nowadays such facilities are readily provided. Schools, medical centres, and places of worship are also provided. Originally, Felda schemes were designed as co-operatives, where instead of each settler owning a defined piece of land, each settler held an equal share in the ownership of the particular scheme. However, the settlers did not prefer this scheme, as workers who did not tend to the land properly still benefited (a sort of free rider problem). The government then set up a 3-phase plan, where in the first phase, the co-operative remained as a mechanism for the settlers to learn how to farm. In the second phase, each settler was given a specific plot of land to work, and in the third phase, he was given the land title to that plot. However, the settler was forbidden from selling the land without permission from Felda or the Federal Government. The costs of acquiring, developing and allocating the land are borne by loans made to Felda settlers. These loans are repaid in monthly instalments deducted from the settlers' income over a 15-year period. Although settlers are supposed to focus on agricultural activities, it has been reported that a substantial number are also engaged in other activities, such as shopkeeping. Some are even employed in jobs outside the settlement. In recent years, the growth of urban areas has led to a substantial increase in the land value of some settlements. With permission, many settlers have sold their farms, becoming instant millionaires. Diversification and corporate ventures Felda has diversified from its original business of land development, to other economic ventures — some of them entirely unrelated to land resettlement. The ventures include Koperasi Permodalan Felda (KPF) and FGV Holdings Berhad. In June 2012, FGV Holdings Berhad raised $3.1 billion from its IPO as the biggest IPO in Asia for year to date. Other information Pahang contains the largest number of Felda colonies, centered around the Jengka scheme in central Pahang. With 43,000 settlers, Pahang is also home to the largest population of settlers. There are colonies in every parliamentary constituency in Pahang, except Kuantan, the state capital, and Indera Mahkota. 57 parliamentary constituencies contain at least one Felda colony - 54 in peninsular Malaysia and 3 in Sabah. Penang and Sarawak are the only states that have no permanent Felda colonies - though FELDA operates a sugar refinery in Seberang Perai, Penang. Felda in Sarawak Felda