A Carson Group subsidiary in Malaysia has part sold its stake in food oil unit to a Japanese firm for Rs. 2.17 billion or $ 12 million.
It said Premium Nutrients Ltd., a fully owned subsidiary of Goodhope Asia Holdings Ltd., has concluded a business tie up with J-Oil Mills Inc., a listed entity on the Tokyo Stock Exchange, Japan on 2 December for equity dilution of two subsidiary companies of PNPL.
The latter held 100% ownership in Premium Fats Sdn Bhd. and Premium Vegetable Oils Sdn Bhd. Subsequent to fulfilment of conditions precedent by the two firms, J Oil Mills bought 51% stake in Premium Fats and a 20% stake in Premium Vegetable Oil for $ 12 million.
J-Oil Mills is engaged in the production processing, and sale of fats and oil products. It operates in three segments - oil and fats, soybean meals and rapeseed meals.
PNPL continues to hold 49% stake and 80% stake in the two companies. Carson said Premium Fats will no longer be considered as a subsidiary.