Indonesia’s Rajawali Group, perplexed by the strong negative reaction in Malaysia from its proposed share sale agreement between its plantation arm – PT Eagle High Plantations Tbk – and Felda Global Ventures Holdings Bhd (FGV), has rebutted allegations that the deal was expensive and that it was an exercise necessary for the group to put it on a better financial footing.
Tan Sri Peter Sondakh, the chairman and chief executive officer of Pt Rajawali Corpora, pointed out that a banker acting for FGV had initiated the deal for the sale of a 37% stake in Eagle High to FGV and that it was not something his company started.
“The deal (proposing FGV buying into Eagle High) was proposed by their banker. It came about six weeks ago. We do not know them. It was a Malaysian bank acting for FGV that initiated it,” he said in an interview recently.
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Tan Sri Peter Sondakh, the chairman and chief executive officer of Pt Rajawali Corpora, pointed out that a banker acting for FGV had initiated the deal for the sale of a 37% stake in Eagle High to FGV and that it was not something his company started.
“The deal (proposing FGV buying into Eagle High) was proposed by their banker. It came about six weeks ago. We do not know them. It was a Malaysian bank acting for FGV that initiated it,” he said in an interview recently.
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