Indonesian palm oil firm Eagle High Plantations, traded under the ticker BWPT, has formally responded to a cross-border investment dispute involving the Malaysian government agency Federal Land Development Authority, commonly known as Felda. According to corporate disclosures, the case surfaced after Malaysian Prime Minister Anwar Ibrahim penned a letter to Indonesian President Prabowo Subianto concerning the plantation investment.
Share Ownership and Corporate Structure at Eagle High Plantations
Corporate Secretary Rizka Dewi Sulistyorini stated in an Indonesia Stock Exchange disclosure on Friday, August 28, 2026, that the company’s share ownership records list FIC Properties, or FICP, as the registered shareholder. FICP operates as a subsidiary of Felda. However, Rizka emphasized that BWPT maintains no 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.
Back in December 2016, FICP signed a sale and purchase agreement for shares in PT Eagle High Plantations with the Rajawali Group, which serves as the parent company of BWPT. Through that agreement, FICP acquired a 37 percent stake in Eagle High Plantations for a total value of US$ 505.4 million.
Legal Status and Potential Financial Losses
According to Rizka, BWPT is not currently a party to any dispute, lawsuit, arbitration, or legal process tied to the investment transaction. She added that the company has not received any official correspondence from FICP as a shareholder stating any dispute or claims against the company.
The dispute escalated after Malaysian Prime Minister Anwar Ibrahim stated on Friday, August 21, 2026, that Felda faces a potential loss of RM2.5 billion—equivalent to approximately Rp10.9 trillion—from its investment in Eagle High Plantations. Quoting Bernama and The Star, Anwar remarked, “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.”
In March 2026, the Central Jakarta District Court ruled in favor of the Rajawali Group in its legal dispute with FICP. The court determined that an arbitration award issued by the Singapore International Arbitration Centre contradicted public order in Indonesia and therefore held no legal force. FICP subsequently filed a cassation against that decision.
OJK Clarification and Regulatory Oversight
The Indonesian Financial Services Authority, known as OJK, confirmed it received formal explanations and clarifications regarding the issues between BWPT and Felda. Hasan Fawzi, Chief Executive of Capital Market, Financial Derivatives, and Carbon Market Supervision at OJK, told reporters on Friday, as quoted by Antara, that the disputed transactions were purely share transactions between initial shareholders and an outside buyer.
“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 explained, noting that the broader dispute continues to move through the Singapore International Arbitration Centre.
Both OJK and the Indonesia Stock Exchange stated they will maintain transparent disclosure of information regarding the issuer. Hasan reiterated that because the transaction occurred bilaterally between initial shareholders and a purchasing party, it is not directly related to the issuer itself.
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