Wilmar International Acquiring Stakes in Chinese Peanut Oil Producer

MT Newswires09-06

Wilmar International (SGX:F34) will acquire stakes in Chinese peanut oil producer Shandong Luhua Group via the Singaporean food processing company' subsidiaries, Yihai Kerry Arawana (SHE:300999) and Grand Silver (Laiyang).

The two subsidiaries will acquire a combined 26.64% stake in Shandong Luhua Group, with Yihai Kerry Arawana holding 10.9536% in equity and Grand Silver (Laiyang) holding 15.6864% in equity, according to a Wednesday filing with the Shenzhen Stock Exchange.

In exchange, Yihai Kerry Arawana and Grand Silver (Laiyang) will transfer their stakes in six joint ventures that produce edible oils and make plastic packaging containers with Shandong Luhua Group. The stakes in the joint ventures owned by Yihai Kerry Arawana are worth 2.29 billion yuan and those held by Grand Silver Laiyang are worth 3.28 billion yuan.

Price (SGD): S$25.78, Change: S$+0.080, Percent Change: +0.31%

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