Wilmar International completes acquisition of Natoleo

Following its acquisition of 91.38% of Natoleo, the agri-business group buys remaining shares for Malaysian Ringgit 42,452,830.

Wilmar International Limited on Thursday has announced that its subsidiary PGEO Group Sdn. Bhd (PGEO) has entered into a sale and purchase agreement dated 26 August 2010 to acquire the remaining 8.62% of Natoleo from National Land Finance Co-operative Society Limited, according to a Wilmar release.

Wilmar buys the shares for cash consideration of Malaysian Ringgit 42,452,830 or RM2.41 per share, which is the same price per share to be paid by the company for its acquisition of the 91.38% interest in Natoleo from Kulim.

The group said acquisition of the remaining 8.62% of Natoleo is expected to take place no later than 90 days and is subject to certain conditions.

Based in Pasir Gudang, Johor, Natoleo is one of the world’s largest oleochemicals producers with significant market share in Europe and Asia and a growing presence in USA. Natoleo currently has a reputation for industry-leading technical and operational know-how and its large client list.

Funding will be from internal sources of funds and bank borrowings, the Wilmar release said.