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Wilmar International Ltd Acquires Strategic 27.5% Stake In Cosumar S.A.

Monday, 15 Apr 2013 07:29pm EDT 

Wilmar International Ltd announced that it has acquired from Societe Nationale d’Investissement (SNI) a 27.5% equity stake in Cosumar S.A. (Cosumar) , a company listed on the Casablanca Stock Exchange, for an aggregate cash consideration of MAD2.3 billion (approximately USD263 million). Subsequent to this transaction, a block of up to 26.5% will be sold by SNI to a consortium of Moroccan institutional investors, who together with Wilmar will constitute a strategic 54% controlling block in Cosumar. Funding for this acquisition will be from internal sources and bank borrowings. The acquisition is not expected 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 December 31, 2013.