Wilmar establishes three subsidiaries and a joint venture company

Singapore 50 dollar bill

Wilmar said on Tuesday that it established three subsidiaries and a joint venture company.

The first is Morocco subsidiary Cosumar Wilmar, which will produce, process and trade in vegetable fats, and which is a 55 percent owned subsidiary of wholly owned subsidiary Wilmar Resources, it said in a filing to SGX on Tuesday.

The remainder of Cosumar Wilmar is held by Casablanca-listed Cosumar SA, which is an indirect 29.91 percent-owned Wilmar associate, the filing said. Cosumar Wilmar will have an issued capital of around US$350,000, it said.

PT Flextech Packaging Indonesia, or PT FEPI, will be a 50 percent owned joint venture company of Wilmar’s wholly owned subsidiary PT Sentratama Niaga Indonesia, with the remaining 50 percent held by Vishakha Polyfab, which itself is a 50 percent-owned joint venture of Adani Wilmar, which is in turn an indirect 50 percent owned joint venture of Wilmar, it said.

PT FEPI, which will have an issued and paid-up capital of 22.26 billion rupiah, or around US$1.5 million, will produce plastic products for the packaging industry, it said.

Wilmar also said it formed a China subsidiary, WI (Shanghai) Catering Management, as a direct wholly owned subsidiary of Yihai Kerry Investments (YKI), which is an indirect wholly owned subsidiary of Wilmar, it said.

WI Shanghai will have registered capital of US$1 million and will provide provisions for cafe and catering services, it said.

It also said it formed a Sri Lanka subsidiary, Wilmar Tea Lanka, as a direct wholly owned subsidiary of Wilmar Tea, which is a direct 51 percent owned subsidiary of Wilmar.

Wilmar Tea Lanka will engage in the trading and packing of tea and will have an issued capital of 100 Sri Lankan rupees, or around US$0.59, the filing said.

Wilmar also said YKI acquired 90 percent of Chaozhou Asia-Pacific Fuel Storage from Chaozhou Asia-Pacific Terminal Logistics and Mr
Chen Wen Feng for a total 59.74 million yuan. The remaining 10 percent of port manager Chaozhou AP is held by Chaozhou Asia-Pacific
Terminal Logistics, it said.

Another direct wholly owned subsidiary of Wilmar, Wilmar Resources (WRPL), acquired 400,000 shares, or a 40 percent stake, in Lumos Enterprises from two individual shareholders who aren’t related to Wilmar for US$474,488, it said.

WRPL already held 50 percent of Lumos, which is now a direct 90 percent owned subsidiary of Wilmar, it said.

Wilmar also noted that it has dissolved two Singapore subsidiaries, Eugena Shipping and Olivia Shipping.

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