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Wilmar buys 50% of investment holder from Olam for $194.35m
Following the completion of the acquisition, Nauvu is now a wholly-owned subsidiary of Wilmar.
Wilmar International’s subsidiary Wilmar Resources Pte Ltd (WRPL) bought a 50% equity interest in Nauvu Investments Pte. Ltd. (Nauvu) from Olam International Limited for a price of $194.35m (US$148m).
According to an announcement, Nauvu is a company incorporated in Singapore whose principal activity is investment holding. It was formerly a 50:50 joint venture company between Wilmar and Olam.
About $112.16 (US$85.41m) of the consideration price comprises repayment of a shareholder's loan.
Following the completion of the above acquisition by WRPL, Nauvu is now a wholly-owned subsidiary of Wilmar.
Olam and Wilmar both enjoyed higher profits in 2017. Olam's profits grew 65.3% YoY to $580.74m as its sales volume bloomed 56.3% as compared to 2016 with volume growth across all segments, where the grains and edible oils platforms were the most significant contributors to volume growth during 2017. Wilmar's profits grew 25.4% to $1.58b, thanks to the good performance in Oilseeds & Grains and strong contributions from joint ventures and associates (mainly from China, India and Africa).
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