Wilmar Int’l off 1.5% at $5.74 as broad pullback snaps winning streak of last 3 sessions. Stock has been slowing picking up after losing as much as 15.2% in last 2 weeks following allegations of tax-refund fraud in Indonesia. While company has denied claims, investor interest remains subdued despite recent rebound although Wilmar is still in expansion mode with latest acquisition of assets in Ghana via purchase of 58.5% stake in Benso Oil Palm Plantation for about US$15.2m.
Deal will trigger mandatory GO for rest of palm oil company with Benso''s parent Unilever agreeing to divest its stake. Stock yet to cover huge gap at $5.90.
No comments:
Post a Comment