December 23, 2016 / 10:30 AM / 9 months ago

CORRECTED-Malaysia's Felda acquires 37 pct stake in Eagle High Plantations for $505.4 mln

(Corrects first paragraph to clarify Felda has agreed to purchase Eagle High stake, not has acquired)

KUALA LUMPUR, Dec 23 (Reuters) - Malaysia’s Federal Land Development Authority (Felda) has agreed to purchase a 37 percent equity interest in Rajawali Group’s PT Eagle High Plantations Tbk, one of Indonesia’s largest palm oil companies, for $505.4 million.

In a statement, Felda said the acquisition will mean it will have access to more than 320,000 hectares of land in Indonesia, including more than 125,000 hectares of existing plantations.

The acquisition will also help Felda and its associate companies make further inroads into the lucrative and expanding domestic market in Indonesia, it said. (Reporting by Liz Lee; Editing by Christian Schmollinger and Adrian Croft)

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