ED&F Man sells SIS
ED&F Man Holdings B.V., a wholly owned subsidiary of ED&F Man Holdings Limited (“ED&F Man”), has today entered into a binding agreement to sell 100% of the issued share capital of SIS ’88 Pte Ltd. (“SIS”), including its subsidiary, to Mitsui Sugar Co., Ltd and Mitsui & Co., Ltd., each acquiring a 70% shareholding and 30% shareholding respectively, for an aggregate cash consideration of approximately US$100m.
SIS imports, packs, blends and distributes bulk and retail sugar via its facilities in Jurong Port in Singapore, and has remained a profitable operation despite the recent fall in world sugar prices.
The final aggregate cash consideration will be determined following the preparation of completion accounts, but it is expected that the transaction will generate a material gain on disposal for ED&F Man. Completion of the transaction is expected imminently.
Rabobank Singapore acted as the exclusive financial advisor to ED&F Man on this transaction.
All enquiries regarding the sale of SIS should be referred to ED&F Man’s public relations consultants:
Company: Newgate Communications
Contacts: Emma Kane or Charlie Ansdell
Telephone: +44 (0)20 7680 6550