Wilmar Kuantan Edible Oils, a Malaysian edible oils subsidiary of Asian agribusiness group Wilmar International, has entered into an agreement to purchase Cargill’s edible oil facilities in Malaysia.
The facilities, owned by Cargill’s Palm Plantation subsidiary and located in Kuantan, included a palm oil refinery and a neighbouring storage facility, Wilmar said in a statement on 20 November.
Yee Chek Toong, Wilmar country head of Malaysia, said the acquisition of the facilities marked the company’s first presence on Peninsular Malaysia’s east coast.
“The facilities are a good fit with our refining business and will strengthen our sales and distribution network in Malaysia. Besides serving the local market, the facilities’ strategic location in Kuantan Port is an advantage for regional exports,” he said.
The sale was expected to conclude by the end of 2018 once it had received all relevant authority approvals and certain conditions undefined by Wilmar were fulfilled.
In addition to the oilseed and edible oil industries, Wilmar is active in sugar milling and refining, consumer product manufacture, speciality fats, oleochemicals, biodiesel, fertilisers and flour and rice milling.