Malaysia state firm mulling relisting of palm oil arm

The investment arm of the Johor state government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1bil (RM4.4bil) for the unit, the people said. An IPO in Kuala Lumpur could happen as early as next year, The Kulim listing would come as a three-year rally in crude palm oil prices has begun to sputter, falling from its peak in March as Indonesia ramps up exports.

PETALING JAYA: Malaysia’s state-owned investment firm Johor Corp could seek to raise about RM1bil in an initial public offering (IPO) of its plantation unit, according to people with knowledge of the matter.

The investment arm of the Johor state government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1bil (RM4.4bil) for the unit, the people said.