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Najib has assured the farmers that the listing would be profitable for them, and promised a 1.68 billion ringgit ($527 million) windfall for the farmers and their families. Felda has also allocated 20 percent of its shares to a trust fund for the farmers, who will receive annual dividends, officials said. The farmers are mainly ethnic Malay Muslims, who make up about two-thirds of Malaysia's 28 million people. The IPO was a delicate issue for the government because their protests could undermine Najib's coalition
-- which is struggling to regain lost ground to a resurgent opposition -- in national polls. The Felda group owns 70 palm oil mills, seven refineries and a string of other manufacturing plants nationwide. It produces about 3 million tons of crude palm oil annually, or about 8 percent of world output. After Felda, Asia's largest hospital operator Integrated Healthcare Holdings is also planning an IPO that could raise as much as 1.9 billion ringgit ($596 million).
[Associated
Press;
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