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Wilmar sets up 4 new subsidiaries, associated firms in China
AGRIBUSINESS company Wilmar International on Friday announced the establishment of four new subsidiaries and associated companies in China.
All four companies are owned wholly or in part by Wilmar's indirect 99.99 per cent-owned unit Yihai Kerry Arawana Holdings Co (YKA).
YKA has set up wholly-owned unit Yihai Kerry (Kaiyuan) Oils, Grains & Food Industries Co, with a registered capital of 160 million yuan (S$31.3 million). This new Wilmar subsidiary will engage in processing of soybean powder and corn germ crushing.
YKA's 80 per cent-owned unit Yihai Kerry (Kunshan) Foodstuffs Industries Co has a 33 per cent stake in the new Kunshan Wusongjiang Grains Industries Development Co, which has a registered capital of 10 million yuan. This associated company of Wilmar's will engage in trading of oils and grains, and provision of logistics services.
The remaining 67 per cent of the new company is held by two parties unrelated to Wilmar: Jiangsu Grain Group Kunshan Grain Purchase and Storage Co, which holds 33 per cent, and Kunshan Grains & Oils Purchase and Marketing Co, which holds the remaining 34 per cent.
YKA also has a 10 per cent stake in Yihai Kaijiangyuan Trading (Shenzhen) Co, which has a registered capital of 10 million yuan and will engage in trading of "daily necessities". The rest of its registered capital is held by unrelated party Shenzhen Kajiangyuan Trading Co.
YKA indirect wholly-owned unit WI Kitchen (Tianjin) Investment Co has set up wholly-owned unit WI Kitchen (Shanghai) Food Technology Co. With a registered capital of 12 million yuan, the new Wilmar subsidiary will provide e-commerce technology and services to the YKA group's businesses.
YKA has also increased its stake in subsidiary Wilmar Yuanda BioTech (Lianyungang) Co from 80 per cent to 100 per cent. The 20 per cent interest was acquired from Yichun Hansen Technology Co for a total cash consideration of 2.85 million yuan, arrived at based on an independent valuation.
Wilmar also announced that YKA's 50 per cent-owned joint-venture company Wuan Chuang Yihai Kerry (Taizhou) Foodstuffs Industries Co has changed its name to Wuan Chuang Arawana (Taizhou) Foods Industries Co, and that Wilmar's former Singapore subsidiary Abigail Shipping Co has been dissolved.
Wilmar shares closed down two Singapore cents or 0.52 per cent at S$3.81 on Friday before the news.