55 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (i) In the previous financial year, 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”) 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 13 August 2024, the Company announced that FELDA in its letter to the Company dated 26 July 2024, updated that it was still seeking directions from the Ministry of Finance (MOF) and the Prime Minister’s Department on the Proposals. However, Bursa Securities’ approval for the listing and quotation of the FGV RPS-i on the Main Market of Bursa Securities had lapsed on 10 April 2024 and Bursa Securities’ approval for the extension of time to issue the circular in relation to the Proposals (“Circular”) was valid until 13 August 2024. The extension of time had lapsed on 14 August 2024, the Company would only take the necessary steps to resume the implementation of the Proposals and re-apply for the listing and quotation of the FGV RPS-i as well as submit the draft Circular for Bursa Securities’ perusal after FELDA has obtained the necessary consents, subject to approval from the Board. (ii) 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. On 13 September 2024, the Company announced that the Bursa Securities, vide its letter dated on the same day, granted the Company an extension of time to comply with the public shareholding spread requirement for a further six (6) months from 3 September 2024 up to 2 March 2025 after taking into consideration of all circumstances of the matter. 56 SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD On 11 March 2025, the Company announced that the Bursa Securities, vide written notification rejected the Company’s application for a further extension of time of six (6) months from 3 March 2025 to comply with the public shareholding spread. Bursa Securities has directed the Company to rectify the breach within six (6) months i.e. on or before 10 September 2025. The Company will continue engaging with FELDA and the relevant stakeholders to implement the action steps required to rectify the breach within the Timeframe as set out by Bursa Securities. 57 APPROVAL OF FINANCIAL STATEMENTS The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 25 March 2025. FGV Holdings Berhad | Audited Financial Statements 2024 Notes to the Financial Statements For the financial year ended 31 December 2024 184
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