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Wilmar sets up 4 new subsidiaries and acquires 1 firm
AGRIBUSINESS company Wilmar International on Wednesday announced the establishment of four new subsidiaries in the Solomon Islands, China, Myanmar and Sri Lanka, as well as an acquisition of one of its subsidiaries in China.
Goodman Fielder International in the Soloman Islands is a direct wholly-owned subsidiary of Goodman Fielder, which is in turn, an indirect wholly-owned subsidiary of Wilmar. Goodman Fielder will have an issued and paid-up share capital of SI$50,000 (S$8,524). This new Wilmar subsidiary will engage in the sale and distribution of food products.
The China subsidiary Yihai Kerry (Hunan) Oils, Grains & Foodstuffs Co is a direct wholly-owned subsidiary of Yihai Kerry Arawana Holdings (YKA) Co. This means it is an indirect 99.99 per cent owned subsidiary of Wilmar. YK Hunan has a registered capital of RMB300 million (S$61.1 million). YK Hunan will engage in rice and flour milling, edible oils refining and packing.
Meanwhile, the third subsidiary Raffles Shipmanagement Services in Myanmar is an indirect 60 per cent owned subsidiary of Wilmar. Raffles Shipmanagement Services has issued a share capital of US$1. The proposed principal activities of the subsidiary are ship crew recruitment and placement and ship agency services.
The associated company in Sri Lanka, Sunshine Wilmar, is 50 per cent owned by Pyramid Wilmar Plantations, giving Wilmar at 87.5 per cent stake in it. Sunshine Wilmar has an issued capital of 20 Sri Lankan rupees. The remaining 50 per cent of the issued capital is held by Sunshine Holdings, a party not related to Wilmar. The proposed principal activity of Sunshine Wilmar is investment holding.
YKA has also acquired a 69.50 per cent interest in the registered capital of Shenzhen Delion Food Co for a total cash consideration of RMB72.6 million (S$14.8 million). The remaining 30.50 per cent interest of the registered capital of Shenzhen Delion is held by a party not related to Wilmar and Shanghai Broad Ocean Investments Co, a company owned by certain employees of YKA.
100 On Ridge, on the hand, has been dissolved and has ceased to be a subsidiary of Wilmar.
Wilmar shares closed up $0.24 or 7.9 per cent to S$3.26 on Wednesday.