For iSnap - lzfgv Delima Oil Products Sdn Bhd (DOP), Felda Global Ventures Holdings Bhd's fully-owned subsidiary in Pasir Gudang, Johor. DOP produces food products like cooking oil, margarine, peanut butter and mayonaise for the country. It currently exports 10% of its production.
FGV did not say which conditions precedent could not be met.
In an announcement to Bursa Malaysia on March 14, it had expressed frustration at not being able to get a regulator’s timely approval despite the application process for approval being started back in April 2015.
The application to one regulator - which it did not name - was cancelled pending more information on the investment from FGV. “To date, no subsequent application has been submitted to the said regulator,” FGV had said then.
Three days later the company announced the receipt of the Finance Ministry’s approval on March 16.
FGV said on Friday that FGVD would not be pursuing or taking any legal action pursuant to the contracts’ termination.
It further said the termination of SPA 1 and SPA 2 would also not have any financial impact on FGVHB.
FGV shares shed 1 sen to close at RM1.50 on Friday, with 4.335 million shares changing hands.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
