CIMB chairperson Nazir Abdul Razak says Felda, set up by his father Abdul Razak Hussein when he was prime minister, should justify its planned purchase of a 37 percent stake in PT Eagle High Plantations Tbk.

Felda announced the planned acquisition in the plantation unit of Indonesian conglomerate Rajawali Group after a failed attempt by Felda Global Ventures (FGV) to purchase the same stake.

FGV, a company listed on Bursa Malaysia, was criticised by shareholders when it proposed to purchase a 37 percent stake in PT Eagle High Plantations Tbk for US$680 million.