23/05/2012 (Fox Business) - Felda Global Ventures Holdings Bhd has secured three more cornerstone investors, including Hong Kong-based insurance giant AIA Group Ltd. (1299.HK), ahead of its over $3.00 billion Malaysian initial public offering, a person familiar with the matter said Tuesday.

Two state-run funds, the Pilgrim Fund Board and Retirement Fund Inc, also agreed to be cornerstone investors of the Malaysian palm oil company, the person said, who declined to be identified. Cornerstone investors buy into an IPO and agree not to sell their shares for a certain period of time after the listing.

Book building is expected to start May 31 until June 15, the person said, adding that Felda Global is offering up to MYR4.65 a share to institutional investors while retail investors will be allotted shares at indicative price of MYR4.55 a share.

A draft prospectus filed with Malaysia's Securities Commission last week showed that Felda Global plans to sell up to 2.19 billion shares, made up of 980 million new shares and up to 1.21 billion shares for listing on the Bursa Malaysia stock exchange. Of the total, about 1.5 billion shares will be sold to institutional investors.

French conglomerate Louis Dreyfus earlier said it has invested in Felda. The Malaysian firm, meanwhile, is still in the process of meeting other global trading companies to be investors, another person said.