Indonesia DB: Panorama-JTB close deal; Eagle High share transfer to Felda begins

Panorama Sentrawisata (Panorama Group) announced today that the agreement to divest 30.1 per cent shares of its unit Panorama Tours Indonesia to Japan’s JTB Corporation has officially been met. Meanwhile, Malaysia’s Federal Land Development Authority (Felda) has reportedly begun the process of transferring shares of Eagle High Plantation to FIC Properties.

Panorama-JTB

Panorama Group said that it ended up offloading 30.1 per cent of Panorama Tours instead of 40 per cent as was previously announced, but did not give further details. The company received Rp 370 billion ($27.8 million) instead of Rp 491 billion ($36.9 million) for the stake sale.

The fresh capital will be used for expansion, working capital, and to boost revenue to Rp 6 trillion, targeting a 30 per cent growth.

After divestment, Panorama Group continues to control 60 per cent of Panorama Tours.

Headquartered in Tokyo, Panorama’s newest partner, JTB Corporation, is one of Japan’s largest travel companies, which now operates 520 offices in 101 cities spread across 37 countries. It booked annual revenues of $13.4 billion in 2015. JTB’s shareholders include Japan Travel Bureau Foundation, Hokkaido Railway Company, The Bank of Tokyo – Mitsubishi UFJ, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation, Japan Airlines and All Nippon Airways.

Felda-Eagle High

Malaysia’s Felda has begun the process of transferring shares of Eagle High Plantations, Indonesian local media Kontan reported.

The deal is expected to close by the end of the month.

According to Malaysia’s local news, the purchase into one of Indonesia’s largest palm oil companies from the Rajawali Group was Putrajaya’s initiative to strengthen Malaysia’s palm oil industry.

“In facilitating this Eagle High deal, the government has channelled loans of up to RM2.5 billion to FIC Properties,” Shahrir said in the report.

Rajawali Group obtained Indonesian authority’s approval for the deal back in February.

Felda Global Ventures (FGV), the private corporate entity of Felda, had planned to buy 37 per cent of Eagle High for $680 million, in a deal that was set to be the biggest acquisition so far for FGV. The plan was scrapped after sharp criticism from one of its major shareholders, Employees Provident Fund, which said that the deal was too expensive. The deal was revived after FGV received an offer of approximately 15 per cent discount.

Also Read:

Malaysia’s Felda may sell share holdings, London hotels

Felda secures Malaysian govt financing for Eagle High stake purchase

Malaysia: Felda defends PT Eagle High deal amid concerns over overpricing

Indonesia: Panorama completes first stage of Raja Kamar’s share sale

Indonesia: Travel co Panorama Group sells 40% in unit to Japan’s JTB Group

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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.