Malaysia’s Prime Minister Datuk Seri Najib Razak is set to announce tomorrow the IPO of the federal land authority’s sugar refining arm which would raise about US$215 million, a source with direct knowledge of the matter told Reuters today.
The listing of Malayan Sugar Manufacturing Co Bhd will be announced at the Invest Malaysia conference, an annual gathering of Malaysia’s top corporate leaders, the source said.
“Felda is selling about 25-30 per cent of Malayan Sugar,” said the source who asked not to be named because he is not authorised to speak to the media.
Felda declined to comment when contacted.
Felda Global Ventures, the holding company which runs the commercial businesses of Malaysia’s Federal Land and Development Authority (FELDA), is expected to sell the stake in Malayan Sugar to raise about RM650 million (US$215 million).
The listing was expected to take place in June or July, the source added.
Felda bought Malayan Sugar and land for sugar cane cultivation from Malaysian property-to-plantation firm PPB Group Bhd for RM1.25 billion last year.
The investment banking arms of Malaysian lenders CIMB and Maybank will jointly manage the IPO of Malayan Sugar.
Thomson Reuters publication IFR had earlier reported that Felda Global Ventures was also planning to divest a “handful of other businesses” although no further IPOs were expected this year. - Reuters
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