The Board of Directors of F&N has made the announcement that its indirect 65%-owned subsidiary, Dagang Sejahtera (DSSB), had on 25 April 2022 entered into a conditional share sale agreement with Dupont & Leosk Enterprises as the beneficial owner of 25,000,000 ordinary shares of RM1.00 each in Ladang Permai Damai for a total purchase price of RM215.5 million.
The 35% of the issued share capital of DSSB is owned by Dagang Permai, a company that is wholly owned by DYMM Tuanku Raja Perlis.
The Proposed Acquisition is deemed a related party transaction by virtue of the Chairman and Non-Independent Non-Executive Director of F&N Y.A.M. Tengku Syed Badarudin Jamalullail’s deemed interest as disclosed in Section 9 of this announcement.
In its official statement, it is stated that “for clarification, there is no relationship between the Vendor of Ladang Permai Damai and F&NHB, its directors, major shareholders, and their connected persons.
