Malaysia's Felda to buy 37% stake in Indonesia palm oil firm Eagle High Plantations
Investment will give it access to over 320,000 hectares of land in country
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Kuala Lumpur
MALAYSIA'S state-owned Federal Land Development Authority (Felda) has agreed to buy a 37 per cent stake in Rajawali Group's PT Eagle High Plantations Tbk, one of Indonesia's largest palm oil companies, for US$505.4 million.
The acquisition plan comes a year after Felda's main listed unit Felda Global Ventures Holdings Bhd (FGV) scrapped a plan to buy a similar stake in Eagle High for US$680 million. The deal hit a snag after it was announced amid issues discovered during due diligence on Eagle High, people with knowledge of the matter said last year. Politicians and investors blasted the deal then as too expensive.
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