Olam disposes its 50% equity interest of joint venture company to Wilmar International unit
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OLAM International Limited announced the disposal of its 50 per cent equity interest in investment holding company Nauvu Investments, to Wilmar International's wholly owned subsidiary Wilmar Resources for up to US$148 million.
The consideration was arrived on a willing buyer-willing seller basis, and the final amount is subject to adjustments as provided in the sale and purchase agreement.
Nauvu was a 50:50 joint venture between Olam and Wilmar, and following the disposal, Nauvu will cease to be an associate company of Olam. Nauvu will become a wholly owned subsidiary of Wilmar.
The transaction is not expected to have any material impact on the earnings per share or net tangible assets per share of Olam and Wilmar for the financial year ending Dec 31, 2018.
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