15 March 2021 is 14.01%. As such, the Company continues to be deemed not in compliance with the public shareholding spread requirement in accordance with Paragraph 8.02(1) of the Listing Requirements. In view of the above, the Company had on 16 March 2021 submitted an application to Bursa Securities for an extension of time in accordance with Paragraph 8.02(4) of the Listing Requirements to rectify the shortfall and to allow sufficient time for the Offeror to formulate a firm plan on the Company’s listing status. (viii) On 19 March 2021, Datuk Wira Azhar Abdul Hamid has tendered his resignation as a Chairman of the Company effective 1 April 2021. (ix) On 24 March 2021, the Board of Directors of the Company announced that Bursa Securities, had vide its letter dated 23 March 2021, granted the Company an extension of time of six months until 3 August 2021 to comply with the Public Spread Requirement. As at 19 March 2021, the Company’s public shareholding spread was 13.99%. The shortfall in the public shareholding spread of the Company arose as a direct consequence of the unconditional mandatory takeover offer by FELDA which had closed on 15 March 2021. The Company will use the extension of time granted by Bursa Securities to formulate a rectification plan to address the shortfall in its public shareholding spread and to allow sufficient time for FELDA to formulate a firm plan on FGV’s listing status. 61 APPROVAL OF FINANCIAL STATEMENTS The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 31 March 2021. 190 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 FGV HOLDINGS BERHAD Audited Financial Statement 2020