FGV Holdings Bhd (FGV) hopes the sale of its plantation assets in Indonesia, Trurich Resources Sdn Bhd (Trurich), will be completed by end of September this year, said group chief executive officer Haris Fadzilah Hassan.

He said the 50:50 joint-venture company with Lembaga Tabung Haji (TH) is valued at RM1 billion, including debt.

“There are seven interested players and we are in talks with all of them at the moment,” he told reporters after announcing the company’s first quarter financial results in Kuala Lumpur today.

Trurich owns and manages 42,000ha of oil palm plantations in North Kalimantan (Kaltara) and Central Kalimantan (Kalteng) 

Haris Fadzilah said of the seven interested parties, three have shown their interest to buy both Kaltara and Kalteng estates, while the other four players eyed only one of them.

“We are in negotiations. Preferably we like to sell it (Trurich) as a whole,” he said.

FGV and TH were reportedly planning to sell Trurich to improve their financial position and both parties had been working together with an adviser to gauge the interest of potential buyers.

The report said both FGV and TH may seek to value Trurich at US$1 billion. – Bernama, May 29, 2019.