Wilmar International has formed an equally split joint venture with Tropical General Investments Group to combine their operations in Nigeria and the Republic of Benin.
In a statement yesterday (2 June), the Singapore-based agri-food group said the partners have signed definitive agreements to place a “portfolio of complementary operating businesses and brands” into a new jointly owned holding company
The JV, to be headquartered in Singapore, will include assets spanning agriculture, oil-palm plantations and nuts, as well as rice, culinary products, food manufacturing and distribution. Brands in the combined portfolio include Mamador and Devon King’s in edible oils and consumer food products, and also in oils Golden Terra, a spokesperson for Wilmar confirmed with Just Food. Terra and Tastemaker fall into the culinary category, joined by Big Bull in rice and Peppe Terra cooking pastes.
In the statement, Kuok Khoon Hong, Wilmar chairman and CEO, said Nigeria and the Republic of Benin are “key consumer markets in Africa” and the JV is “uniquely positioned” to cater to a market with an addressable value of more than $12bn. While the primary focus will be Nigeria and the bordering Republic of Benin, the “business will also explore opportunities to serve selected regional export markets where appropriate”, the spokesperson told Just Food, declining to disclose the combined revenues of the venture. The partnership also includes margarine, spreads and seasonings, the spokesperson said.