MSM Malaysia Holdings Berhad Annual Report 2020

41 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) Impact of COVID-19 During and at the end of the financial year, the COVID-19 pandemic that had impacted the financial performance for the year ended 31 December 2020 is still evolving. Stricter movement control orders were imposed by the government following the widespread escalation in the infection rates. As such, the financial performance for the financial year ending 31 December 2021 is also expected to remain challenging. Nevertheless, the Group and Company are implementing appropriate measures to minimise the impact. (b) Change of ultimate holding company On 22 December 2020, the Board of Directors of the Group’s immediate holding company, FGV Holdings Berhad (“FGVH”) had received a notice of unconditional mandatory take-over offer (“Notice”) from Maybank Investment Bank Berhad on behalf of the Offeror to acquire all the remaining ordinary shares in FGVH (“FGVH Shares”) (excluding treasury shares) which are not already held by the Offeror and its Persons Acting in Concert (“PAC”), including all FGVH shares under FGVH’s long term incentive plan (“Offer Shares”) for a cash consideration of RM1.30 per Offer Share (“Offer”). Offeror acquired 283,710,100 of FGVH shares from Urusharta Jamaah Sdn. Bhd. and 222,480,700 of FGVH shares from Kumpulan Wang Persaraan (Diperbadankan) pursuant to the Conditional Share Purchase Agreement (“CSPA”) dated 8 December 2020. The CSPAs became unconditional on 22 December 2020 and the acquisition was subsequently completed on 24 December 2020. As a result of the acquisition, the shareholding of the Offeror in FGVH increased to approximately 35.12% and the collective shareholding of the Offeror and the PAC in the Offeree increased to approximately 50.49%. Pursuant to this, the Offeror is deemed as the ultimate holding body of FGVH. Consequently, FELDA is deemed as the ultimate holding body of the Company. 42 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 2021. MSM MALAYSIA HOLDINGS BERHAD Annual Repor t 2020 227 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 SUSTAINABILITY REPORT EFFECTIVE LEADERSHIP CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION DETAILS OF THE ANNUAL GENERAL MEETING