JAKARTA, May 28 (Reuters) - Rajawali Group, one of Indonesia’s biggest conglomerates, plans to divest part of its stake in oil palm plantation company PT Eagle High Plantations Tbk, a source familiar with the matter said on Thursday.
Rajawali is in talks with a potential foreign investor on the stake sale, the source told Reuters, adding that Rajawali plans to maintain majority control of Eagle High.
The conglomerate, controlled by billionaire Peter Sondakh, controls 65.5 percent of Eagle High after acquiring the stake in December through its unit Rajawali Capital International.
Rajawali wants to sell part of the stake because the group bought more shares than it intended during Eagle High’s rights issuance, the source said, declining to be identified because of the sensitivity of the deal.
A spokesman at Rajawali declined to comment.
Rajawali is planning to sell a 17 percent stake in Eagle High, formerly known as BW Plantation, Bisnis Indonesia daily.
Eagle High has no knowledge of the divestment plan, the plantation company said in a filing to the Indonesia Stock Exchange on Thursday.
Rajwali, which has businesses in property, media and mining, bought its Eagle High shares at 400 rupiah apiece in December.
Shares in Eagle High, which has land and plantations in Kalimantan, Sulawesi, Papau and Sumatra provinces, have been nearly flat so far this year.
The stock, listed since 2009, rose as much as 0.8 percent to 395 rupiah on Thursday. ($1 = 13,215.0000 rupiah) (Reporting by Cindy Silviana; Writing by Fransiska Nangoy; Editing by Ryan Woo)