Malaysia’s FELDA Global Ventures, the commercial arm of the Federal Land Development Authority, will list some of its businesses starting with its sugar operations this year, Business Times newspaper reported on Monday.
The initial public offering of its wholly-owned Malayan Sugar Manufacturing could raise in excess of 1 billion ringgit ($330.4 million), the report said quoting unnamed sources.
“FELDA Global plans to list five companies and it is already in talks with a few investment banks,” said an unnamed source.
The report added that CIMB and Maybank were the likely frontrunners for the deal.
FELDA was not immediately available for comment. The organisation, which is the world’s largest estate owner, helps rural settlers to develop plantations of agricultural commodities such as palm oil and rubber.-by Hun Fong, Liau Y-Sing