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FGVH's IPO - Second Largest in the World after Facebook

Malaysia’s Felda Global Ventures Holdings Berhad (“FGVH”) is a global agricultural and agri-commodities company, with operations in ten countries across the globe. According to Frost & Sullivan Malaysia Sdn Bhd, FGVH is the third largest oil palm plantation operator in the world based on planted hectarage in 2011. FGVH currently operates 343,521 hectares of oil palm plantation estates in Malaysia that produced 5.2 million metric tonne of fresh oil palm fruit bunches in 2011.

The listing of FGVH on the Main Market of Bursa Malaysia is definitely one of the remarkable success stories for Malaysia, which will benefit not only Felda settlers and employees, but also Malaysia as a whole.

The listing of FGVH, which is likely to be the second largest IPO of 2012 behind Facebook Inc's US$16 billion IPO according to the Wall Street Journal, is expected to raise up to USD3.2 billion in IPO proceeds based on an institutional price of RM4.55 per share and a retail price of RM4.45 per share.

FGVH is currently a producer of oil palm and rubber plantation products, soybean and canola products, oleochemical products and sugar products. 

The demand for FGVH shares from institutional investors was 30 times larger than the amount of shares on offer, excluding shares set aside for cornerstone investors as reported by Thomson Reuters publication IFR. The shares will be allocated to investors on 26 June followed by the listing on the Main Market of Bursa Malaysia on 28 June 2012.

Furthermore, it is anticipated that the FGVH IPO will put Bursa Malaysia on par with China’s Shenzhen as the main IPO destination in Asia-Pacific, leaving behind Hong Kong, which grossed the highest IPO proceeds in the world in both 2010 and 2011.

The listing of FGVH is anticipated to be the third biggest listing in Malaysia after Petronas Chemicals Group Berhad and the telecommunication operator, Maxis Berhad, which raised USD4.15 billion and USD3.3 billion respectively.

CIMB Investment Bank, Maybank Investment Bank and Morgan Stanley & Co. are the joint global coordinators for FGVH, with JP Morgan and Deutsche Bank also acting as joint book runners.

Azmi & Associates acted as one of the Malaysian counsels along with Albar & Partners and Cleary Gottleib Steen & Hamilton LLP on US and UK law for FGVH. Adnan Sundra & Low and Linklaters advised the joint global coordinators and joint book runners.

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