SINGAPORE - A unit of Wilmar International has formed a joint venture with Myanmar-based Great Wall Food Stuff Industry Company to produce and sell sugar and its by-products.
Wilmar will hold a 55 per cent stake in the joint venture in Myanmar, which is called Great Wall - Wilmar Holdings, it said on Monday.
The joint venture company will acquire all the existing sugar-related business, mills and plants of Great Wall and its associates.
These include two sugar mills with a total milling capacity of 4,000 metric tonnes of sugarcane per day and a total production capacity of 65,000 metric tonnes of sugar per year, a bio-ethanol plant and an organic compound fertiliser plant.
Wilmar's subsidiary Wilmar Sugar will fund its investment in this joint venture through internal funds, Wilmar said without disclosing the size of the investment.
It added that the investment is not expected to have a material impact on the group's consolidated net tangible assets and earnings per share for the current financial year.