A subsidiary of Wilmar International Limited is snapping up a Malaysia-based edible oils facility from agri-giant Cargill in a bid to bolster its presence in the southeast Asian country.
Wilmar Kuantan Edible Oils Sdn. Bhd, has entered into an agreement with Cargill Palm Plantation Sdn. Bhd. for the purchase of Cargill’s edible oil facilities in Kuantan, which includes a palm oil refinery and a neighboring storage facility.
The facilities are strategically located at Kuantan Port, a multipurpose port in the east coast region of Peninsular Malaysia which will boost exports in the area.
The sale will be completed upon approval from all relevant authorities and certain conditions being fulfilled. The transfer of ownership is expected to occur by the end of 2018. The acquisition price has not been disclosed at this stage.
“The acquisition of the Kuantan edible oil facilities marks our first presence on the east coast of Peninsular Malaysia. The facilities are a good fit with our refining business and will strengthen our sales and distribution network in Malaysia,” said Yee Chek Toong, Wilmar’s Country Head of Malaysia.
“Besides serving the local market, the facilities’ strategic location in the Kuantan Port is an advantage for regional exports.”
Chai Wei-Joo, managing director of Cargill’s palm oil business in Malaysia, adds: “While we have made the strategic business decision to sell the Kuantan facilities, Cargill remains committed to our edible oil business in Malaysia and will continue operations at our two other facilities in Port Klang and Westport.”
Source: Food Ingredients First
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