QAF to acquire Salim's stake

QAF to acquire Salim's stake

SINGAPORE (AFX-ASIA): QAF Ltd said it has signed a memorandum of understanding with Liem Sioe Liong, Anthony Salim and Andree Halim to acquire a 70 percent stake in Yinfu International Co Ltd and an 89.49 percent stake in Shanghai Yinfu Oils & Fats Industries Co Ltd for S$41.6 million.

In a statement, the company said the MoU is not legally binding and the acquisitions are subject to due diligence and conclusion of a sale and purchase agreement between the parties.

Yinfu International is an investment holding company. Benetta Enterprises Inc owns 70 percent of Yinfu International, while the remaining 30 percent is owned by Pacific Industries and Development Ltd, a 50:50 joint venture between the Salim Group and another unrelated Indonesian group.

Yinfu International holds 100 percent of the registered capital of Fujian Yinfu Oils & Fat Industries Co Ltd.

Fujian Yinfu owns an edible oil processing plant in Fujian, China, which has been operational since May 1999.

Shanghai Yinfu is currently in the late stage of construction of an edible oil processing plant in Shanghai which is scheduled to begin operations in the third quarter.