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IOI Corp completes disposal of Loders Croklaan stake for RM3.79b
02/03/2018The Edge

KUALA LUMPUR: IOI Corp Bhd has completed the disposal of its 70% stake in Loders Croklaan Group BV and its related businesses to US-listed Bunge Ltd for RM3.79 billion cash.

On Sept 12, 2017, IOI entered into a definitive share purchase agreement (SPA) with Koninklijke Bunge BV, a wholly-owned subsidiary of Bunge, for the proposed stake sale for US$946 million (RM3.71 billion), comprising €297 million (RM1.42 billion) and US$595 million, subject to adjustments that could be made for items such as foreign exchange effects.

In a filing with Bursa Malaysia yesterday, IOI said all the conditions precedent as set out in the SPA have been satisfied or waived in accordance with the terms of the SPA. Accordingly, the SPA has been rendered unconditional.

IOI has paid the preliminary disposal consideration amounting to US$595 million plus €303.37 million (totalling RM3.79 billion) in accordance with the terms of the SPA.

Following the completion of the transaction, IOI will continue to hold a 30% stake in Loders. As part of the transaction, for a period of five years, Bunge will have the right to purchase the remaining interest in Loders from IOI, and IOI will have the right to sell its interest to Bunge.