Singapore: Wilmar International has stated that it has entered into a deal with several Moroccan investors to sell its entire 30.1% stake in Casablanca-Stock Exchange-listed Cosumar, reports Straits Times.
The deal would be for around 5.96 billion Moroccan dirhams (about $812.3 million).
As on December 31, 2022, the carrying value of the investment in Cosumar in Wilmar’s books was US$336.2 million (S$447.6 million).
Cosumar is involved in sugar production from sugar beet in Morocco as well as refining imported raw sugar and marketing and distribution of these products.
The transaction is likely to happen by the fourth quarter of 2023, said Wilmar. As per the agreement, Wilmar will make two acquisitions from Cosumar.