KUALA LUMPUR Oct 14 Malaysia's Felda Global
Ventures Holdings will hire investment banks as early as next
week to arrange its initial public offering that may be one of
the biggest in Malaysia, the Business Times reported on Friday.
The newspaper cited Felda Global Ventures president and CEO,
Sabri Ahmad, as saying the firm will hire two Malaysian
investment banks and one or two other foreign merchant bankers
via a closed tender exercise.
"It will definitely be larger than MSM Malaysia Holdings
IPO," Sabri said in the news report, referring to the listing of
its sugar arm that was valued at 2.4 billion ringgit.
Felda Global Ventures proposed listing could be bigger than
Bumi Armada's $890 million IPO this year and signals
some optimism within weaker market conditions that has already
delayed and even cancelled IPOs globally.
Sabri did not give a value for the new listing that is
scheduled for the middle of next year.
Felda Global officials were not immediately available for
Felda Global is the commercial arm of the Federal Land
Development Authority, the world's largest owner of mostly oil
palms and rubber estates that total 850,000 hectares.
The land authority helps rural settlers develop agriculture
commodities. The land belonging to these small farmers is
roughly half a million hectares while the rest comes under
In a separate interview with a local television station,
Mohammad Isa Samad, the chairman of the land authority said land
belonging to the small farmers will not be included in the
(Reporting by Niluksi Koswanage; Editing by Matt Driskill)