Tropical General Investments Group and Singapore-based Wilmar International have agreed to merge their businesses in Nigeria and the Republic of Benin under a new 50:50 joint venture targeting a market estimated at $12bn.
The companies disclosed in a statement that the transaction would combine operations across agriculture, oil palm plantations, edible oils, edible nuts, rice, food manufacturing and distribution, creating one of the largest integrated food and agriculture platforms in the region.
Chairman and Chief Executive Officer of Wilmar International, Mr Kuok Hong, said the partnership would strengthen the companies’ ability to serve a growing consumer market in Africa.
Kuok said, “Nigeria and the Republic of Benin are key consumer markets in Africa. The combination of Wilmar’s integrated palm oil and speciality fatsoup’s manufacturing scale, established consumer brands and nationwide distribution platform creates a uniquely positioned business to serve consumers and contribute to the long-term development of the region.”
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