KUALA LUMPUR, Aug 24 -- ADM has completed its previously announced secondary block trade of approximately US$550 million in Wilmar ordinary shares. (US$1 = RM4.18)
Wilmar – Asia’s leading agribusiness and packaged food oils company – is a strategic partner and one of ADM’s largest customers.
ADM expects to use the net proceeds from the transaction for general corporate purposes, which may include, without limitation, meeting working capital requirements; funding capital expenditures and possible acquisitions of, or investments in, business and assets; and acquiring outstanding shares of ADM common stock.
Based on a statement, ADM will retain at least a 20 per cent equity investment in Wilmar.
According to ADM Chairman and Chief Executive Officer Juan Luciano, this transaction provides additional capital while retaining the strong relationship with Wilmar.
“We have no plans to sell additional Wilmar shares, and look forward to continuing our partnership for years to come.”
The Wilmar ordinary shares sold pursuant in the transaction have not been and will not be registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as defined in Regulation S) absent registration or an applicable exemption from registration requirements.
-- BERNAMA
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