Wilmar International Limited – Key Subsidiary and Investment Changes (July–December 2025)

Wilmar International Limited has announced significant changes in its subsidiaries, joint ventures, and associated companies for the period from 1 July 2025 to 31 December 2025. This report contains detailed information on these corporate actions, highlighting their potential impact on shareholders and share price.

1. Major New Incorporations

• Elegant Tea (Shanghai) Co., Ltd – Incorporated in China with RMB1,000,000 capital, Wilmar holds 51% interest. Engaged in tea trading and processing.
• Liaoning Qishengyuan Biotechnology Co., Ltd – RMB150,000,000 capital, Wilmar holds 9% indirect interest (classified as an associated company). Focus is on allulose products, a growth area in food sweeteners.
• Sunhy Yihai Kerry (Fuyu) Biotechnology Co., Ltd – RMB200,000,000 capital, Wilmar holds 45% indirect interest. Focus on enzyme production and sales, potentially significant for biotech and food ingredients.
• Wilmar (Lianyungang) Technology Co., Ltd – RMB171,000,000 capital, Wilmar holds 89.99% interest. Production of stearate products, an important industrial chemical.
• Yihai Kerry (Lanzhou) International Trading Co., Ltd and Yihai Kerry (Chaozhou) Biotechnology Co., Ltd – Both with 89.99% indirect ownership, targeting oil trading and fermented soybean meal, respectively.
• Erca Wilmar Cosmetic Ingredients Brasil Ltda – Wilmar holds 40% in this new Brazil-based entity, consulting on cosmetic raw materials, potentially opening new markets in LATAM.

2. Mergers and Acquisitions

• Merger: Kerry Oils & Grains (Qingdao) Ltd and Qingdao Kerry Peanut Oil Co., Ltd merged, streamlining operations in edible oils and peanut crushing.
• Lerk Ik Feng (Shanghai) Enterprise Development Co., Ltd: Acquired for RMB9 plus RMB69.78 million unpaid capital. Now a wholly-owned subsidiary, specializing in investment holding.
• Shanghai Yijia Logistics Co., Ltd: Acquired for RMB206.8 million, based on RMB272.83 million valuation. Enhances Wilmar’s logistics and supply chain reach in China.
• Yihai Kerry (Shanghai) Commercial Co., Ltd: Acquired for RMB79.1 million, based on RMB79.56 million valuation. Provides logistic services, now a 53.99% indirect subsidiary.
• Food Processing Associated Companies: Acquisitions in Langfang Jinshifang, Meiyi (Beijing), Toko Central Kitchen (Lang Fang), and Xiyue Fengwei (Shanghai) for a total of RMB12.25 million. Wilmar now holds 18–27% indirect stakes, expanding its food processing footprint.
• Hangzhou Xibo Yihai Kitchen Application Technology Co., Ltd: Acquired 40% stake for RMB4.044 million via public tender. Focuses on catering services for events—potential for cross-sector synergies.
• BWY Group Sdn. Bhd. (Malaysia): Acquired 50% for RM36 million. Net asset value RM40.6 million. Expands Wilmar’s investment holding presence in Malaysia.

3. Changes in Shareholding – Potential Price Sensitivity

• Arawana Jinchu (Guangdong) Condiments Co., Ltd: Wilmar now owns 100% (previously 75%) after acquiring remaining 25% for RMB166.45 million. This consolidation increases Wilmar’s exposure to condiments market, a growth segment.
• Inner Mongolia Hol-Wilmar Agriculture Co., Ltd: Wilmar now owns 100% after acquiring remaining 23.1% for RMB1, part of a broader restructuring. The net asset value of the acquired stake was negative, reflecting a challenging environment but may allow for strategic realignment.
• PZ Wilmar Ltd (Nigeria): Wilmar acquired remaining 50% for US\$70 million, now owns 100%. This move gives Wilmar full control of its Nigerian oil palm refinery, potentially impacting African market expansion and profitability.
• Wilmar Sugar Americas, S. de R.L. de C.V. (Mexico): Restructuring increased Wilmar’s effective ownership to nearly 100%. Could positively affect group synergies in sugar trading and production.
• Wilmar Sugar Pte. Ltd. (Singapore): Minor dilution after employee exercised share options, reducing Wilmar’s stake from 83.674% to 83.666%. Not major, but shows commitment to employee incentives.
• Perennial Group Private Limited (Singapore): Wilmar’s indirect stake diluted from 16.83% to 16.08% after new shares were allotted. Minimal impact.

4. Cessation and Liquidations

• Liquidated Entities: Multiple subsidiaries and joint ventures were dissolved, including Goodman Fielder International (Hong Kong), Wilmar-Elevance 1 Pte. Ltd., and Wilmar Kellogg (Singapore). These changes may represent rationalization and focus on core businesses.
• Clonal Palms Sdn. Bhd. (Malaysia): Under members’ voluntary liquidation since November 2025.
• Southcomm East Africa Limited (Tanzania): Under voluntary liquidation since February 2025.
• Wanqi Wilmar (Taizhou) Biotechnology Co., Ltd: Entire 30% stake disposed for RMB18.23 million. Entity renamed and no longer associated with Wilmar.
• Jalaid Banner Hol-Wilmar Agriculture Development Co., Ltd: Entire stake disposed for RMB1 (valuation was negative). Entity renamed and no longer a subsidiary.

5. Key Investor Takeaways

• Wilmar is actively consolidating and expanding its control over high-potential subsidiaries and markets. Acquisitions in Nigeria, China, Malaysia, and Brazil suggest strategic moves in food processing, logistics, biotech, and cosmetics ingredients.
• Disposal and liquidation of underperforming or non-core assets may improve overall profitability and focus.
• Acquisitions and increased shareholdings in key subsidiaries could positively influence group earnings and share value.
• Some transactions involved negative net asset values, indicating possible restructuring to mitigate losses and position for recovery.
• Several deals were executed at or near independent valuations, suggesting prudent financial management.

Potential Share Price Sensitivity:

• The full acquisition of Arawana Jinchu (Guangdong) Condiments and PZ Wilmar Nigeria could materially impact Wilmar’s earnings and market perception.
• Expansion into biotech, cosmetic ingredients, and new food segments could drive future growth.
• Ongoing rationalization of non-core and loss-making subsidiaries may improve margins and investor confidence.

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