Wilmar to buy 20% of shares in Kencana Holdings

Agribusiness group to invest in additional plantation assets with the proposed purchase worth SGD80,363,130.40.

Wilmar International Limited’s on Friday said its subsidiary, Newbloom Pte. Ltd. has inked a subscription and share sale agreement with Kencana Agri Limited and its majority shareholder, Kencana Holdings Pte Ltd to buy 229,608,944 ordinary shares, according to a Wilmar announcement.

Wilmar said the said shares in Kencana Agri, to be bought at SGD0.35 per share, represents 20% of the share capital of Kencana Agri on an enlarged basis.

The investment comprises a subscription of 150,000,000 new shares to be issued by Kencana Agri and a vendor placement of 79,608,944 existing shares by Kencana Holdings.