Entities controlled by Wilmar International’s chairman and CEO, Kuok Khoon Hong, have increased their stake in the agri-food giant. According to a stock market filing, these entities purchased over 1.15 million shares of Wilmar at $3.08 each in November, capitalizing on the recent decline in share price.
This brings Kuok's indirect interest in the company to nearly 882.3 million shares, equivalent to 14.13%. Including his directly held stake of another 0.05%, Kuok has a total interest of 14.18%.
On Oc 30, Wilmar reported 3QFY2024 earnings of US$254.4 million, down 19% y-oy, no thanks to weaker showing in its businesses in China. Revenue held steady at US$17.75 billion.
Wilmar describes the 3QFY2024 numbers as "reasonable", given the challenging operating environment across most of its business lines.
"With the forecasted improvements in palm production, refining
margins for tropical oils are expected to improve whilst crushing margins for soybean are expected to remain positive.
"Overall, we are cautiously optimistic that performance for the rest of the year will be satisfactory", the company says.
Wilmar shares opened at $3.06 in November, marking a 2-cent decline from the previous close.