Controversial transaction: In April 2017, Felda completed the purchase of a 37% stake in Eagle High from Rajawali for US$505.4mil, which was reportedly higher than the valuation by two independent appraisers on the company of US$264mil and US$404mil, respectively.
PETALING JAYA: PT Eagle High Plantations Tbk, a unit of Indonesia-based Rajawali Group, has denied taking any legal action against the Federal Land Development Authority’s (Felda) plan to walk back on a US$500mil purchase of a stake in the company, according to a report by Reuters.
“Felda and Rajawali, or any subsidiary of Felda or Rajawali, are not or have never been engaged in any court proceeding,” Reuters quoted Rajawali as saying in a statement yesterday.
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