KUALA LUMPUR: Felda Global Ventures Bhd (FGV), which previously wanted to enter into a definitive agreement for its proposed acquisition in Indonesian palm oil company PT Eagle High Plantations Tbk by Oct 31 this year, said its due diligence process is still ongoing. “As we have announced previously, we have commenced our due diligence process by independent parties, and the process has not yet been finalised,” FGV group president and CEO Datuk Mohd Emir Mavani Abdullah said in a statement yesterday. He said that it is “unhelpful” to speculate on the status of the deal until the due diligence process is completed. “It is unhelpful to speculate on the outcome of the comprehensive due diligence process or the factors that may impact our business decision,” said Mohd Emir who was responding to a local news report which alleged that Bank Negara Malaysia had not approved the company’s request to remit the 23% deposit of US$174.5 million (RM778.2 million) as part of the preliminary agreement announced in June, due to several reasons. Back in June when the deal was announced, the deposit amounted to RM656.12 million based on an exchange rate of RM3.76 to the US dollar. The exchange rate now is about RM4.4565 against the US dollar. Mohd Emir said FGV is taking additional steps due to the “volatile market conditions” to ensure its proposed acquisition in Eagle High brings value to its shareholders. “We understand that this transaction has generated strong interest from the investing community as well as regulators, and points to our commitment to high governance and transparency in keeping all parties abreast of the latest developments in line with regulatory requirements,” he added. On June 12 this year, FGV signed a heads of agreement with Rajawali Group to acquire a 37% stake in Eagle High for US$680 million in cash and stocks. Eagle High is the third-largest plantation group listed in Jakarta. The proposed deal will see FGV, via wholly-owned subsidiary Felda Global Ventures Kalimantan Sdn Bhd, fork out US$592.5 in cash and issue 95 million new shares to fund the acquisition. FGV is also acquiring a 95% equity interest in vendor Rajawali’s sugar project for RM249 million, according to its announcement in June. FGV shares fell 5 sen, or 3.38%, to RM1.43 with 11.03 million shares done yesterday.