Wilmar forms two new subsidiaries for electricity and for trading agricultural products

Palm kernels at a plantation in IndonesiaPalm kernels at a plantation in Indonesia

Wilmar International said Friday it has formed two new subsidiaries, one in China for generating electricity, and the other in Senagal for trading agricultural products.

Yihai Kerry (Maoming) Energy was formed in China as a direct, wholly-owned subsidiary of Yihai Kerry Arawana Holdings, which is an indirect, 99.99 percent-owned subsidiary of Wilmar, the agribusiness said in a filing to SGX.

YK Maoming, which has a registered capital of 36 million yuan (S$6.94 million), will engage in generating and providing electricity and steam, Wilmar said.

The agribusiness also said it formed B & B Wilmar as a direct 70 percent-owned subsidiary of Wilmar Africa Resources, which is a direct, wholly-owned subsidiary of Wilmar.

The remaining 30 percent of B & B Wilmar is held by unrelated party B & B Holdings, the filing said.

B & B Wilmar, which has a registered capital of 200 million West African CFA franc, or around US$339,336, will engage in processing, packaging, warehousing and distribution of agricultural products and other trading activities, Wilmar said.

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