IOI Corporation Berhad commonly referred to as IOI, was incorporated on 31 October 1969 as Industrial Oxygen Incorporated Sdn Bhd. IOI is one of Malaysia's biggest conglomerates. It ventured into property development in 1984, followed by oil palm plantations and refineries in 1985. IOI was listed on the Kuala Lumpur Stock Exchange (KLSE) and trading as MYX: 1961—now known as Bursa Malaysia—in 1980. The group was headed by Lee Shin Cheng, the executive chairman, until his death. Lee Yeow Chor is CEO. , IOI Group employed more than 30,000 persons from more than 25 countries. IOI Group's fiscal year runs from 1 July YYYY to 30 June of the following year. Core businesses Palm oil plantations Palm oil plantations are IOI's biggest income generator. As of 2015, about 67 percent of the conglomerate's profits came from its oil palm plantations. The group controls 230,000 hectares of oil palm plantations in Malaysia and Indonesia. It has 15 palm oil mills with a total milling capacity of 4.75 million tonnes of FFB (fresh fruit bunches) per year from its 90 estates throughout Malaysia and Indonesia. With oil yield of some six tonnes per hectare per year at its mature estates, IOI is the most efficient plantation company in the world. Malaysia's oil palm average yield for the last 20 years has been stagnant at four tonnes per hectare per year. Nestlé stopped buying palm oil from IOI in 2012. The United Nations Environment Programme says palm oil production is the leading cause of deforestation, which is occurring at a rate of about two per cent per year. Indonesia is also the world's third-largest carbon emitter, largely as a result of deforestation and the burning of peatlands. Real estate IOI develops real estate and makes property investments. Two resort hotels in Putrajaya, the Marriott Putrajaya Hotel and the Palm Garden Hotel belong to the IOI Group. The property segment contributes around 18 per cent of the group's earnings. Mari Home Marketing is the appointed real estate agency by IOI to market its properties in Malaysia market. Oleochemicals and speciality fats IOI is the largest vegetable oil-based oleochemical manufacturer in Asia—held under wholly owned entities IOI Oleochemical Industries Bhd and Pan Century Oleochemical Sdn Bhd with a combined capacity of over 750,000 tonnes per annum. In 2021, IOI was ranked 8th on the Global Top 30 Specialty Oil Companies list. These plants produce fatty