(1) Increase In Investment In Subsidiary – Olam Brasil Ltda; (2) Acquisition Of Shares In Subsidiary – Caraway Foods International South Africa (Proprietary) Limited; And (3) Incorporation Of Subsidiary – Olam Liberia Limited
Olam International Limited (the “Company”) wishes to announce the following:
(1) INCREASE IN INVESTMENT IN OLAM BRASIL LTDA
The Company has increased its investment in its wholly-owned subsidiary, Olam Brasil Ltda, Brazil from R$571,600 to R$1,009,000 through subscription of shares at R$1 each at par fully paid.
(2) ACQUISITION OF SHARES IN CARAWAY FOODS INTERNATIONAL SOUTH AFRICA (PROPRIETARY) LIMITED
Pursuant to an internal restructuring exercise, the Company has acquired from its direct wholly-owned subsidiary, Caraway Pte. Ltd., Singapore 100 ordinary shares of ZAR1 each in the capital of Caraway Foods International South Africa (Proprietary) Limited, South Africa (“Caraway South Africa”) for a consideration of ZAR100 (the “Acquisition”).
Following the Acquisition, Caraway South Africa now becomes a direct wholly-owned subsidiary of the Company.
(3) INCORPORATION OF OLAM LIBERIA LIMITED
The Company has incorporated a subsidiary in the Republic of Liberia known as Olam Liberia Limited (“Olam Liberia”), with an initial share capital of US$5,000 divided into 500 shares.
The principal activities of Olam Liberia are those of sourcing, processing and supply chain management of agricultural products and food ingredients.
The above transactions were funded by internal resources and are not expected to have any significant impact on the financial position of Olam group for the current financial year.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transactions.