AWL Agriculture is a joint venture between Wingyi International and its Indian partner Adani Commodities. Through its subsidiary, Fengyi International currently holds a 43.94% stake in AWL Agriculture. After India's Adani Group announced at the...
AWL Agriculture is a joint venture between Wingyi International and its Indian partner Adani Commodities. Through its subsidiary, Fengyi International currently holds a 43.94% stake in AWL Agriculture. After India's Adani Group announced at the end of last year that it would sell all its shares in AWL Agriculture, Wing Yi International agreed to purchase some of its shares.
Fengyi International revealed on Thursday (July 17) that the two parties have signed a contract on the 17th that Fengyi International's wholly-owned subsidiary Lence Sdn B.C., will buy 11% to 20% of AWL Agriculture's equity from Adani Commodity Company at the above price. After the transaction is completed, Lence will hold 54.94% to 63.94% stake in AWL Agriculture.
Calculated at the above purchase price, Fengyi International will obtain US$1.23 billion from this transaction, and its net asset value will increase by US$1.33 billion. Assuming that Lence bought 11% of AWL Agriculture's equity at the above purchase price this time, Fengyi International will account for approximately US$360 million of negative net tangible assets attributable to AWL Agriculture.
On the Singapore Exchange, Fengyi International's share price rose 0.67% on Thursday, closing at S$2.99.
Wilmar International has signed a contract to buy up to 20% of the equity (up to Rs 715 crore or S$1 billion) of Mumbai-listed AWL Business (formerly Adani Wilmar) from an Indian joint venture partner for INR 275 (S$4.11).
