Wilmar said on Monday that it plans to acquire the 50 percent it doesn’t already own of FPW Singapore, which owns Goodman Fielder, for US$180 million (S$244.63 million) in cash from Oceanica Developments.
In addition, Wilmar plans to acquire shareholder loans to an FPW subsidiary from Oceanica for US$95 million, and Wilmar may pay up to an additional US$50 million to Oceanica after the end of 2020 if Goodman Fielder meets earnings targets, the Singapore company said in a filing to SGX after the market close on Monday.
“Wilmar is of the view that significant improvements in the performance of the GF Group can be created if it is wholly-owned and managed by Wilmar,” the filing said.
Wilmar said it would fund the acquisition from internal sources.
Goodman Fielder manufactures, markets and distributes food ingredients and consumer branded food, beverage and related products, it said.
Oceanica Developments is an indirect, wholly owned subsidiary of Hong Kong-listed First Pacific, which is an investment management and holding company, the filing said.