SINGAPORE — Wilmar International Ltd. has acquired the balance 50% shareholding interest, not already owned by the company, of Wilmar Gavilon Pty Ltd (WG) from Gavilon Pty Ltd., a party not related to Wilmar.
The acquisition comprises a cash consideration of $36.6 million, plus 50% of the undistributed net profit after tax of the WG Group for an agreed period up to the completion of the acquisition, pursuant to a share purchase agreement entered into between Wilmar, Gavilon and Gavilon Agriculture Investment Inc., the holding company of Gavilon.
WG sources, trades, markets and distributes agricultural commodities, including grains, oils, animal protein meals, vegetable protein meals and fats.
Once the acquisition is completed WG will be a wholly owned subsidiary of Wilmar. It also includes WG’s wholly owned subsidiary, Queensland Bulk Terminals Pty Ltd., and WG’s 50:50 joint venture company, International Nutritionals Ltd.
WG has changed its name to Wilmar Trading (Australia)Pty Ltd.
The acquisition by Wilmar was funded from internal sources. Wilmar said it does not expect the acquisition to have a material impact on the consolidated net tangible assets and earnings per share of the Wilmar Group for the current financial year ending Dec. 31, 2020.