Singapore-headquartered Wilmar International has agreed to establish a joint venture (JV) in Myanmar to produce and sell sugar and its by-products.
The JV will be set up in partnership with Great Wall Food Stuff, and will be named Great Wall - Wilmar Holdings.
As per the terms, the Singapore-based firm will acquire the existing sugar-related business, mills and facilities of Great Wall and its associates.
Great Wall owns two sugar mills with a milling capacity of 4,000 tons per day, a bio-ethanol plant and organic compound fertilizer facility.
Subject to regulatory approvals, the acquisition will be completed in two phases.
Wilmar will hold 55% stake in the JV, and it plans to finance the deal through internal sources.
The investment would not have material impact on the earnings per share of the Wilmar Group for the year ending 31 December 2014.
