September 7, 2007

Wilmar invests an additional RMB400 million in Wuhan plant

In an agreement signed on Tuesday (Sep 4) between Wilmar International and the government of Wuhan's Dongxihu district, the Singapore-based company will invest an additional RMB400 million in Xinyuan Oil and Grain Processing Company.

Set up by Wilmar in 2002 at an initial cost of RMB50 million, Xinyuan has grown to become a major oil and grain company in the central Chinese province of Hubei. Wuhan is the provincial capital of Hubei.

Wilmar's Chairman and CEO, Kuok Khoon Hong, said that the company's total investment in Wuhan had already exceeded RMB500 million. Edible oil output from the plant located in Dongxihu district, Wuhan, will hit 500,000 tonnes while sales income is expected to reach RMB8 billion.

RMB1=US$0.1327 (Sep 7)