Wilmar International’s unit, Yihai Kerry Investments, has entered into two conditional joint venture agreements (JVAs) with Singapore Food Industries (SFI) to supply food to the China market.
SFI is a unit of ground-handling and in-flight catering service provider SATS.
Yihai and SFI will incorporate an investment holding company and an operating company in China and will each have a registered capital of RMB230 million ($50 million) and RMB200 million, respectively.
SFI will subscribe for 60% and Yihai will subscribe for 40% of the registered capital of each of these companies.
Shares in Wilmar ended 4.17% higher at $2.75 on Friday.
Source: The Edge Markets
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