On Oct 20, Deputy Minister in the Prime Minister’s Department Datuk Razali Ibrahim was reported as saying that FGV was still in the process of negotiating the purchase of a 37% stake in Eagle High from the Rajawali Group, which owns 65.5% of Eagle High shares. In a July interview, Zakaria had told The Edge weekly that FGV was no longer eyeing Eagle High as the group was no longer in M&A mode. So for now, it (the Eagle High acquisition) is put aside,” he had said. After the merchant bankers had counselled FGV against the acquisition due to the high price tag on Eagle High, it is understood that Felda’s wholly-owned Felda Investment Corp Sdn Bhd (FIC) had been roped in to look at Eagle High, and conclude the deal. The market has taken FGV’s opting out of the Eagle High deal positively.

Source: The Edge Markets October 26, 2016 00:45 UTC