KUALA LUMPUR: CIMB Equities Research views Felda Global Ventures' (FGV) plan to acquire 100% of London-listed Asian Plantations (APL) at £2.20 per share (RM628mil) as expensive.
The research house said on Tuesday: "We are negative on this acquisition as the pricing appears expensive on enterprise value per hectare of RM75,000 a ha, significantly higher than the EV/ha of comparable listed peers in Sarawak, and transacted market values of estates in the state."
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