Incorporation Of Subsidiaries
The Board of Directors of Olam International Limited (the “Company”) wishes to announce that the Company has incorporated a wholly-owned subsidiary in Brazil, namely Outspan Brasil Importação e Exportação Ltda. (“Outspan Brasil”) with an authorized capital of R$1,525,000 and paid-up capital of R$579,159 (approximately S$363,669).
The Board of Directors of the Company also wishes to announce that its wholly-owned subsidiary, Caraway Pte. Ltd. has incorporated a wholly-owned subsidiary in Nigeria, namely Caraway Foods International (Nigeria) Limited (“Caraway Foods”) with authorized capital of N10,000,000 and paid-up capital of N2,500,000 (approximately S$30,666).
The principal activities of both Outspan Brasil and Caraway Foods are those of sourcing, processing and supply chain management of agricultural products and food ingredients.
The incorporation of Outspan Brasil and Caraway Foods is not expected to have any significant impact on the financial position of the Group for the current financial year.
None of the Directors or substantial shareholders of the Company has any direct or indirect interest in the above transactions.