Wilmar International Limited (SGX:F34) acquired 27.5% stake in Compagnie Sucriere Marocaine De Raffinage SA (CBSE:CSR) from Societe Nationale d'Investissement S.A. for MAD 2.3 billion on April 16, 2013. The transaction will be funded from internal sources and bank borrowings. Subsequent to this transaction, a block of up to 26.5% will be sold by SNI to a consortium of Moroccan institutional investors, who together with Wilmar will constitute a strategic 54% controlling block in Cosumar. The acquisition is not expected to have a material impact on the consolidated net tangible assets and earnings per share of the Wilmar Group for the current financial year ending December 31, 2013.

Hicham Naciri, Kamal Rhazali, Camélia Menjra of Naciri & Associés Allen & Overy acted as legal advisors to Societe Nationale d'Investissement S.A. Mustapha Mourahib, Christophe Bachelet, Chloé Joachim-de Larivière, Gilles Lebreton, Thibaut Cambuzat of Clifford Chance International LLP acted as legal advisors to Wilmar International Limited.

Wilmar International Limited (SGX:F34) completed the acquisition of 27.5% stake in Compagnie Sucriere Marocaine De Raffinage SA (CBSE:CSR) from Societe Nationale d'Investissement S.A. on April 16, 2013.