FGV group president and CEO Datuk Mohd Emir Mavani Abdullah: "FGV is taking additional steps to ensure this deal brings value to our shareholders."
KUALA LUMPUR: Felda Global Ventures Bhd (FGV) is “taking additional steps” to ensure its purchase of a substantial stake in Indonesia-based PT Eagle High Plantations Tbk brings value to its shareholders.
“As we have announced previously, we have commenced our due diligence process by independent parties, and the process has not yet been finalised.
“In light of the volatile current market conditions, FGV is taking additional steps to ensure this deal brings value to our shareholders especially, and the larger community of stakeholders,” FGV group president and chief executive officer Datuk Mohd Emir Mavani Abdullah said in a statement on Tuesday.
“It is unhelpful to speculate on the outcome of the comprehensive due diligence process or the factors that may impact our business decision.
“We understand that this transaction has generated strong interest from the investing community as well as regulators, and point to our commitment to high governance and transparency in keeping all parties abreast of the latest developments in line with regulatory requirements,” he added.
On June 12, FGV announced a proposed acquisition of a 37% stake in PT Eagle High Plantations from the Rajawali Group of Indonesia that is controlled by tycoon Tan Sri Peter Sondakh for US$680mil. It will also acquire a 95% stake in Rajawali’s sugar business for US$67mil cash.
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