Tycoon Syed Mokhtar Seeks Stake in Malaysia’s FGV; Stock Jumps

Malaysian tycoon Syed Mokhtar Albukhary is seeking to combine his plantation assets with FGV Holdings Bhd. in a potential merger aimed at securing a stake in one of Malaysia’s biggest palm oil producers. FGV shares rallied.

Perspective Land (M) Sdn., owned by Syed Mokhtar, intends to “inject” its plantation assets into FGV, according to a filing from FGV late Thursday. The closely-held company would potentially become the single largest shareholder in the latter if the transaction comes to fruition, it said.

A merger could bolster FGV’s fortunes and challenge rival Sime Darby Plantations Bhd. position as the world’s top palm ...