MARKET DEVELOPMENT
Due Diligence For EHP Acquisition Extended To Nov 30: FGV
Due Diligence For EHP Acquisition Extended To Nov 30: FGV
02/11/2015 (Bernama) - The due diligence process for the proposed acquisition of PT Eagle High Plantations (EHP) will be extended to Nov 30, 2015, said Felda Global Ventures (FGV).
"We are continuing to finalise the proposed acquisition to ensure mutual benefit for all our stakeholders and shareholders.
"Official announcements will be made to keep all parties up to date in line with regulatory requirements and Corporate Governance Practices," FGV said in a statement here Friday.
On June 12 this year, FGV signed a heads of agreement with Rajawali Group to acquire a 37 per cent stake in EHP for US$680 million in cash and stocks.
EHP owns 425,000 hectares of oil palm plantations, of which 67 per cent are in Kalimantan and the rest in Papua New Guinea (nine per cent), Sulawesi (19 per cent) and Sumatra (five per cent).
"We are continuing to finalise the proposed acquisition to ensure mutual benefit for all our stakeholders and shareholders.
"Official announcements will be made to keep all parties up to date in line with regulatory requirements and Corporate Governance Practices," FGV said in a statement here Friday.
On June 12 this year, FGV signed a heads of agreement with Rajawali Group to acquire a 37 per cent stake in EHP for US$680 million in cash and stocks.
EHP owns 425,000 hectares of oil palm plantations, of which 67 per cent are in Kalimantan and the rest in Papua New Guinea (nine per cent), Sulawesi (19 per cent) and Sumatra (five per cent).