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Wilmar International Ltd Announces Cessation Of Subsidiary

Friday, 19 Jul 2013 05:22am EDT 

Wilmar International Ltd announced that Cleartech Research Pte. Ltd., a direct 100% owned subsidiary of Tradesound Investments Limited, which is in turn, a direct wholly-owned Wilmar subsidiary, has been struck off from the Register of Companies and ceased to be a subsidiary of Wilmar in June 2013. Grand Silver (Laiyang) Co. Limited, an indirect 51% owned subsidiary of WCL, has disposed of its entire 49% equity interest in Laiyang Luhua Seasoning Co., Ltd to Shandong Luhua Group Co., Ltd, the other shareholder of Laiyang Luhua Seasoning, which is not related to the Wilmar Group, for a total consideration of MYR14,834,767.54. The sale consideration was arrived at on a willing-buyer, willing-seller basis. Following the completion of the above disposal, Laiyang Luhua Seasoning has ceased to be an associated company of Wilmar.