200 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 57 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (i) On 30 June 2023, the Board of Directors of the Company and Maybank Investment Bank Berhad announced that the Company proposes to undertake the following: a) proposed bonus issue of up to 364,815,150 new Islamic redeemable preference shares in the Company (“FGV RPS-i”) on the basis of one (1) FGV RPS-i for every ten (10) existing ordinary shares held in the Company on an entitlement date to be determined later (“Proposed Bonus Issue”). The FGV RPS-i will be issued at RM0.10 per FGV RPS-i (“Issue Price”); and b) proposed amendments to the Constitution of the Company (“Proposed Amendments”). (collectively referred to as “Proposals”) The main objective of the Proposed Bonus Issue is to provide the Company’s shareholders with better exposure, via preferential dividends, to the distributable profits of the key companies under the Company which are involved in upstream plantation activities namely, FGV Plantations (Malaysia) Sdn Bhd (“FGVPM”), an indirect wholly-owned subsidiary of the Company, and FGV Palm Industries Sdn Bhd (“FGVPI”), a 72% indirect subsidiary of the Company in accordance with the terms of the FGV RPS-i. The Proposed Bonus Issue is subject to being approved by the shareholders of the Company and any other relevant parties. On 15 August 2023, the Company announced that the application to the Shariah Advisory Council of the Securities Commission Malaysia (“SC(SAC)”) to seek its approval for the structure of the FGV RPS-i has been submitted. SC(SAC) had, vide its letter dated 2 October 2023 informed that it has no objection to the Proposed Bonus Issue. On 22 September 2023, the Company announced that the application for the listing and quotation of the FGV RPS-i on the Main Market of Bursa Securities has been submitted to Bursa Securities. Bursa Securities had, vide its letter dated 10 October 2023 resolved to approve: a) the admission of up to 364,815,150 FGV RPS-i to the Official List of Bursa Securities; and b) the listing and quotation of up to 364,815,150 FGV RPS-i to be issued pursuant to the Proposed Bonus Issue on the Main Market of Bursa Securities. The approval granted by Bursa Securities is subject to, among others, with certain conditions. On 30 October 2023, the Company announced that an application to seek Bursa Securities’ approval for an extension of time until 13 February 2024 for FGV to issue the Circular in relation to the Proposals had been submitted. On 29 November 2023, the Company announced that Bursa Securities, vide its letter dated 4 September 2023, granted an extension of time to comply with the public shareholding spread requirement for a further six (6) months from 3 September 2023 until the expiration of the extension on 2 March 2024 after taking into consideration of all circumstances of the matter. On 21 February 2024, the Company announced that Bursa Securities had, vide its letter dated 20 February 2024, resolved to grant the Company a further extension of time until 13 August 2024 to issue the circular in relation to the Proposals (“Circular”) to comply with Paragraph 9.33(1)(b) of the Listing Requirements. On 26 February 2024, the Company submitted an application to Bursa Securities to apply for a further extension of time of fourteen (14) months from 3 March 2024 to 2 May 2025 for the Company to comply with the Public Spread Requirement pursuant to Paragraph 8.02(4) of the Listing Requirements. On 19 March 2024, the Company announced that the 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.
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