SGX:F34

Wilmar International Forms Joint Venture with Tropical General Investments Group in Africa

Wilmar International (SGX:F34) signed an agreement with Tropical General Investments (TGI), to form a 50:50 joint venture to address the West African market, according to a Tuesday filing with the Singapore Exchange.Under the agreement, the agribusiness company and TGI will combine their businesses in Nigeria and Benin to create a single venture, which will target an addressable market of over $12 billion.The deal is subject to regulatory and other clearances and is slated to conclude later this year.

Wilmar International Named in Indonesian Export Under-Invoicing Probe; Shares Down 4%

Wilmar International (SGX:F34) has been named among 10 palm oil companies under investigation by Indonesian authorities for suspected under-invoicing and transfer pricing of exports, according to a Thursday filing with the Singapore Exchange.The company is yet to receive an official notification of the probe, but is working with the relevant authorities to understand their concerns.Shares of the palm oil and agribusiness company were down 4% in Thursday trading.

Market Chatter: Indonesia Probes Major Palm Oil Firms Over Alleged Export Under-Invoicing

Indonesia has launched investigations into major palm oil producers over alleged under-invoicing and transfer pricing practices tied to commodity exports, Nikkei Asia reported Tuesday, citing Finance Minister Purbaya Sadewa.The companies under scrutiny include Wilmar Group (SGX:F34), Musim Mas and Salim Ivomas (IDX:SIMP), according to Purbaya, who said authorities had identified discrepancies in export volumes and transaction values, the news outlet reported.Purbaya alleged some exporters used Singapore-based trading firms to report export prices at roughly half their actual value, describing the practice as a form of smuggling and under-invoicing as much as 50%, according to the report.He said authorities have so far investigated 20 companies, with larger firms prioritized for enforcement action. The government is also using artificial intelligence tools to identify additional cases, Nikkei Asia reported.Wilmar, Musim Mas and Salim Ivomas did not immediately respond to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Russian Government to Seize Wilmar International's Stake in Indirect Unit Amid Corruption Allegations

A Russian court ordered the seizure of Wilmar International's (SGX:F34) 24% interest in indirect subsidiary, JSC Etalon, according to a Friday filing with the Singapore Exchange.The seizure is part of the state order to seize Rusagro, following alleged anti-corruption law violations prior to 2023.The seizure order was made on the basis that Production and Commercial Firm Profit, which holds the 24% stake, is beneficially owned or controlled by Rusagro.However, the company maintains that Profit is 100% owned by Cyprus-based Sethal Holdings, which is the company's 51.8% owned associate company.Wilmar's investment in Profit is around $301.9 million as carrying value.Meanwhile, the company will file an appeal with the Russian court against the seizure of Profit's 24% stake in Etalon.

Nomura Adjusts Wilmar International's Price Target to SG$3.50 From SG$3.20, Keeps at Neutral

Wilmar International's Net Profit Drops 23% in Q1

Wilmar International's (SGX:F34) net profit fell by 23% in the first quarter to $265.6 million from $343.9 million a year earlier, according to a Wednesday filing with the Singapore Exchange.Revenue jumped 22% year over year to $19.8 billion from $16.2 billion, backed by higher sales across core segments.