Felda Global Ventures Holdings Sdn Bhd, Malaysia’s biggest plantation company, hired Morgan Stanley, CIMB Investment Bank Bhd and Maybank Investment Bank Bhd to manage an initial public offering that may raise at least US$1 billion, two people with knowledge of the matter said.
The three banks will be joint global coordinators for the Kuala Lumpur listing, which is scheduled for the first half of next year, the people said, asking not to be identified as the information is private.
The share sale would be Malaysia’s third-biggest, after offerings by Maxis Bhd in 2009 and Petronas Chemicals Group Bhd last year, as the government seeks to lure more foreign investors to the country’s stock market by enticing large companies to list.
The listing of Felda Global will create a “blue-chip” and “global conglomerate” that will attract international investors to the Malaysian stock market, Prime Minister Najib Razak said in a speech announcing the share sale on Oct. 7.Felda Global owns 49 percent of Felda Holdings Bhd., which manages oil and rubber estates for Federal Land Development Authority, a Malaysian government agency. It is also the largest shareholder of MSM Malaysia Holdings Bhd., the Southeast Asian nation’s biggest sugar refiner.
The group also has businesses in the U.S., Canada, Australia, China, Pakistan, Sri Lanka and South Africa, according to its website. Felda Global’s chief executive officer Sabri Ahmad couldn’t immediately be reached to comment. -- Bloomberg
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