Shares of MSM Malaysia Holdings the federal land authority’s sugar refining arm, started trading on Tuesday at 4.45 ringgit ($1.46) each.
Its initial public offering (IPO) was fixed at 3.50 ringgit per share for institutional investors and the retail price at 3.38 ringgit each. MSM is selling about 234 million shares in the IPO which would raise funds for capital expenditure and working capital requirements.
MSM is a subsidiary of Felda Global Group, the commercial arm of Malaysia’s Federal Land Development Authority (FELDA). FELDA is the world’s largest estate owner which helps rural settlers to develop plantations of agricultural commodities such as palm oil and rubber.