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Malaysia's Felda Group to buy 37% of Eagle High in restructured deal

[JAKARTA] Malaysia's Felda Group plans to buy 37 per cent in PT Eagle High Plantations Tbk, the plantation unit of Indonesian conglomerate Rajawali Group, in a restructured deal, Rajawali's managing director told Reuters on Friday.

Under the new deal, Kuala Lumpur-listed Felda Global Ventures Holdings Bhd may take less than 10 per cent in Eagle High, with the remaining stake bought by Felda Investment, a unit of Felda Group, said Rajawali's Darjoto Setyawan.

The companies are "finalising" the price, Setyawan said.

Last month, Felda Global said it needed to rethink its planned purchase of 37 percent of Eagle High for US$680 million after its shareholders criticised the deal as too expensive.

Felda Global did not provide immediate comment.