August 28, 2026 | 11:04 pm
TEMPO.CO, Jakarta - Indonesian palm oil firm Eagle High Plantations (ticker BWPT) has responded to the dispute involving the Malaysian government agency, Federal Land Development Authority (Felda). This case surfaced after Malaysian Prime Minister Anwar Ibrahim penned President Prabowo Subianto about the investment issue.
The Corporate Secretary of Eagle High Plantations, Rizka Dewi Sulistyorini, said that based on the company's share ownership records, the shareholder listed is FIC Properties or FICP—a subsidiary of Felda. Rizka mentioned that BWPT does not have any corporate or contractual relationship with Felda regarding share ownership.
“FICP is a separate legal entity distinct from Felda; thus the company is not in a position to confirm or provide explanations regarding information or issues arising from, related to, or involving Felda's internal affairs,” Rizka said in the disclosure of information to the Indonesia Stock Exchange (IDX) on Friday, August 28, 2026.
FICP previously signed a sale and purchase agreement of shares in PT Eagle High Plantations with the Rajawali Group—the parent company of BWPT—in December 2016. Through the agreement, FICP acquired 37 percent of Eagle High Plantations' shares, with a value reaching US$ 505.4 million.
According to Rizka, as of now, BWPT is not part of the dispute, lawsuit, arbitration, or legal process related to the widely reported investment transaction. “The company has also not received any official correspondence from FICP in its capacity as a shareholder stating any dispute or claims against the Company regarding the aforementioned issues,” she said.
Earlier, Malaysian Prime Minister Anwar Ibrahim stated that Felda is potentially facing a loss of RM2.5 billion or around Rp10.9 trillion, from the investment in Eagle High Plantations. "I have written to President Prabowo Subianto asking him to look into the matter. If it is not addressed, we could potentially lose RM2.5 billion and recover only RM200 million," Anwar said on Friday, August 21, 2026, as quoted from Bernama and The Star.
In March 2026, the Central Jakarta District Court ruled in favor of the Rajawali Group in a dispute with FICP. The court stated that the arbitration award issued by the Singapore International Arbitration Centre was contrary to public order in Indonesia and, therefore, had no legal force. FICP has filed a cassation against the decision.
The Indonesian Financial Services Authority (OJK) stated that it has received explanations and clarifications regarding the issues between BWPT and the Malaysian state-owned Felda.
The Chief Executive of the Capital Market, Financial Derivatives, and Carbon Market Supervision at OJK, Hasan Fawzi, stated that the disputed transactions were purely the sale and purchase process of BWPT's shares and therefore not directly related to the issuer.
“One initial shareholder agreed to sell to another party at that time, which was accompanied by the option to repurchase if the criteria in the terms and conditions of the purchase were not fulfilled,” Hasan told reporters on Friday, as quoted from Antara.
Hasan explained that the dispute is proceeding at the Singapore International Arbitration Centre (SIAC).
Furthermore, OJK and IDX ensure they will continue to disclose transparent information regarding the relevant issuer. “The transaction was carried out between the initial shareholders who originally held BWPT shares, and then sold them to another party with terms and conditions agreed upon bilaterally. So it is not directly related to the relevant issuer,” Hasan said.
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