Felda Global Ventures Holdings Bhd., the world’s third-biggest oil palm planter, jumped more than 16 percent in its Kuala Lumpur debut, after raising $3.3 billion in the biggest initial public offering since Facebook Inc.
Felda Global Ventures Holdings Bhd., Malaysia’s biggest plantation operator, aims to file documents this week for the nation’s biggest initial share sale in more than a year, the parent company’s chairman said.
Felda Global Ventures Holdings Sdn., 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 $1 billion, two people with knowledge of the matter said.
Southeast Asia is weathering a slump in initial share sales better than markets including Hong Kong, as optimism about the region’s economic outlook draws investors to offerings in Malaysia, Thailand and the Philippines.
Felda Global Ventures Bhd., the world’s third-largest manager of oil palm plantations, may buy land in Southeast Asia and expand into Africa with 2.6 billion ringgit ($814 million) remaining from its share sale.
Felda Global Group and Tenaga Nasional Bhd. will jointly spend 120 million ringgit on a Malaysian plant that will generate electricity using waste from oil palm fruit bunches, the Star reported, citing a company statement from Felda.