Wilmar buys 50% stake in local chocolate manufacturer Aalst

SINGAPORE (Aug 31): Wilmar International, the agribusiness group, announced that its wholly-owned subsidiary, KOG Investments has acquired a 50% equity interest in Aalst Chocolate, a local chocolate manufacturer.

The 50% stake to be sold to KOG was undertaken through a subscription of new shares in Aalst, the purchase of the entire shareholding interest in Aalst held by International Chocolate & Cocoa Holdings as well as the purchase of equity interests from Richard Lee, the group’s CEO and founder and Connie Kwan, the co-founder and managing director.

Wilmar did not say how much the stake was acquired for.

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