FGV chairman Azhar Abdul Hamid said the firm also had not responded to a proposal that was made by Malaysian billionaire Syed Mokhtar al-Bukhary, although he did not give details about the second offer.

Two Indonesian businessmen, Martua Sitorus and Peter Sondakh, held talks with FGV and its controlling shareholder, Malaysia’s state-owned Federal Land Development Authority (Felda), to buy a stake in FGV, sources had told Reuters last year.

Felda currently holds a 33.66% stake in FGV.

At the time of last year’s talks, sources had said Sitorus was discussing taking a stake of 25% to 30%, while Sondakh would take 16%. But the talks stalled when FGV’s CEO was suspended for four months and the then chairman resigned.

Azhar said that FGV had not responded to the offers from the Indonesian businessmen and the Malaysian billionaire “because we don’t feel it is in the best interest of FGV.”

“If it adds value to FGV we will take (it), if it doesn’t add value we say no,” he said, without elaborating.

An FGV spokesman said formal proposals from the parties were received in the first quarter of this year.

In addition, Azhar said he had not been consulted when asked about a possible takeover by rival Malaysian palm oil planter Sime Darby Plantations Berhad. That takeover bid was reported by The Star newspaper in June.