WILMAR INTERNATIONAL LIMITED 10IZ7/2015 General Announcement: :SAIGON CO-OP AND WILMAR ANNOUNCE THE ESTABLISHMENT OF NAM DUONG INTERNATIONAL FOODSTUFF...
General Announcement::SAIGON CO-OP AND WILMAR ANNOUNCE THE ESTABLISHMENT OF NAM DUONG INTERNATIONAL FOODSTUFF CORPORATION
Issuer & Securities
Issuer/ Manager | WILMAR INTERNATIONAL LIMITED |
Securities | WILMAR INTERNATIONAL LIMITED - SG1T56930848 - F34 |
Stapled Security | No |
Announcement Detalls
Announcement Title | General Announcement |
Date & Tlme of Broadcast | 27-0ct-2015 17:17:48 |
Status | New |
Announcement Sub Title | SAIGON CO-OP AND WILMAR ANNOUNCE THE ESTABLISHMENT OF NAM DUONG INTERNATIONAL FOODSTUFF CORPORATION |
Announcement Reference | SG1510270THR1QQS |
Submitted By (CoJInd.Name) | Teo La-Mei |
Designation | Company Secretary |
Description (Please provide a detailed description of the event in the box below) | Please refer to the attached joint News Release by Saigon Union of Trading Cooperatives and Wilmar International Limited on the execution of a joint venture contract to establish Nam Duong International Foodstuff Corporation. |
Attachments | ® News Release - Saigon Co-op and Wilmar announce establi shment of Nam Duong.pdfTotal size =107K |
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Ho Chi Minh City/Singapore, October 27, 2015 - Saigon Union of Trading Cooperatives ('Saigon Co-op') and Wilmar International Limited ('Wilmar') are pleased to announce the execution of a joint venture contract to establish Nam Duong International Foodstuff Corporation, a limited liability company to be incorporated in Vietnam with 2 members (49% Saigon Co-op & 51% Wilmar Group) specialising in the manufacture of sauces and condiments for both the domestic and export markets.
Nam Duong International Foodstuff Corporation shall undertake a project with a total investment capital of VND577.2 billion (equivalent to USD 25.6 million) to construct a new factory in the Hiep Phuoc Industrial Park, Nha Be District, Ho Chi Minh City which will take over the current operations of Saigon Co-op's factory for the manufacture of sauces and condiments sold under the Nam Duong brand.
Established since 1951, the Nam Duong brand is amongst the leading brands for sauces and condiments in Vietnam, which include soy sauce, chilli sauce and tomato sauce. These products are also currently being sold in export markets such as USA, Canada and Europe and are favored by overseas and Vietnamese consumers.
Nam Duong International Foodstuff Corporation will leverage on Saigon Co-op's strength in distribution and Wilmar's experience in manufacturing operations as well as its research and development in food technology and also tap on Wilmar's global network for export sales.
Saigon Union of Trading Cooperatives (Saigon Co-op) (www.saigonco-op.com.vn)
Saigon Co-op is well-known for its wide and varied distribution channels encompassing: Co.opmart Supermarket chain, Co.op Food convenience stores, Co.opXtra hypermarkets, Ben Thanh Store, Co.op Store chain, Sales Channel of HTVCo.op, Can Tho Sense City Commercial Centre and SC VivoCity complex. In 2015, Saigon Co-op continued to be conferred Vietnam's Leading Retailer Award and was listed among the Top 200 leading retailers of the Asia Pacific area. This ranking is done by Retail Asia Publishing and the market research group Euromonitor annually.
With about 15,000 staff, Saigon Co-op's vision is :
to be the top retailer in Vietnam by steady rapid development of the Co.opmart Supermarket chain and the diversification of modern retail models
the continuous improvement of close relationships with consumers and community
the development of Saigon Co-op as a prestigeous cooperative trusted by customers and partners alike, not only nationwide but also regionally.
Wilmar International Limited (www.wilmar-international.com)
Wilmar International Limited founded in 1991 and headquartered in Singapore, is today Asia's leading agribusiness group. Wilmar is ranked amongst the largest listed companies by market capitalisation on the Singapore Exchange.
Wilmar's business activities include oil palm cultivation, oilseed crushing, edible oils refining, sugar milling and refining, specialty fats, oleochemical, biodiesel and fertiliser manufacturing, and grain processing. At the core of Wilmar's strategy is a resilient integrated agribusiness model that encompasses the entire value chain of the agricultural commodity processing business, from origination and processing to branding, merchandising and distribution of a wide range of agricultural products. It has over 500 manufacturing plants and an extensive distribution network covering China, India, Indonesia, Vietnam and some 50 other countries. The Group is backed by a multinational workforce of about 92,000 people.
Wilmar's portfolio of high quality processed agricultural products is the preferred choice of the food manufacturing industry, as well as the industrial and consumer food businesses. Its consumer-packed products occupy a leading share in its targeted markets. Through scale, integration and the logistical advantages of its business model, Wilmar is able to extract margins at every step of the value chain, thereby reaping operational synergies and cost efficiencies. Wilmar remains a firm advocate of sustainable growth and is committed to its role as a responsible corporate citizen.
Media Contacts
Ms. Vuong Thanh Thao - in charge of Communications & Public Relations CREASIA Co., Ltd
Mobile number: 098 55 90007 - Email: thao.vuong@creasia.vn
OrMs. Pham Thi Minh Thuy - Mobile number: 0942 144 177
Mr. Vo Hoang Anh - Marketing Director Tel:0908.180.151 - Email: anh-vh@saigonco-op.com.vn
Ms. LIM Li Chuen
Investor Relations & Corporate Communications Tel: +65 6507 0592
lim.lichuen@wilmar.com.sg
Or
Ms. Iris CHAN
Corporate Communications Tel: +65 6216 0870
iris.chan@wilmar.com.sg
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