| KUALA LUMPUR
KUALA LUMPUR May 30 Qatar Holding LLC, a unit
of the Gulf nation's sovereign wealth fund, has agreed to take
part in the planned $3 billion listing of Malaysia's Felda
Global Ventures Holdings Bhd as a cornerstone investor, a source
with direct knowledge of the deal told Reuters.
It would be the first time a Middle Eastern sovereign fund
has acted as a cornerstone in a Malaysian initial public
offering (IPO). The world's No.3 palm plantation operator is
preparing for its market debut at the end of June, one of the
world's largest after Facebook's $16 billion listing in
"They are taking quite a substantial stake," the source
said, declining to elaborate further as the talks are
The entry of Qatar Holding marks the tenth cornerstone
committed for Felda Global's IPO. Other cornerstones include
Louis Dreyfus, Fidelity Investments, Hong Kong's Value
Partners and AIA Group.
The source added that Felda Global is expected to launch its
IPO prospectus on May 31. Felda Global officials could not be
reached for comment.
The IPO consists of 2.19 billion shares, including a public
issue of 980 million shares and an offer for sale of 1.21
billion shares, according to Felda Global's draft prospectus
filed on April 27.
Southeast Asia has seen a burst of IPOs since the start of
the year, despite the protracted euro zone debt crisis and the
debacle over Facebook's recent market debut.
CIMB and Maybank, as well as Morgan
Stanley, are the joint global coordinators for Felda
Global's listing, while JPMorgan and Deutsche Bank
are joint book runners.