FGVH aims to seal deal for Eagle High stake by end-October

Felda Global Ventures is the world's largest crude palm oil producer.

Felda Global Ventures Holdings Bhd (FGV) aims to enter into a definitive agreement for its proposed acquisition of a 37 per cent stake in Indonesian palm oil company PT Eagle High Plantations Tbk by October 31 this year.

In a filing with Bursa Malaysia, FGV said it has “substantially” completed the due diligence process on the proposed deal with the Rajawali Group, of which the Eagle High is a subsidiary.

Eagle High is the third-largest plantation group listed in Jakarta.

“The company and the vendors are in the midst of finalising confirmatory due diligence and negotiating the terms of the definitive documentation (including the conditional sale and purchase agreements) and aim to sign the definitive documents as soon as reasonably practicable, and in any event by no later than Oct 31, 2015,” the filing stated.

The proposed deal will see FGV, via wholly-owned subsidiary Felda Global Ventures Kalimantan Sdn Bhd, fork out MYR2.37 billion in cash ($592.5 million) and issue 95 million new shares to fund the acquisition of Eagle High.

FGV is also acquiring a 95 per cent equity interest in vendor Rajawali’s sugar project for MYR249 million, according to its announcement in June.

FGV chief executive officer Mohd Emir Mavani Abdullah had earlier said the due diligence process was expected to be completed by the end of this month.

Also Read:

[Updated] Over priced Deal? Malaysia’s FGV’s buys 37% in Rajawali Group’s EHP for $680m

Malaysia’s EPF displeased with FGV’s Eagle High acquisition

Indonesia’s Rajawali open to share swap with FGV for control of Eagle High, not interested in TRX

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.