“The acquisition of the Kuantan edible oil facilities marks our first presence in the east coast of peninsular Malaysia,” said Yee Chek Toong, Wilmar’s country head of Malaysia. “The facilities are a good fit with our refining business and will strengthen our sales and distribution network in Malaysia. Besides serving the local market, the facilities’ strategic location in the Kuantan Port is an advantage for regional exports.”
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.
“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,” said Chai Wei-Joo, managing director of Cargill’s palm oil business in Malaysia.