KLK Berhad closed the year underwhelmingly, where core net profit declined 6% y-o-y on the back of lower FFB output and weaker downstream contribution. Meanwhile, its bid to acquire MP Evans continues to be spurned by the latter's shareholders, insisting that the offer price undervalued the company. A weaker Ringgit has also exacerbated the situation. Hoe Lee Leng, Deputy Director of RHB Research says stricter regulations in Indonesia is the factor that's driving up acquisitions in the industry, as plantation players find it increasingly difficult to source for land-bank and secure licenses for reserves.