23 August 2010 04:14 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore-listed agribusiness group Wilmar International said on Monday that it has agreed to buy 100% of Indonesian sugar refiner PT Jawamanis Rafinasi (JMR) for an undisclosed amount.
The acquisition, made through Wilmar subsidiary Wealth Anchor and pending regulatory approvals, was expected to be completed in the fourth quarter of this year, the company said in a statement.
“This strategic acquisition will form an integral part of Wilmar’s future Indonesian sugar business, providing downstream refining and distribution to complement the company’s announced plans to develop sugar plantations and milling operations in Papua,” Wilmar said.
Funding for the acquisition would come from Wilmar’s internal resources and through bank loans, it added.
JMR has operations at Cilegon in Banten province, Indonesia, with an annual sugar output of 1,000 tonnes/day, which can be raised to up to 1,600 tonnes/day, according to the statement.
Wilmar's business spans oil palm cultivation, oilseeds crushing, edible oils refining, specialty fats, oleochemicals and biodiesel manufacturing and grains processing.
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