| Miscellaneous | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | WILMAR INTERNATIONAL LIMITED |
| Company Registration No. | 199904785Z |
| Announcement submitted on behalf of | WILMAR INTERNATIONAL LIMITED |
| Announcement is submitted with respect to * | WILMAR INTERNATIONAL LIMITED |
| Announcement is submitted by * | COLIN TAN TIANG SOON |
| Designation * | COMPANY SECRETARY |
| Date & Time of Broacast | 23-Dec-2011 18:01:00 |
| Announcement No. | 00082 |
| Price Sensitivity | No |
| >> Announcement Details | |
| The details of the announcement start here ... |
| Announcement Title * | Termination of Acquisition of Land Use Rights for Project Sites in Laobian District, Yingkou City, Liaoning Province, China |
| Description | Wilmar International Limited ("WIL") refers to its announcements dated 29 December 2010 and 5 January 2011 in respect of the successful joint bid by its wholly-owned subsidiary, WCA Pte. Ltd. ("WPL") together with Kerry Properties (China) Limited ("KPCL"), a wholly-owned subsidiary of Kerry Properties Limited ("KPL") and Shangri-La China Limited ("SACL"), a wholly-owned subsidiary of Shangri-La Asia Limited ("SA") to acquire the land use rights for six sites in Laobian District, Yingkou City, Liaoning Province, China ("Laobian Project Sites") and wishes to announce that WPL has, on 23 December 2011, together with KPCL and SACL (collectively referred to a the "JV Parties") entered into a termination agreement with the Laobian Branch of Yingkou City Land Resources Bureau (the "Termination Agreement") pursuant to which: 1. the confirmation notices issued to the JV Parties regarding the JV Parties winning the bid for the land use rights for the Laobian Project Sites will be terminated; 2. the deposit of RMB271.57 million paid by the JV Parties for their successful bid for the Laobian Project Sites will be repaid to the joint venture company owned by WPL, KPCL and SACL (the "JVCo"), which is owned by the JV Parties in the proportion of 35%, 40% and 25% respectively; and 3. the JV Parties and the JVCo will be relieved from all liabilities and obligations for the bid for the land use rights for the Laobian Project Sites. The JV Parties intend to wind up the JVCo after all matters relating to the termination of the acquisition of the Laobian Project Sites have been settled and as part of the winding-up process, all assets of the JVCo will be distributed to the JV Parties in proportion to their respective interests in the JVCo in accordance with the laws of the People's Republic of China. In view of the fact that the JV Parties already have a project in the same city located at Bayuquan, Yingkou City (details of which are set out in WIL's announcement dated 21 December 2010), the JV Parties have reviewed the matter and have decided to withdraw their joint bid for the Laobian Project Sites. The JV Parties have therefore discussed and agreed with the relevant government authorities in Yingkou City for the termination of their joint bid for the Laobian Project Sites on the terms set out in the Termination Agreement. The WIL Board is of the view that entering into the Termination Agreement will not have a negative impact on the operations and business of the WIL Group and that entering into the Termination Agreement is in the best interest of WIL. Issued by Wilmar International Limited 23 December 2011 |
