KUALA LUMPUR, July 28 ― The dispute between the Federal Land Development Authority (Felda) and Indonesia’s PT Rajawali Capital International over the former's decision to sell back its shares in PT Eagle High Plantations TPK (Eagle High) is at the arbitration stage at the Singapore International Arbitration Centre.

Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said this in a written reply to Tony Pua (DAP-Damansara) in the Dewan Rakyat today.

However, Mustapa did not elaborate on the issue, out of respect for the pending proceedings.

Pua had asked about the main terms and conditions in Felda’s acquisition of shares in Eagle High worth US$505 million.

He further wanted to know about Felda’s move to reclaim its investment through the put option that was set out in the agreement.

Pua noted that Felda filed a notice in April last year to sell back its 37 per cent stake in Eagle High to Rajawali which challenged the exercise. ― Bernama