Wilmar establishes four subsidiaries across Asia
Its new China unit will have a registered capital of $61.22m.
Wilmar International is setting up four subsidiaries across Solomon Island, China, Myanmar and Sri Lanka, the company revealed in an announcement.
Yihai Kerry (Hunan) Oils, Grains & Foodstuffs (YK Hunan) will be a direct wholly-owned subsidiary of Yihai Kerry Arawana Holdings (YKA), Wilmar’s indirect 99.99% owned subsidiary. With a registered capital of $61.22m (RMB300m), it will engage in rice and flour milling as well as edible oils refining and packing.
At the same time, YKA has acquired a 69.50% interest in food distributor and importer Shenzhen Delion Food from Liu Chong Yu for $14.79m (RMB72.6m).
Goodman Fielder International (Solomon Islands) Limited (GFISIL) is set to be a direct wholly-owned subsidiary of Goodman Fielder, an indirect wholly-owned subsidiary of Wilmar. It will have an issued and paid-up share capital of $8780.36 (SBD50,000). It is proposed to sell and distribute food products.
In Myanmar, Raffles Shipmanagement Services (Myanmar) Limited (RSSM) will be a direct wholly-owned subsidiary of Raffles Shipping Corporation, Wilmar’s indirect 60% owned subsidiary. With an issued share capital of $1.45 (US$1), it is proposed to handle ship crew recruitment and placement and ship agency services.
Sunshine Wilmar (Private) Limited (SWPL) is a direct 50% owned associated company of Pyramid Wilmar Plantations (Private) Limited, an indirect 87.5% owned subsidiary of Wilmar. It is proposed to have a principal activity of investment holding.
SWPL also has an issued capital of $0.16 (LKR20). The remaining 50% of its issued capital is held by Sunshine Holdings, a party not related to Wilmar.