MARKET DEVELOPMENT
FGV Brings Settler Reps To Eagle High Plantations In Indonesia
FGV Brings Settler Reps To Eagle High Plantations In Indonesia
09/07/2015 (Bernama) - Felda Global Ventures Holdings Bhd (FGV) is bringing 50 Felda settlers to visit PT Eagle High Plantations' (EHP) oil palm and sugarcane plantations in Indonesia.
Deputy Minister in the Prime Minister's Department Datuk Razali Ibrahim said the delegation comprises representatives of settlers from 11 Felda regions as well as from Felda Youth Council and Wanita Felda besides several higher management staff.
"The first group has already flown to Indonesia today, and tomorrow the rest, including myself, will follow to look at the land and sugarcane plantations proposed to be taken over by FGV," he told reporters after a breaking of fast function for the staff of Felda and his department here today.
Razali said the three-day visit is aimed at giving the settlers' representatives the potential benefits of the takeover.
If an agreement is reached with EHP, FGV will have a stake in over 420,000 hectares of plantation land that could give lucrative returns and raise FGV's share price, he said.
"We see a huge potential in Indonesia in the downstream sector, in biodiesel and so on which are FGV's current strengths," he said.
FGV is expected to hold an extraordinary general meeting (EGM) in August at which shareholders will decide whether to proceed with the takeover.
On June 12, FGV signed a Heads of Agreement with Rajawali Group to acquire a 37 per cent stake in EHP for cash and stock valued at US$680 million.
EHP owns 425,000 hectares of oil palm plantations of which 67 per cent are in Kalimantan with the rest in Papua New Guinea (nine per cent), Sulawesi (19 per cent) and Sumatera (five per cent).
Deputy Minister in the Prime Minister's Department Datuk Razali Ibrahim said the delegation comprises representatives of settlers from 11 Felda regions as well as from Felda Youth Council and Wanita Felda besides several higher management staff.
"The first group has already flown to Indonesia today, and tomorrow the rest, including myself, will follow to look at the land and sugarcane plantations proposed to be taken over by FGV," he told reporters after a breaking of fast function for the staff of Felda and his department here today.
Razali said the three-day visit is aimed at giving the settlers' representatives the potential benefits of the takeover.
If an agreement is reached with EHP, FGV will have a stake in over 420,000 hectares of plantation land that could give lucrative returns and raise FGV's share price, he said.
"We see a huge potential in Indonesia in the downstream sector, in biodiesel and so on which are FGV's current strengths," he said.
FGV is expected to hold an extraordinary general meeting (EGM) in August at which shareholders will decide whether to proceed with the takeover.
On June 12, FGV signed a Heads of Agreement with Rajawali Group to acquire a 37 per cent stake in EHP for cash and stock valued at US$680 million.
EHP owns 425,000 hectares of oil palm plantations of which 67 per cent are in Kalimantan with the rest in Papua New Guinea (nine per cent), Sulawesi (19 per cent) and Sumatera (five per cent).