IOI Corporation Loses RM50 Million From Its Equity Sale In Bunge Loders

IOI Corporation Berhad announced that it has completed the sale of 1,800 shares, representing its 10% shareholdings in Bunge Loders Croklaan Group B.V. to Koninklijke Bunge B.V. a wholly-owned subsidiary of Bunge Limited for a total cash consideration of USD84,416,807.30 plus EUR19,724,815.30.   

The Share Sale is provided for in the Shareholders’ Agreement entered into by KBBV and the Company in 2018 and the Share Sale Consideration is based on the mechanism for the Put and Call Options provided in the SHA. With the completion of the Share Sale, the company’s equity interest in BLC has reduced from 30% to 20%, and accordingly, the existing Put and Call Options provided in the SHA have been terminated.

The estimated loss arising from the share sale is approximately RM50 million which mostly is relating to fair value loss from the derecognition of the terminated Put and Call Options.  

The existing business collaboration between the Company and Bunge remains, and both parties will continue to harness the benefits of the existing synergistic partnership in expanding BLC’s business.

Bunge Loders Croklaan is a leading global producer and supplier of sustainable premium quality vegetable oils and fats for the food manufacturing industry.

Previous articleGreenpacket To Acquire 20% Stake In eMedAsia From HS Bio For RM20 Million
Next articleS P Setia Deputy President Dato Seri Koe Peng Kang Bids Adieu


Please enter your comment!
Please enter your name here