Wednesday, July 21, 2010

#Flash* Kulim sells NatOleo to Wilmar subsidiary for RM450m

KUALA LUMPUR: Kulim (Malaysia) Bhd is selling its entire 91.38% stake in loss-making Natural Oleochemicals Sdn Bhd to Wilmar International's subsidiary for RM450 million.

Kulim said on Wednesday, July 21 the stake comprised of 186.56 million shares.

Based on NatOleo's latest audited consolidated financial statements for the financial year ended (FYE) Dec 31, 2009, the group incurred a net loss of RM22.973 million on the back on revenue of RM1.10 billion.

As at Dec 31, 2009, net assets attributable to NatOleo's shareholders amounted to RM308.193 million.

Kulim's original investment in NatOleo as of July 20, 1994 was RM194.33 million.

More indepth analysis of the deal in Thursday's edition of The Edge FinancialDaily.

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