KUALA LUMPUR: IOI Corporation Bhd (IOI) had today entered into a definitive sale and purchase agreement with Bunge Limited (Bunge) to sell a 70 per cent controlling stake in IOI Loders Croklaan (Loders) and its related businesses for a total consideration of £297 million plus US$595 million, subject to certain adjustments to be determined at the closing of the transaction. This values the entire Loders and its related businesses at £425 million plus US$850 million, net of external debt and cash and including normalised working capital. “After the transaction, IOI will still play an important role in Loders given our expertise in palm oil sourcing and our business experience in the fast-growing Asia Pacific Region,” said IOI chief executive officer Datuk Lee Yeow Chor in a statement. “In this respect, IOI will maintain our strong sustainability commitments as spelled out in IOI Group’s Sustainable Palm Oil Policy,” continue Lee. The expected significant growth in Loders in the future will support IOI’s business focus of being a leading integrated and sustainable palm oil player with global presence in both specialty fats and oleochemical segments.

Source: New Strait Times September 12, 2017 12:00 UTC