September 29, 2015 / 12:26 PM / 4 years ago

Malaysia's Felda Global says taking additional steps in Eagle High purchase

KUALA LUMPUR, Sept 29 (Reuters) - Malaysian palm plantation firm Felda Global Ventures Holdings Bhd said on Tuesday it is “taking additional steps” to ensure its purchase of a stake in Indonesia’s PT Eagle High Plantations brings value to its shareholders.

Felda Global has not paid a $174.5 million deposit for its plan to acquire a 37 percent stake in Eagle High from Rajawali Group due to pending approvals from the central bank and the company’s board, The Star reported on Monday, citing sources.

“As we have announced previously, we have commenced our due diligence process by independent parties, and the process has not yet been finalised.

“In light of the volatile current market conditions, Felda Global is taking additional steps to ensure this deal brings value to our shareholders especially, and the larger community of stakeholders,” its group president and chief executive officer Mohd Emir Mavani Abdullah said in a statement.

For the full statement, please click: bit.ly/1Wvh9xU

Reporting By Yantoultra Ngui, editing by David Evans

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