Moving on? Wilmar acquires sugar company in Shanghai

After failing to get the necessary support to purchase Proserpine Co-operative Sugar Milling Association, Wilmar acquired Yihai Kerry (Shanghai) Sugar Co Ltd.

A Wilmar announcement said that its indirect 78.4% owned subsidiary Wilmar Sugar Pte Ltd has acquired 100% equity interest in Yihai Kerry (Shanghai) Sugar Co Ltd for a total cash consideration of RMB8,009,807.14.

YKSS has a registered share capital of US$800,000, with trading in sugar as its principal activity.

Previously Wilmar’s Australian-based subsidiary Sucrogen was not able to acquire the assets of PCSMA after getting only 70% positive votes from PCSMA members.

View related story here.

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