Wilmar - Disposal of 15% Equity Interest in Fortune Gas Investment Holdings Limited (“FGIHL”)
Wilmar International Limited (“Wilmar”) refers to its announcements dated 18 December 2012, 27 June 2013 and 6 August 2013 in relation to the proposed disposal of its 15% equity interest in FGIHL (“Disposal”). Wilmar wishes to inform that it has received payment of the full US$60 million consideration in cash for the Disposal and the Disposal has been completed.
Issued by
Wilmar International Limited
12 November 2013
According to DBS, Wilmar’s 3Q13 core earnings jumped 60% q-o-q to US$391m (+1% y-o-y).
This was 26% above mid-range forecast of US$303-317m. Including a US$24m gain from the divestment of Fortune Gas Investment Holdings and other non-operating items, Wilmar booked 3Q13 earnings of US$416m.
Here's more from DBS:
The sequential jump was attributable to:
1. Higher-than-expected Sugar pretax of US$151m vs. US$82m expected, mainly on account of strong sugarcane crush volumes in Australia (i.e. 80% of 2013 season) and higher merchandising volumes
2. Sequential jump in Oilseeds & Grains M&P pretax of US$54m (+252% q-o-q) vs. US$22m expected, due to better pricing from pent-up demand for soybean meal (given lack of alternatives) and delayed arrival of soybeans from South America into China
3. Stronger-than-expected Consumer Products pretax of US$58m (+20% y-o-y; +95% q-o-q) vs. US$40m expected, due to strong demand for edible oils and flour
AMMB unit's clients have RM120m exposure to Blumont, LionGold, Asiasons
The Edge MalaysiaBy Zatil Husna of theedgemalaysia.com | Business | The Edge Malaysia – 56 minutes ago
KUALA LUMPUR (Nov 12): AMMB Holdings Bhd says clients of its Singapore unit AmFraser Securities Pte Ltd have gross exposure of some RM120 million to Singapore-listed Blumont Group Ltd, LionGold Corp Ltd and Asiasons Capital Ltd.
Blumont, LionGold and Asiasons made news last month following volatility in their share prices.
Today, AMMB said in a statement to the exchange that "the recovery efforts are progressing to expectations and we have proactively provided RM40 million, well in advance of regulatory requirements."
"We are comfortable with our current position and have retained our financial guidance for FY2014,” AMMB said.
AMMB's statement follows news reports which had earlier speculated that AmFraser Securities have exposure to losses involving Blumont, LionGold, and Asiasons.
Reuters reported that trading in the three companies was suspended on October 4 after their shares suffered dramatic reversals from massive increases built up earlier this year. SGX subsequently declared them "designated securities", meaning traders could not short-sell them and had to pay for any purchases with cash upfront.
Shares of Blumont, Asiasons, and LionGold Corp surged on October 21, with Asiasons doubling within the first few minutes of trading, after Singapore Exchange lifted trading restrictions on the stocks.
