Malaysia's Felda Global Ventures Holdings Bhd (FGV), the world's third-largest palm oil plantation operator, has offered 2.2 billion ringgit ($689.33 million) to buy the 51 percent of Felda Holdings Bhd it does not own.

The purchase of Felda Holdings, which runs the downstream and midstream business of FGV, will allow Felda Global Ventures to operate its value chain more efficiently, it said in a statement to the stock exchange on Friday.

FGV will buy the remaining 51 percent of Felda Holdings from the Felda Investment Co-operative, which comprises Felda's settler-smallholders, employees and their families. FGV will fund the purchase with proceeds from its IPO last year and borrowings.

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