Felda Global Ventures Holdings Bhd (FGV), which came under scrutiny for the proposed purchase of plantation assets from Peter Sondakh’s Rajawali Group in Indonesia, has defended the deal, saying that it was being transacted at one of the lowest valuations in three years.
FGV is buying a 37% stake in PT Eagle High Plantations Tbk for US$680mil (RM2.5bil). However, the entire company has a market capitalisation of US$1.04bil, indicating a hefty premium.
After the proposed transaction, FGV will be the single largest shareholder of Eagle High Plantations while Rajawali’s stake will be reduced from 68.6% to 31.6%.
But the Indonesian group, which emerged into Eagle High Plantations in a reverse takeover exercise proposed in September and completed early this year, will continue to manage the plantations.
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FGV is buying a 37% stake in PT Eagle High Plantations Tbk for US$680mil (RM2.5bil). However, the entire company has a market capitalisation of US$1.04bil, indicating a hefty premium.
After the proposed transaction, FGV will be the single largest shareholder of Eagle High Plantations while Rajawali’s stake will be reduced from 68.6% to 31.6%.
But the Indonesian group, which emerged into Eagle High Plantations in a reverse takeover exercise proposed in September and completed early this year, will continue to manage the plantations.
Click Here To Register For Free Trial Services OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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