KUALA LUMPUR – Malaysia’s federal land authority Felda will list its sugar business in July, Prime Minister Najib Razak said on Tuesday, confirming an earlier Reuters report.
“Felda Global Ventures is undertaking a listing exercise of its sugar business, the first ever within the Felda Group,” Najib told an annual gathering of Malaysian corporate leaders.
“The listing will enhance Felda’s leading position in the sugar industry.”
A source with direct knowledge of the plan had told Reuters that Felda Global Ventures, which runs the commercial businesses of the Federal Land and Development Authority (Felda), was expected to sell a 25-30 percent stake in Malayan Sugar Manufacturing Co Bhd to raise about 650 million ringgit ($215 million).
Najib also said sovereign wealth fund Khazanah Nasional and other state-linked firms would dispose of non-core assets by year-end, under a 10-year plan to boost the competitiveness of Malaysia’s capital market.
($1 = 3.020 Malaysian Ringgit)