News Summary: Malaysia seeks $3.3B in palm oil IPO

AP News
Posted: May 31, 2012 2:34 PM
News Summary: Malaysia seeks $3.3B in palm oil IPO

PALM OIL IPO: Malaysian palm oil giant Felda said Thursday its initial public stock offering in June could raise up to 10.5 billion ringgit ($3.3 billion), making it the world's second-biggest IPO this year after Facebook's $16 billion offering.

SAFE HAVEN: Felda Global Venture Holdings' CEO Sabri Ahmad brushed aside concerns over weakness in global stock markets, saying emerging nations in Asia were an attractive option for investors amid Europe's debt crisis.

USING THE MONEY: Malaysia's Prime Minister Najib Razak said the state-owned company's IPO would create wealth for Malaysians and help Felda grow in Southeast Asia and Africa.