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.