Arab Today, arab today malaysia\s felda global leaps 18 on debut
Last Updated : GMT 12:33:12
Arab Today, arab today
Arab Today, arab today

Malaysia\'s Felda Global leaps 18% on debut

Arab Today, arab today

Arab Today, arab today Malaysia\'s Felda Global leaps 18% on debut

Kuala Lumpur - AFP

Shares in Malaysian palm oil giant Felda Global jumped 18.46 percent on its stock market debut on Thursday, defying global economic doldrums with the world\'s second-largest IPO this year after Facebook. Felda Global opened at 5.39 ringgit ($1.69) on the Bursa Malaysia, well up from the institutional price of 4.55 ringgit in the flotation, which raised $3.12 billion. The firm is the world\'s third-largest palm oil company by acreage. Felda Global described the listing as \"historic\", adding that it marked the beginning of its transformation from a \"Malaysian champion into a leading regional conglomerate and multinational business entity\". Despite the dark shadow that the eurozone debt crisis continues to cast over global financial markets, and the jitters sparked by Facebook\'s disastrous listing last month, analysts said Felda shares remained well supported. The price of palm oil has tripled in price in the last decade, and the industry is the fourth-largest contributor to the Malaysian economy. Palm oil is a key ingredient in soap and a range of food products whose consumption is predicted to soar in coming years, fuelled by growth in Asian economies. Felda Global President Sabri Ahmad said at a pre-listing briefing Wednesday the company would expand to southeast Asian countries and Africa to grow oil palm, rubber and sugar cane. \"Demand (for palm oil) is good in China and India. Food business is quite resilient in a recession,\" he said. Funds raised from the listing will be used to replant mature oil palms and further expand into downstream businesses to create a more self-contained global player. Facebook raised $16 billion from its IPO but its shares have plummeted since its debut. The volatile economic environment has forced the delay of other major offerings across Asia including a planned $2.5 billion Formula One listing in Singapore.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today malaysia\s felda global leaps 18 on debut Arab Today, arab today malaysia\s felda global leaps 18 on debut

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today malaysia\s felda global leaps 18 on debut Arab Today, arab today malaysia\s felda global leaps 18 on debut

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday